Newbie trying to learn the basics of "Wholesaling"

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Newbie trying to learn the basics of "Wholesaling"

William Pace
Freelance Graphic Designer · Gulfport, MS · Member since 2015 · 5 posts · 0 votes

Hey all, Im a college student and freelance graphic designer living on the Mississippi Gulf Coast. I would like to get into real estate. I read that wholesale real estate is a great way to get your feet wet if you have little to no money, which describes me perfectly. 

Does anybody have any tips for getting started on the wholesale process? Any advice at all would be greatly appreciated. My dad owns several properties and knows other people in the business so finding a buyer shouldnt be too hard, or so I think.

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Everett Marshall
Bude, MS · Member since 2014 · 144 posts · 9 votes
11y

go to the dollar tree buy those dollar boards, split them in half, write we buy houses on them with a Google number on them and nail them up around town. Also drive the neighborhoods look for abandoned houses write down the addresses go online to Harrison County tax accessors website and see where the owner lives. Send them a letter saying you wanna buy their house. Just to start. Hope that helps

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  • Everett Marshall
    Bude, MS · Member since 2014 · 144 posts · 9 votes
    11y

    go to the dollar tree buy those dollar boards, split them in half, write we buy houses on them with a Google number on them and nail them up around town. Also drive the neighborhoods look for abandoned houses write down the addresses go online to Harrison County tax accessors website and see where the owner lives. Send them a letter saying you wanna buy their house. Just to start. Hope that helps

    1Reply
  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    11y

    @William Pace

    Welcome to Biggerpockets. Also, check out Learn you'll see a How to on wholesaling and there is also a dedicated forum here for Wholesaling. Make sure to check them out. Good luck 

    BiggerPockets
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  • William Pace
    OP
    Freelance Graphic Designer · Gulfport, MS · Member since 2015 · 5 posts · 0 votes
    11y

    Thanks for the advice guys!

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  • Robert Laird
    Real Estate Broker · Portland, OR · Member since 2014 · 292 posts · 114 votes
    11y

    @William Pace

    I would definitely check out Josh Dorkin's blog article on the basics of wholesaling. In that article he talks about one of the most crucial aspects of wholesaling. Which is: if you can get a property under contract for a low enough price, and can offer it to other investors at a low enough price, it does not matter where it is or what shape it is in, someone will buy it. Many people will disagree with me on this one, but those people do not understand what a low enough price is. A quality wholesaler can get properties under contract for lower than anyone else can provide them for, which is why they are so good at selling properties. If you spend all your time and energy into finding properties that you can sell for ridiculously low prices, you will not need to work on finding buyers/investors. Anyone will buy the property is you get it for low enough. My two cents

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  • William Pace
    OP
    Freelance Graphic Designer · Gulfport, MS · Member since 2015 · 5 posts · 0 votes
    11y

    @Robert Laird

    Thank you that makes alot of sense, I will defenitly check it out

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  • Account Closed
    Wholesaler · Mckinleyville, CA · Member since 2015 · 192 posts · 69 votes
    11y

    Some people feel differently on this issue, but I tend to find most of my deals on the mls. In my area, a foreclosure or short sale or reverse mortgage that needs repairs is discounted heavily enough for me to make a nice profit and maintain a healthy roi for the investor if they accept my low offer. Direct mail is another great way to find leads. Be sure to read through the Wholesaling Blogs here on BP, they are a great place to start!

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  • William Pace
    OP
    Freelance Graphic Designer · Gulfport, MS · Member since 2015 · 5 posts · 0 votes
    11y

    @Account Closed

    Thanks for the advice, and i will have to check them out!

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  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    11y

    @William Pace 

    Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.

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