Yesterday we had our first episode of The James Orr Show where you can learn to be a real estate entrepreneur, learn to wholesale real estate and get your questions about your real estate business answered live on the show.

We started to go over the Daily Checklist and did not get very far due to some questions that came up. We did get to post a single ad up on CraigsList to find potential deals. We also discussed in detail that you do not need money to get started as a real estate entrepreneur (although having some money for your business make it a lot easier). We also covered some recommended books to get from your library or add to your personal library by purchasing them that will help you work on inner game (a critical success factor of your real estate business). On the show I also shared some of the free real estate downloads as well as the articles and resources for starting to wholesale real estate.

Today at 10 AM MST we will have our second daily episode and continue on with the Daily Checklist and I will also be spending some time talking about starting up your own virtual wholesaling business.

This show is now available as a digital download: The James Orr Show – Episode 1 or get access to all future live episodes, consulting during the calls and many of the previously recorded episodes as an Inner Circle Member.

The following is an transcript excerpt from a full day seminar called Learn To Be Rich Wholesaling Real Estate.

Okay, so we will get started. All right, so welcome. What we’re going to be going over today is Learn To Be Rich Wholesaling Real Estate. I’m going to start on the outline and I’m going to be going from however far we can get in the next like hour and a half. We’ll take a break somewhere around 10ish for restrooms, stretching your legs stuff like that. Then we’re going to go again from whatever time we get back from the break ‘til lunch. Then when we go from lunch we’ll have a similar schedule in the afternoon.

So if you need to get up and leave because you can’t hold it and really need a drink or something like that, it’s fine, that’s not going to bother me. Here’s what we’re going to go over today in an overview. The first thing that we’re going to go over is what is wholesaling because some of you may be a little bit foggy about exactly what wholesaling is, so we’re going to cover that. We’re going to cover why you want to wholesale. Why you would be interested in wholesaling to begin with as opposed to some other things. We’re going to go over the steps for wholesaling so each of the things we talk about when we define what wholesaling is. We’re going to break it down and we’re going to go over each individual step so that you feel comfortable knowing what you’re supposed to be doing during each phase okay? Now again, if I miss anything, if you’re feeling like he didn’t talk about xyz and I really need to know about that, go ahead and write it down and we’ll try to cover it on a break. Maybe I’ll go back and try to readdress that issue to make sure I cover it, okay? So I’m really here to give you the information you need to get started. This is like a boot camp, jump start but at the same time I’m also trying to record it. So with that being said, I’m also going to cover the philosophies. I’ll tell you a little bit about some of the different philosophies I have as an investor and if you can understand how I think, you can start thinking that way if it makes sense to you and become more of a professional investor rather than just where am I going. So you’ll hear a little bit about some philosophies today.

So what is wholesaling? Wholesaling, in my opinion, is finding deals which include looking through the MLS, putting out marketing, getting motivated sellers calling you. You want to find the deals. Once you find the deals you’re going to analyze the deals. Analyzing the deals includes deal structuring, looking at what a property is worth, how to figure out comps, how to get comps, knowing to offer something of value to a seller, not all sellers are priced based. Some sellers need other things, like they need a quick sale, sometimes they need terms, so we’re going to talk about some different things about that. How to negotiate deals, getting offers accepted what to do when you’re in the house, things of that nature. We’re going to talk a little bit about negotiating and some negotiating strategies. How to control deals how to actually take the deals off the market in order to do that, in order to be able to wholesale them. How to actually sell your deals whether you’re going to sell them to an end buyer or whether you’re going to sell them to another investor, and then how to actually get paid because there are some tricky things when you’re wholesaling property about getting paid. We’re going to address a lot of those. So that’s what wholesaling is in my mind, find deals, analyze deals, negotiate deals, control deals, sell deals, and collect fees. Is there anything in there that you think I missed? Okay, I think I covered them all.

Until my next post,

James

P.S. The entire full day seminar is available for download for our Real Estate Investor Bronze Members along with over 100 other real estate courses, all my systems, checklists forms and much more.

I recently realized that a full day seminar that I held and actually recorded last year called Learn To Be Rich Wholesaling Real Estate was never actually added to the Real Estate Investor Wiki as a free download for our Real Estate Investor Bronze Members or even made available for sale directly.

So, I am in the process of adding the recording of the seminar to the wiki and making it available for sale on the LearnToBeRich.com website. While I could list out all the things that this particular full day seminar covered instead I will allow you to download a copy of the 14 page seminar outline that I gave you as notes on the day of the seminar.

Enjoy!

Until my next post,

James