I've been wholesaling for a solid year now. Learned a lot, and lost a lot of money in the process. I'm still trying to build up reserves for acquiring my first property, whether it's a fix and flip, or a buy-and-hold (taking the owner financing route as the lender). I genuinely feel like I could be using private money to increase my marketing, but is tough to find a private money lender who will structure a long 8-12 month marketing finance deal to increase reserves. I could be digging myself into a deeper hole....
All the people I meet at networking events want to work together by being my cash buyer since I'm already partnering with 50% wholesale fees (me being in the acquisition and my partner to find the buyers and close). This really doesn't help out my progress much when they're only wanting to be cash buyers.
I know I can use private money once acquired. The only issue is the time that it takes to build up the reserves. Not even sure exactly how much reserves I would need other than enough for a down payment (35-40K). I've already been reducing my personal monthly expenses.
My question is, how long did it take you to acquire your first property and how did you do it? I'm definitely going to be using the BRRRR strategy as well. I still feel like I'm lost. All opinions are welcome
Be patient and learn... It took me a year and a half before I even got an offer accepted on a property. I went from trying to wholesale to fix and flip and using hard money just to still end up with nothing. I lost months of my life and hours of sleep trying to figure it out and after a while I quit. Well..... kinda. I took a few months off to actually go back to work because I had lost so much money. Did I mention I quit my job ? Yea, so after about 2 years I still don’t know what even possessed me to go back online and start researching more but I jumped back in . Literally that week I finally had gotten a house under contract in a location I had been aiming for after nearly 2 years. I closed on that house and flipped it for $37k profit a week later and in that month closed 3 other deals.