Newbie to Wholesaling

8 Replies

Hello All,

I am new to wholesaling and I must admit that I am a nervous wreck. I have watched videos that has given me a bunch of information. I have joined plenty of groups, read and heard plenty of success stories and here I am eager to start but I am the type of person who is so scared of messing up that it holds me back. That is where I am today.

Do any of you have any suggestions for people just starting out? Solutions, motivation, tips, lessons learned, helpful tools to use or anything? I have seen different ways to possibly go out to find sellers, such as bandit signs, landlords and the MLS. Is there an easier way? Do you suggest that a newbie has a mentor? Anyone in Chicago willing to be a mentor?

Any help at all is appreciated!

Hi Shana! Congratulations on stepping out into your UNcomfort zone! lol that is where success happens. If I ever find myself getting comfortable, I pretty much know I am not doing **** lol so EMBRACE the fear. Having mentors, and building a team is going to be essential to your success. I suggest starting a buyers list. There are many facebook pages that have ready buyers. Networking events are amazing. Why have you chose wholesaling as your place to start ? Just Curious.. By the way, my team and I are buyers and we are always looking for some good deals, so we can definetely talk about that. Though we try to stay out of Cook County..

@Gail Govednik Well since being uncomfortable is the first step, consider me moving on to step number 2 now! lol Awesome advice, I have been looking into networking events I guess my next step should be business cards then because i have nothing to hand out at these events, unless I hand out my current business cards as I am a real estate agent, but nothing on them mentions that I am an investor as well.

I am looking to get into investing, wholesaling sparked my interest as I can do this with no money (right up my alley seeing as though I dont have much), I eventually want to get into flipping but I just wanted to start here to learn this side of real estate.

I would love to converse with you further about what you are looking for as well!

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Hi Gail,

I'm just reading your response to Shana.  I too am from Chicago but we currently live in the southern suburbs (cook county). Thank you for your suggestions.  I will act on that today. I know I can't let the fear stump me. My husband and I are a part of a real estate investing class and we have a contract on our first fix and flip. Unfortunately it doesn't look like we will be learning about wholesaling. I'm so glad I found Bigger Pockets!

I think I already know the answer but just curious, why are you all shying away from cook county in particular? I hope we can meet one day in person. Thanks again!

I am currently in the western suburbs of Chicago on my first live in flip house hack... landed a sweetheart deal and am looking to expand in the next two years to bigger propertys with money in hand. This time I did everything I could to get into the duplex. If you have any questions or need a good lawyer, cpa, lender. Just reach out. As for the work being done most of this first one is done by me and I have local guys to help. Either way congrats and welcome!! 

You should go check out the WCRT investor meetup on 11/2 in Elmhurst. The guest speaker is a full time wholesaler and will give you a good idea of what you're getting into, his successes and failures, and how he runs his business. It's worth the night there. 

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