Profit from Wholesaling

[Mia Brewington]

Can anyone give me an example of what they made off their first wholesaling experience?  Just trying to get a feel of how it works being new.

[Sondra Mckibben]

Mia,

Just a few examples here for you on my experience.

I bought a duplex for 15k, 2/1 on both sides, rent is 450 per month per unit, and one unit was already rented and the other needed 5k in light rehab.  I rehabbed the vacant unit, got a tenant in place and sold to another investor as a hold property for 40K giving him gross rent of 900.00 = 20k wholesale fee

I picked up a 3/1 SFH for 21k rent ready and sold it within a month for 25k, (rents for 750.00 monthly) I could have sold for 29K, but got a quick buyer and decided to sell for 25K. made 4k on wholesale fee

I picked up a house for 22,500 and wholesaled it to a investor who rehabs properties and resells then to end buyer the ARV for that house is 90K I made 7,500 on that property.

I hope that helps!!!

Sondra

[Mia Brewington]

Sondra this totally does! Did you invest your own money on your first one? Can you ever do an initial wholesale deal without investing your own monies?

[Peter MacKercher]

Welcome to Bigger Pockets Mia. I am in STL please let me know if you need anything. 

In the meantime here are 7 tips to help you grow your business using BP:

1. New to BP? http://www.biggerpockets.com/starthere

2. Develop your own business strategy. -- Don’t just be a “jack-of-all-trades" Even though I am.

3. Grow your business by developing your business plan. - Remember there is a difference between goals and a plan. http://www.biggerpockets.com/files

4. Locate and attend several different local REIAs as they’re great opportunities to network and meet wholesalers, lenders, and contractors.

5. Stay away from the “guru” sales-pitch events - they rarely increase your investment knowledge, they merely empty your wallet!

6. Spend some time every day on Bigger Pockets by connecting with “colleagues,” perusing blogs and videos, and engaging with others on the forums: http://www.biggerpockets.com/meet

7. Set yourself up to receive free alerts to be notified of subjects that interest you: http://www.biggerpockets.com/alerts

[Peter MacKercher]

In the begian we were doing 3k per property and assign the property. 

Now a lot more on average. 

[Dell Schlabach]

Our wholesale deals typically net us between 5k and 10k on 100-200k ARV deals.

[Mia Brewington]

Thanks SO much for the advice Peter. I will certainly stay connected.  I actually attended a free seminar from Fortune Builders and had more questions before shelling out any money that I didn't have. I need to learn from legitimate people who are willing to help someone build a lasting profitable business.  Silver and gold have I none right now...but drive and determination ....I DO! !! I plan to stay connected Peter! Thanks again!