BiggerPockets

So I have decided on wholesaling to start my REI career and wanted to see if I am missing anything from my start-up check list.

1. Create and register business name (done)

2. Create website

3. Gather Marketing materials

4. Once LLC is completely registered register EIN number and register with D&B. (I plan on growing the business into rehabs/flips, then into long term buy and holds. I figured I should start building bus credit ASAP)

5. Get Business Checking Account and any credit I can get for the business (not to use so much as begin building)

6. Get buyers (I have one I found and spoke with yesterday...still finding more) Also other strategy investors to pass leads to, I found a short sale realtor who will pay for referals.

7. Start marketing for sellers.

If there is anything else I could do to make this go smoother please let me know. After a couple of weeks of research I started on this path about 2 days ago and this is what I have so far. Thanks ahead of time for any input.

6.

Thanks J, I've learned alot and got motivation to get started from your site.

I agree that finding buyers and sellers is the main thing. You can always get the other stuff done along the way.

I have met many who what to begin by having a wholesale business who get all set up but they they never find deals. Finding deals is number one priority.

As long as you keep building your buyers list and networking with investors, you should be able to find a buyer for your first deal if it is in fact a genuine great deal.

The process for digging a hole isn't hard, but actually doing the digging can be very hard work. Wholesaling, and investing in general, is like that, too. The steps aren't difficult or terribly complex, though certainly not trivial. But its still hard work. My impression is wholesaling is especially difficult.

Jeremiah,

As normal J is correct. You need to start by find CASH buyers in your area. You need to talk to these people (in person if possible) and learn about their business and what they're looking to buy. Building a buyers list is one of the easier aspects of starting your wholesaling business. If you're getting good deals at a DEEP discount... buyers will find you.

Here is a ton of info on building a buyers list. Buyers List

The next step takes more money, time, and hard work. You will need to find deals that meet the requirements of your buyers. You accomplish this by marketing, networking, and meeting with motivated sellers. You'll need to develop a short and long-term marketing plan. You should also make sure that you have enough working capital to fund long-term marketing. It takes time and consistancy for marketing to really get your leads rolling in. Often you will get many calls before you go to meet with a seller and then you can speak to many sellers before you get a contract.

Build a solid marketing plan, be honest with your potential clients, buy deep, market your deals with REAL numbers and you should be successful in the business of wholesaling.

Here's a good thread that will show you the do's and the don'ts of wholesaling.

It is important that you understand that wholesaling is HARD WORK and it takes MONEY and HONESTY to be successful.

Good luck, keep reading, and keep asking questions. This is a great place to learn about the business!