Where to begin?

11 Replies

Hello! I'm hoping to start a wholesaling business in the near term, but I'm debating one aspect: WHERE to do it!

I live in Virginia Beach, but my wife and I hope to move to Jacksonville, Florida in the next 18-24 months!

So my question is, is it worth it to try and build a brand/business in Virginia Beach, when I know we plan on leaving the area?

I have some ideas but I'd love to hear what the BP community would do in this situation. Is it worth the time/money investment to start right away, or should I wait and jump into the Jacksonville market the second my feet hit the Florida state line?

I don't see any reason to wait unless the plan was to buy and hold and then I would have some hesitation. Yes, you will lose your contacts when you move, but it's better to get experience sooner rather than later. The more you put something off, the more that cycle just seems to repeat itself.

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Thank you all for your inputs! I will start here and now and try and make it work as @JoseGarcia drew up.

I've got some actionable steps to take in the near term, one of which is to ID a real estate agent who can do some quick comps for me. In exchange for this, I'll send any listing leads I find to him. Seems like a fair trade to me? Has anyone had success working with an agent in this manner? Any problems?

@Bryce Kemmerer ,

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Thank you @Raymond B. for the quick tip!

As an actionable step today, I've been compiling my own list of targets to send yellow letters to! I'm at about 25 addresses at the moment. These leads are current for rent listings on Zillow. I cross-reference these addresses with the owners address on the VB tax website. I heard on a podcast that the response rate is quite high for this type of targeted mailing, so I'm hoping to get these letters out within the next week. The list will grow as more and more listings show up. The most promising are the out of state owners, of which I've found a handful. Most owners are local and may not want to sell...at the moment anyway. ;-)

I've ID'd a RIA to attend in mid-June. It would be a dream come true to have a contract to take with me to that meeting, but I won't put that cart in front of that horse just yet. My goal will be to network and find some cash buyers. Other methods for building my buyers list will be CraigsList ads once I DO have a contract in place.

I still need to find an RE agent to run comps for me in exchange for listing referrals for deals I can't land for myself.

I also need to order some business cards soon so I'll have some to hand out at the RIA meting. Just got a VistaPrint coupon via email. 250 for $10

Thank you all for the encouragement! Because of the encouragement I'm now taking actionable steps towards my goals! It feels AMAZING!!! I actually woke up at 0400 today, a SATURDAY, to start building my list of targets! I couldn't sleep any more as I was too excited about getting in this business!

Quick Update:

I've started to build my buyers list and have already posted an ad to CraigsList and got in touch with a local cash buyer who has done some extensive work in my area. He also wholesales, but he has done some considerable rehab work as well. I've got another ad out trying to entice more buyers to add to my list, but I'm confident with my one guy as of now. He said "If you have anything, and it's a deal, I'll take it". Sounds good to me!

I've also located a local closing attorney who can do assignments, B-C; A-B type closings and is active in one of the other REIAs that I'm a member of but haven't attended as of yet.

The other REIA is this week, Thursday. My personal business cards came in this week as well. I'll likely be placing another order for more cards shortly of the "Bryce Buys Houses" variety. My goal is to touch base with as many people there as I can. It's a smaller group so I should be able to meet and shake hands with just about everyone there!

I still need a realtor/RE Agent to help me with comps and finding other cash buyers.

My actionable steps for this week, beyond attending the REIA and making as many contacts as possible, include mailing out my first yellow letters. I'm boot-strapping my marketing budget, so I'm going to be mailing to recent rental listings that look like they could use some work. I'm also going to be emailing FSBO as well as FRBO on CraigsList. Nothing is less expensive than that!

For personal growth this week, I'm going to work on building an "Abundence" mentality. There are TONS of deals out there, and all I need is one for me. Then all I need is the next one! ;-)

Happy investing y'all!

Second update of the day:

I think I've found my Realtor. Young guy who's part of a family practice realty, looking to make a name for himself! PERFECT candidate! I have a phone call set up to talk with him about how we can help each other out! I'll send him listing leads for both retail and short sale, and he'll send me comps to support appointments!

That's the pitch at least! That's the last piece of the puzzle for me! Now, once my yellow letters start flying out, I'll have a way to convert leads rather easily. Either for me, or for my Realtor. And depending on how steady the lead flow is for him, I'll eventually request a referral fee of some sort, or go get licensed on my own.

Things are looking up!