Real Estate

I am 21 years old and there is a property next door that i wld like 2 wholesale. it has really good terms. i called this real estate investor that bought a house from me in the summer to see if he cld help me but he didnt want to. alot of ppl act that way probably bc im young & i dont look a day over 15. the guy was like your going to need a bank and the banks dont want to lend out any money. and i was like i dont need a bank bc im trying to wholesale, besides these ppl are so motivaed they said bad creidt ok no money down low int rate & owner finance. these are really good terms. he was like well no one is buying. i doubt that bc there is so much prop out there 4 just pennies on the dollar!! ppl are buying he just didnt want to help. i was planning on writting up a contract, and then finding some1 to buy b4 the contract is up. there are lots of ppl in the classifieds saying we buy houses & realestate wanted. im sure someone will buy! its just been renovated and everything. i just dont know how to write up contracts and i dont want to be stuck with a house that i cant sell. but if i do sell i can make some much needed money. so can anyone help me. by the way i live in san antonio texas.

You may want to find a real estate investing group in your area and join or participate to grow your network. You’re right – if the deal is good, the people will show up with money.

To wholesale, you’ll need to have a purchase contract and understand how to work with that contract to get what you need accomplished. You need to have a right to assign your contract position in the contract so that you can profit from that good deal you put under contract. You’ll need to have an assignment contract that you can use to assign your contract to the end buyer.

Many people run those "real estate wanted" or other ads to build their buyer list. If you advertise that you have good investment property deals and put a number, when people call tell them you don’t have anything right now, but you’ll add them to your buyer list. Make sure to take down what they’re looking for and then when you do get a property under contract, you advertise it to your buyer list.

You also make sure you have good contingencies in your contract that give you an exit if the deal falls apart. I’m not in Texas, but I’m sure you can find someone there who can help. You may just have to contact one of those ads you see and see if they pay "bird dogs" for good deals until you can learn how to handle the deal yourself. You may be able to learn from one of those people you contact….

Also, check out the responses to this similar recent question: http://answers.yahoo.com/question/index;_ylt=AkfdHSavOFJKRtwA7LRyzFCxxQt.;_ylv=3?qid=20081111130755AAHiOYU

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