Is bird dogging and wholesaling for real?

Question

Are there people on this board REALLY making money at so called “bird dogging” or “wholesaling”?  These have always seemed to me to be investment guru  pie in the sky.

Sharon Vornholt · Answer

Steve - I am a full time wholesaler at this time. I have done rehabbing, owned rental property and tried most of the strategies available to real estate investors. They are all good. You need to find the one that is a fit for you at this stage in your life.

You need rentals to build long term wealth in this business. Wholesaling is great for earning large chunks of cash. If you are just starting out, you don't need much cash or good credit. I never make a downpayment directly to the seller. But like everyone said, you have to understand the business before attempting this strategy. If you don't you will most likely pay too much for your first property or two and you won't be able to sell the deals. Become an information sponge, and find a mentor or two in your local REIA group.

Chris Clothier · Answer

We purchase property here in Memphis from a traditional wholesaler who we have had a long standing relationship.  He has excellent contacts throughout the real estate industry and works very hard to stay on top of opportunities in areas we like to buy.  In return for bringing those deals to us, we do not try and farm in those same areas and do not try to buy directly from his sources.  That is how a good relationship with a wholesaler develops.  Last year we purchased over 110 properties from him and as long as he delivers the properties at a cost that makes sense for us, we could not care any less what he makes.  Last I checked, his standard mark up on properties is between $2k and $5k.  When you do the math, you see that he makes a very good living and together we have a very good symbiotic relationship where everyone wins.

Stinson Bland · Answer

Wholesaling is very much real, enjoyable, and profitable.  There are a lot of real wholesalers in the Dallas market and some of them I assume make a decent living.  There are also a ton of fake wholesalers in the market.  These fly-by-night "wholesalers" fell for a guru pitch and are looking to make cash without putting in the time, money, and effort.  These guys and gals come and go rather quickly.

I am a fulltime wholesaler and a part time rehabber.  I personally know many fulltime wholesalers that easily net six figure incomes.  In the HomeVestors system there are hundreds of profitable wholesale operations throughout the country.  Many of these operations also rehab but rely on wholesaling for cash-flow.  There are also many of these same types on this forum.  I'd be suprised if more of them don't chime-in on the subject.

It is very easy to wholesale a deal (using very little of your own money) when the property is properly bought (deep).  I really enjoy flipping properties to experienced investors and picking their brain about the business.  I’ve also found private money sources simply by wholesaling deals to cash buyers.

I personally believe wholesaling is a great way to break into a local REI market.  You'd be surprised by the amount of people you meet while marketing to buy deals and sell deals.  If you have decent spreads and honest estimations on your deals; your name will spread quickly through the industry.

Wholesaling is by far my favorite topic to discuss in REI and I’d be happy to answer any questions I can regarding the subject.

Curt Davis · Answer

If wholesaling is not real then I better check on what I have been doing for the last 5yrs selling hundreds of homes!!!!!

Jackie Patterson · Answer

We find that wholesalers are also great birddogs for short sales.  While looking for wholesale opportunities, you often run into homeowners that need a short sale.  Why not birddog for wholesales and short sales?  I agree that birddogging for anything is not a get rich quick strategy, but it can result in a steady income while learning the business and making contacts.

Mike Currie · Answer

Wholesaling is very real my friend. What one must understand that it actually takes hard work, consistency, and focus to get deals done. Please do not listen to any Guru that promises that you can get-rich-quick because it is certainly not true, but you can become wealthy overtime only if you put in the Hard Work

Jackie Patterson · Answer

Birddogging for short sales is a win-win for everyone.  As short sale facilitators, we benefit from adding to our pipeline.  Birddogs benefit from sharing in the profit when the short sale is completed, and homeowners benefit by getting out of a bad situation without a foreclosure.

Account Closed · Answer

Yes it is real, for those that start and hang in there to  learn how to find those good deals to the point that they come automatic.   You also can bring people into the world of RE and bring them deals.  You will have the time, resources and knowledge to make your investors successful.

Will Barnard · Answer

The short answer is yes, it is real. The whole truth is rarely taught by gurus. To become a real wholesaler, u must fully understand the business and treat it as such. So many fail simply because they never learn how to recognize a real deal or add value to a transaction.

Luigi Ontiveros · Answer

Oh yes.....you better believe it!!

It's not a get rich quick strategy as some gurus portray. But if you are persistent and determined to put in the time, effort, marketing and treat it as a business, you can most definitely make it happen.

Best wishes,

Lui

Is bird dogging and wholesaling for real?

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