The biggest factor that many new wholesalers mess up when analyzing deals is the renovation piece. I can share my formula and the wholesale calculators that I have made but unless you have a good grasp of the numbers these will do you no good. Eventually you will be able to walk into a property and get a good idea of the reno budget but that comes with time. For now you will have to rely on contracting bids and investor feedback.
In my opinion the difference between a good wholesaler and a bad one is transparency. You will want to do more research on the process, be able to identify a sellers needs and motivation, then create a business model that provides solutions. Wholesaling should be a service, not a slick tactic to mislead sellers into thinking you are going to buy their home only to have it re-assigned.
Lastly, find local investors and wholesalers. Wholesaling and the regulations around it vary greatly from state to state. You can find thread after thread on BP with people on both sides of the fence.
I am getting into wholesaling and breaking down what I have a grasp of and don’t. Want to start but anxious to start, but as you said repairs is what most wholesalers mess up on when analyzing a deal and I think that is something I am struggling with. What is a way to approach having an understanding of repairs when analyzing a deal?
Thank you in advance!
I meant to address you by your first name, not your last. My apologies!