Wholesaling in California

5 Replies

Hello,

My name is Anthony, I am currently a licensed real estate agent in California.

I would like to get into Wholesaling real estate, but would like to hear any tips, advice, guidance from someone who has been doing it.

Where did you find distressed properties? What type of purchase agreement did you use? What is a key factor that will determine a deal going through? etc.

Anything will help. Looking to get as much information before going out and making a rookie mistake

Thanks in advance,

Anthony 

Wholesaling here is almost dead, I am now flipping as the market dynamics have changed. You'll likely have more opportunities with going after listings, since you don't have to convince the seller to take a low price but you still get paid when they sell. 

Many don't want to admit it but the market is hyped and sellers know that, most flippers are doing direct mail and web, the market is saturated with wholesalers and wanna be wholesalers. Don't follow the herd. 

Hey Tim,

Thanks for taking the time to reply. I appreciate the honesty.

I guess if it sounds too good to be true, it usually is. What do you think about wholesaling in other states?

Most capable folks focused on wholesaling moved from an A to a B market and found good results. Often that requires going out of state.

A lot of folks I know are now getting into education and courses. Why? Because there is a lack of deals but not enthusiasm, so they sell courses to newbies who are so late to the party its not even funny. Yes, if it sounds too good to be true, it probably is. A lot of these folks pushing courses shut their flipping or wholesaling biz down years ago. I wonder why. 

Anthony, I wanted to come back to be of more assistance and not just say why its not a great idea. 

Since you're an agent already, you can pursue deals and offer to list the home and if for some reason that isn't in their best interest, go the wholesale route. Then either way, you're able to collect on the deal. I noticed a while ago how many good retail leads go to waste when trying to wholesale in California. If its about stacking chips, grab those listings. 

Hey Tim, Thank you again for taking the time and giving me an honest input on this topic. From my understanding, it looks like you have wholesaled before, and because of over saturation of wholesale gurus, you have switched over to fix and flipping. Makes sense. 

That is something I look forward to do, I figured if I could wholesale while listing homes, it would get me there a bit quicker. But, you're right, I will always have that option if for some reason listing their home won't workout for the owners and need to get out quick.

And yes it is about stacking those chips baby :)

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