New to Wholesale - Is Virtual Possible?

Question

Hi BP,

I have been researching wholesaling and it seems like a good start for someone without capital. In my research, a big component of wholesaling seems to be knowing your market.  I recently moved out of the state, but I know VA and specific regions fairly well (Norfolk, Chesapeake, Richmond) as far as what's up and coming and new developments etc. As someone who is completely green on investing and is working through the info on wholesaling, would starting out virtually be a naive move? Currently in Philly/Jersey and still considering starting out in Jersey but I am just not as familiar with the neighborhoods and market on top of the fact that things are much more expensive here so it makes me weary about the profit margins. Thanks!

Josh Stout · Answer

Hey @Delaney PlaceStarting out virtually isn't necessarily naive, but it does add a layer of complexity to overcome. One of those layers is knowing the local market and establishing your self as a subject matter expert, but if you know the area well that is something that may be less of a concern for you. The other stuff to consider when working remote is more practical. Ensuring good walk throughs, photos, contractors, etc are all a bit easier if you can literally meet face to face. Not an insurmountable problem, but something to consider in your game plan. Wholesaling locally OR virtually is going to require some combination of time/effort/capital. Since you mentioned capital is a constraint, you're going to have to balance the scales with time and effort. I know I'm being a bit general, but that's the best place to build a foundation from. If you have other specific questions, feel free to reach out...until then, happy investing and welcome to the game!