Wholesale beginner, not sure where or how to start in RI
Hi, I am a 24 year old Latina-American, grew up in Pawtucket/Central Falls, Rhode Island area my whole life. I'm looking to tap into the wholesaling industry here but not sure how to start. Was wondering if anyone had any actionable advice?
Hi @Betty Alvarez Cuesta welcome to Bigger Pockets and real estate investing!
Wholesaling is definitely one of the more common strategies beginners start out with, and this site has a ton of resources about it for that reason.
I'd recommend starting with their wholesaling strategy page but generally, searching bigger pockets wholesaling will bring you a lot of information.
The gist of it is that 90% of wholesaling is successfully marketing to motivated sellers, or people who are willing to sell their properties far enough below market value, that it allows an end buyer to make enough profit for them to take the project on (most of these are rehab projects) and allows you to also make a wholesale fee for finding the deal and bringing it to the end buyer.
Common marketing strategies for wholesalers include direct mail (sending letters or post cards to potential sellers), "driving for dollars" (where you or someone you hire drive around to identify distressed properties), telephone pole signs, Internet advertising, classified ads, etc.
Like I said, there are a lot of resources here on BP about this topic so you should definitely find enough to start looking into some of those strategies more deeply.
Quote from @Betty Alvarez Cuesta:
Hi, I am a 24 year old Latina-American, grew up in Pawtucket/Central Falls, Rhode Island area my whole life. I'm looking to tap into the wholesaling industry here but not sure how to start. Was wondering if anyone had any actionable advice?
Hello Betty,
I am also getting into the wholesaling world as well. Looking to squad up with other local people in MA/CT/RI. What I have been doing to start is building out a cash buyers list. Trying to find investors in my area so when I do land a deal I can just feed them. My best advice is to just network with local investors.
Do some networking......join local fb groups.....read books and listen to podcasts.....
Quote from @Anthony Thompson:
Hi @Betty Alvarez Cuesta welcome to Bigger Pockets and real estate investing!
Wholesaling is definitely one of the more common strategies beginners start out with, and this site has a ton of resources about it for that reason.
I'd recommend starting with their wholesaling strategy page but generally, searching bigger pockets wholesaling will bring you a lot of information.
The gist of it is that 90% of wholesaling is successfully marketing to motivated sellers, or people who are willing to sell their properties far enough below market value, that it allows an end buyer to make enough profit for them to take the project on (most of these are rehab projects) and allows you to also make a wholesale fee for finding the deal and bringing it to the end buyer.
Common marketing strategies for wholesalers include direct mail (sending letters or post cards to potential sellers), "driving for dollars" (where you or someone you hire drive around to identify distressed properties), telephone pole signs, Internet advertising, classified ads, etc.
Like I said, there are a lot of resources here on BP about this topic so you should definitely find enough to start looking into some of those strategies more deeply.
Thank you so much Anthony for the advice! I've been binging BiggerPockets podcast like crazy and can't wait to dive into my research here on the site! really appreciate it
Quote from @Nickolas Graham:
Quote from @Betty Alvarez Cuesta:
Hi, I am a 24 year old Latina-American, grew up in Pawtucket/Central Falls, Rhode Island area my whole life. I'm looking to tap into the wholesaling industry here but not sure how to start. Was wondering if anyone had any actionable advice?
Hello Betty,
I am also getting into the wholesaling world as well. Looking to squad up with other local people in MA/CT/RI. What I have been doing to start is building out a cash buyers list. Trying to find investors in my area so when I do land a deal I can just feed them. My best advice is to just network with local investors.
Thank you Nickolas for the advice! I'm sure we'll cross paths in the future then!
Quote from @Kerry Noble Jr:
Do some networking......join local fb groups.....read books and listen to podcasts.....
Thanks Kerry! Yesterday I joined a few local facebook groups and already had/have some meetings lined up with local investors, other wholesalers etc.. basically people who are willing to mentor me! Also, I've been binging a lot of BP podcast. Any podcasts and books you recommend?
@Betty Alvarez Cuesta I'm an investor in the Providence, RI area - if you come across any deals, LMK! If you're keeping a list, I'd love to be added to it.
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Understand the laws/rules/and regulations in your state before you do anything. Make sure your state is not headed in a direction that is going to outlaw wholesaling in the future. Find buyers before you find deals, build relationships and keep hustling!
@Betty Alvarez Cuesta, Hi Betty, welcome to wholesaling! In addition to Bigger Pockets, check out the Rhode Island Real Estate Group. It is a great group of local investors that are there to connect and share their knowledge. Good luck and I hope to connect soon.
Quote from @Noelle Bohlen:
@Betty Alvarez Cuesta I'm an investor in the Providence, RI area - if you come across any deals, LMK! If you're keeping a list, I'd love to be added to it.
Just added you to my list of contacts!
Quote from @Eliott Elias:
Understand the laws/rules/and regulations in your state before you do anything. Make sure your state is not headed in a direction that is going to outlaw wholesaling in the future. Find buyers before you find deals, build relationships and keep hustling!
Good call! I really appreciate the advice Eliott!
Quote from @Marc Carlson:
@Betty Alvarez Cuesta, Hi Betty, welcome to wholesaling! In addition to Bigger Pockets, check out the Rhode Island Real Estate Group. It is a great group of local investors that are there to connect and share their knowledge. Good luck and I hope to connect soon.
Hi Marc, thank you! I just recently joined! I'm sure we'll connect at some point!
I’m looking into breaking into the multi family homes in RI. I’m located in MA but feel Rhode Island has more to offer! Keep me posted.