what questions should i ask when wholesaling?

4 Replies

OK so this morning I was passing by a house that was listed for sale. Out of curiosity I called the owner and asked how much and why they were selling. She says she's asking 280k and she's selling cause she is 71 and she can't take care of the property any more. Of course in my head I'm thinking "OK, this may be an opportunity for me to dig further into wholesaling". My stopping point of course is that I don't know what questions to prod with to get more information to see if this is an opportunity. I'm very new, am trying to get involved in a local REI in central FL but every time I try to go my J O B schedule interferes. Where could I start, what questions should I be asking to identify opportunities, and how can I maybe find a mentor without joining an REI?

The key is identifying properties you can get below market value. You will need to become an expert of your local market. Your job as a wholesaler is to find deals you can pass on to other investors so there needs to be meat on the bone. This isn't something that's learned overnight. I would focus on analyzing deals and running comps so you get comfortable. In regards to your local REI's- I would make it a priority to start attending as you will be able to put together your buyers list and make connections. If you're short for time, BP is a great way to network on your time but shouldn't be your only source. Good Luck!

thank you for your response. Im just so anxious though this kind of thing takes time. I will definitely keep these items in mind. Thanks again!

@Nino T. Barone

welcome to BP! If you're not able to join an REI due to work then at least join the meetup.com and receive their emails. They sometimes have events on weekends, nights or even during the day. Attending REI meeting has turbo boosted my knowledge & networking, hence, my confidence level. Best Wishes!

Thanks Natasha and Lisa! 

Getting to the REI will be my top priority. I look forward to lots of persistence and success. I know this isn't an easy business, and I'm not looking for that. I know this will payoff.

Thanks,

Nino

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