Need help/advice starting my wholesaling and flipping business.
I am a licensed real estate broker since 2002 and had my ups and downs. My career was mostly in the Inland Empire but now I live in North Hollywood, CA located in the San Fernando Valley area. Over the years I accumulated a ton of experience on closing single family deals from A to Z and can handle almost anything from open to close. But when it came to prospecting and generating new business, I just simply sucked and could not prospect if my life depended on it. Once I had the client, I did very well. I always had some hits but more misses in regards to prospecting. Nothing really worked for me. I don't know if its because of the crazy competition in our southern California real estate market or if its just my selling skills (probably my selling skills).
I am very burned out on the idea of running a "real estate brokerage" and feel ready to shift my focus to my original dream which got me interested in becoming a real estate agent in the first place; fix n flips, buy-rehab-hold, wholesaling, new construction and maybe help a buyer or seller here and there when the opportunity arises.
Is there anyone out there facing the similar problems or maybe have good advice on marketing, success stories or advice in general?
I'm new to investing in real estate but I've been living in Southern California for the past 9 years. Based on the research I've done, the market is crazy so I don't think it's your selling skills. Basically everything is selling these days. I feel with fix/flips there's really no alternative exit strategy if the market tanks. 1% rule is out the window here and only real way to make money is hold and hope the property appreciates until you're ready to sell because you'll most likely be cash flow negative for 10-15 years. Even cap rates are in the low 2-4% based on multi-unit properties on loopnet.
That's why I've been looking into investing out of state but I'm still researching.
Hope that helped!
I'm a retired builder (more on the remodeler side) my license was on the 3s, I've helped my daughter and their friends with their properties building attractive places at greatly reduced costs (especially kitchens and baths). also invested and ran multiple income properties before. I don't know where I could be of help for you? I'm in North Hollywood also and really am bored with nothing to do much, it's almost 5 years since the auto accident that somewhat changed my life and thus am not allowed to actively get back to business but I'm trying to get into some challenges. So if I canbe of help, let me know. I'm new with BP.
Sam Chaloen glad you made a good recovery. I'm currently a student and live in the Van Nuys area. PM me if you ever want to chat about real estate, I would love to hear your story of how you got started.
Methuselah, it was40 some years back, I just got married at 23 years old (now 45 years later) and was living in Hollywood renting from a lady who I layer found out was a real estate broker. I was in school to become an architect and was somewhat handy so o helped her out a lot with repairs. She later offer me a deal to take over one of her salesman's building. It was 9 units 3 of 3 bedrooms and 6 of 2 bedrooms in the heart of Hollywood on Gordon Ave. I didn't have money so she offer me a deal of 'all inclusive trustdeeds'. The property was in bad shape, it took me the next 2-3 years to work on unit at a time to remodel since I didn't have a lot of money or knowledge. I learned slot in those 3 years:-)
Stanley Diaz wholesaling is all about prospecting so if you don't think you are good at that it will be an uphill battle. Maybe if you market to prospects with properties to flip but they don't fit your criteria you can list them or wholesale them?
@Sean Walton Im starting a direct mail and door to door campaign. Well see how that goes.