Los Angeles Wholesaling

[Mark Marinaccio]

Hey BP people! First I love this forum, everyone is always so generous with info and advice when I post and it is really helping me to get a handle on REI.

I wanted to see if any experienced wholesalers in Los Angeles wouldn't mind chiming in with advice on how to be successful in this market wholesaling. It seems that finding motivated sellers is a challenge and as much I hate to listen to those who say you cannot wholesale in LA anymore I want to believe otherwise.

Any thoughts are welcome!

thanks - Mark

[Mark Mynhier]

Mark,

I'm not a wholesaler, but I am a flipper and a mentor. Part of my advice is to build a solid buyer's list (people like me who would take the good ones off of your hands for a nice profit). A lot of wholesalers get greedy (hey, it's what the market will bear, right?) and don't look at the long term. Make a respectable profit from each but don't gouge the flippers or else they won't do business with you in the long run. You want to build a list of REPEAT customers so that everyone wins. Think of it as the CostCo method...make a respectable profit from a lot of deals instead of trying to make a killing off of one.

Also, learn Craig's List...you can do a lot of buying and selling from there.

Third, download the Ultimate Beginner's Guide to REI (http://www.biggerpockets.com/real-estate-investing) and read it over and over.

Fourth, find a good REI (I would suggest any of the FIBI's or the Club in Action in Burbank) and network like crazy. My catchprhase is "Your network is your net worth" and it is the truest statement that I know in Real Estate...especially in the LA area.

Drop me a line if you want to talk...I'm always open to helping others.

Mark