Building Funds to Flip by wholesaling

3 Replies

I guess the big question now is,... How?

I'm grasping the ideas and feel this is something I could manage, but, Reading is one thing 

I'm a visual learner. My biggest hurdle at the moment funding, money down, to a Hard money Lender. I don't have extra money lying around in reserve for " a rainy day". i wish I did, well, I guess that's why I am here! I want to start a revenue stream, then pitch the idea and concept to my wife. Is it risky not telling my latest venture, sure it is! However; if I can complete a few small or one large deal that I can bring to her and say. i went behind your back, I didn't spend a lot of our money, and in return I earned this in profit. It will be a huge selling point for her because she can see it works! 

Problem, as stated above,  is I don"t have the extra cash in reserve to put 5%-10% down for a loan whether it be a hard money lender or bank. I know there is money to be earned in wholesaling.

Is wholesaling a good way to get a foot in the door?  

Build my wealth for the down payments to finance a flip?

What are some good resources her on Bigger Pockets or elsewhere I can read up on?

Feedback, thoughts, advise, and what ever is offered will be appreciated!

Hi, Jacob. My wife had her doubts at first too. Because she was so apprehensive, I started wholesaling by using only the money I had saved up. If you don't have much, you can market by handwriting your own letters or calling FSBO's on Craigslist and Zillow. It'll take more time, but it works.

I  aagree with Andrew.  Wholesaling does not require a lot of money.  Though have a sufficient amount will help you get out a deal faster.  First start off by getting a little education around what wholesaling is and what it takes to be successful.  But I would not waste to much time trying to learn everything is about wholesaling.  The goal is to start marketing to motivated sellers.  That's the most important part.  Honestly you can start off with a few hundred dollars.  First, I would sign up for or use list to find and pay for an absentee owners list.  I would then hand write yellow letters and mail to that list of wanting to buy your home.  The phone will start ringing. This will give you the experience to know what a motivated seller sounds like.  Once you put a deal under contract post online and buyers will call you. Hopefully this helps.  Talk to your wife again because it's nothing better than having someone by your side when starting something new. 

The advise helps. It a long road getting there but you need to

Crawl before you walk. 

I haven't really talked to her about any of it. 

I want bring $xxx.xx to the table and say I earned this

by doing this and there is more out there. 

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