what is the truth???

Question

What is the best way to start in realestate in baltimore? I've been told constantly that wholesale is the best andeasiest . Now I hear that wholesale isn't.. I'm confused.. I just want something that actually works so I can concentrate on it and work..

Jon Holdman · Answer

Here's Will's thread on this topic.

The Truth About Wholesaling

Wholesaling is a commissioned sales JOB.  Easy to get started.  But if you're looking for quick and easy fat paychecks you're likely to be disappointed. It sounds like is should be easy.  That makes it easy for gurus to pitch to new "investors".  If you're willing to put in the time and effort to learn what you need to know (property values, repair costs, how to actually do the deals) and to do the work (marketing to buyers and sellers) and you can invest some money into that marketing, you may have some success.  Even with all the hard work, you actually have to find some good deals and some buyers who will actually close.

Tim G. · Answer

Wholesaling has the lowest barrier to entry, thus people fall into that category of "investing" first. That does not mean it is the easiest at all.

Anything, if you are focused and stick to it can work.

What is nice about wholesaling is you don't need a large sum of money to buy a house and rehab or rent it. So that is the benefit. It's more labor intensive though.

Account Closed · Answer

Kay,

Will Barnard has an extensive thread on this topic.  Search for "The truth about wholesaling."  The answer to your question is in that thread.

Will Barnard · Answer

Great advice thus far and I too recommend my thread on the truth about wholesaling.
In today's market, wholesaling has become even more difficult due to the supply and demand Susie and tight spreads.
I recommend if you enter this strategy, that you go the direct marketing route.

Mason V. · Answer

Today I spent 4 hours walking a set path in my neighborhood looking for vacant or depressed houses. After that I went to a couple title companies to see if they could provide me with the same info that list source does.  They said they could not. Finally I went and talked with the county government to learn who owned the few houses I found during my walk.

This is my very first “work” week. Prior to this I had taken a couple months of education only. Hope this give you an idea and good luck.

Ned Carey · Answer

The real question is what is the best way for YOU!.  Do you have money to invest? What skills do you already have? What is your personality and what do you enjoy doing? What is your current knowledge level. In other words what resources do you have?

In general to invest in real estate you need time, money and or knowledge. Yo don't have to have all three but you have to have at least one. Since you asked the question I am guessing you do not yet have a high level of real estate specific knowledge.  That leaves time or money.

If you have money rehabbing to flip houses is great in Baltimore. Buying rentals because the low prices and high rents make it a great place to own rentals right now.

If you have more time that money being a bird dog - feeding leads to a more experienced investor or wholesaling is probably the best way to get started. Finding great deals is not easy, but it is something you can do to get started with very modest money.   good luck - Ned

Arktavious Sally · Answer

Kay Bomb Wholesaling is simple, but not easy.. 
The challenging part of wholesaling is finding a property to control at a deep discount. The seller must be willing and have the ability to sell way below market value, a price that will work for you and the seller.

Account Closed · Answer

Hey Kay:
You have gotten some great advice from both Michael and Tim. You should think about becoming a transaction engineer in this business meaning you should be able to work with both the Ugly house and Pretty house parts of the business. Ugly house wholesaling and lease options both sandwich and wholesaling are probably the best way to start your career. Both niches do not need cash or credit to get started and are relatively easy to learn. The most important thing is to get started. Get out there and start doing it. Find yourself a good mentor or get hold of a good course and go out and do it. A good mentor will cut your learning curve down and keep you out of trouble. The only way to learn this business is to start doing it.
Best,
Joe

Michael Carbonare · Answer

Wholesaling isn't nearly as easy as the late night infomercials and pitchmen lead you to believe.  After 20 years in this business, I have to say that there is no safer and easier sttategy for the beginner than options and lease options, particularly Cooperative Assignments.

Kay Bomb · Answer

Thanks @Tim G.  But you say its more labor intensive ?

what is the truth???

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