Hello, I'm brand new to this. I'm interested in wholesaling. I was wondering if I need to get a business license or any permits to start? I assume so, but wanted to ask. Also do I need a team of people at this stage?
No at least not anywhere I've lived. You are not selling houses, you are selling the contract to buy the house. Even if you were actually selling the house, you would have an ownership interest and you can still sell without a license. You should at least start to compile a buyers list. Figure out where you are going to close. Find an affordable contractor, a repair guy, a property manager, and mechanical contractors. Maybe network with other wholesalers how might be able to sell your stuff for you.
Thanks John, The buyers list was my next question. I will start making that list. Unfortunately, there are no REI groups near me, but I will keep looking.
You should also look for an investor friendly lender who uses appraisers who will come up with an ARV close to what you say it is. As opposed to an appraiser who will just bracket your contract price to avoid scrutiny from the bank.
You can also team up with some turnkey rehabbers and sell their stuff if you are low on inventory.
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