Wholesaling 101: How to Wholesale for Beginners

61 Replies

@Christian Mesa No worries man. No you never have to be at a closing. Just make sure the title company has your banking info so they can wire you your profits.

Chris. Whats your process with showing your cash buyers the property if your too far away to show it. Also what if the property is vacant and the owner is another state. How would you handle that. 

@Chris Piper   all do respect way to much info , to many spend so much time reading books watching videos, going to seminars, and building their " Power Team " . Title co, realtors, attorney etc, WHY you do not have anything nor need it ! An experienced  " player "  has all, you need nothing !   keep it simple. Also this term Wholesaling  was said at some guru seminar , its called flipping a contract , now every Tom, Dick and Harry is a " wholesaler " .  Find a deal,  ( the money will find you ) show it to an experienced buyer, get paid a finders fee, simple . Or lock it up flip the contract, get paid at closing. 

Folks, simply connect with those doing deals, they will pay you for finding good deals. Save money and do them on your own. 

Good Luck to all

Chris, good post. But telling people in 30 to 90 days they can get a check, is not realistic, in my opinion. Someone  MIGHT get lucky, but the odds of that happening are very remote. The amount new people have to learn and absorb is absolutely mind boggling. But otherwise, I think it's a great post!

@Jorge Monroy
You should be able to click the save for later right by the title of the post on this page. If not just bookmark it in your browser.

@Imaan Pour

It all depends. None of my deals are near me. I partner with a wholesale company in Indy with a huge buyers list. All the showings are typically between the seller  and the cash buyers. The Indy wholesalers aren’t there and neither am I. I know it gets kinda tricky when wholesaling virtually. 

@Alan Zee I haven’t wholesaled any big multifamilies as of yet, but I would be interested in some and actually have a buyer near Indy looking for EXACTLY that. Let me know what’s up.

@Bob Prisco Awesome you’ve done so many deals! I understand your point, but why would someone want to be a “bird dog” and make a fraction of what they could doing it for themselves? I only wrote the post because there are so many so called “gurus” out there trying to sell garbage on the subject and it’s not helping anyone. This post is literally exactly what I do personally and it has worked well for me. I thought why not share?

@Noah Pearson Thanks man!

@Scott Swanson 30-90 days in my opinion is VERY realistic. Assuming they already have the knowledge on how to Wholesale. If they follow what I say to do in the post, it will work. Ran my first Facebook ads and had leads coming in by the 2nd day.

Chris, yes, if they already know how to wholesale, I think you're right on the money.  I'm currently mentoring new students and I think it will be months before they get a check. But your post is appreciated and I'm sure it'll help newbies! 

@Chris Piper , many do not have any money, sorry should have been more clear. I literally started with zero. Simply found a deal and he paid me $19k ( my 1st deal 1st month ) . Learned saved and well off to the races .

All the best 

PS 99% research things to death and do nothing. Weekly I am ask to provide a property, when I do and more ROI then expected they keep asking a million questions and do nothing. Keep it simple

@Bob Prisco I do understand that a lot of people don’t have money to get started. If that’s the case, then they have to trade time for money. Driving for dollars etc. It is a little harder and slower to start with no money but can definitely be done. Sounds like you got off to a good start getting $19k for finding a deal. I wouldn’t say that’s a common start for most people though.

Also, you are 100% right that 99% of people will do nothing even if you give them a roadmap to working for themselves. All I try to do is put the info out there, and hopefully it helps someone.

@Chris Piper need to find out what profit the person wants. Well if you provide more you simply negotiate, 

Yes its sad that so many are handed deals on a silver platter and do nothing, 

@Bob Prisco Now that I think about it, I guess starting out as a bird dog for another real estate investor isn’t a bad way to go. It’s kind of like being a very well paid virtual assistant lol.

It is sad so many people continue the 9-5 grind when if they just pay attention a little bit, they could be making money in real estate for themselves in no time. Guess that’s why they call the richest people the 1%, cause the other 99% keep doing what they’ve always done.

HELLO ALL, KEEP IT SIMPLE! Find a deal, bring it to a local REIA meeting, or post it in that cities social media pages if its good you will get a commitment from an experienced investor same day . Write up an agreement. STOP worrying about attorneys, title, LLCS you do not need any of that for simply finding a deal.

Good Luck to all 

Originally posted by @Chris Piper :

@Scott Swanson 30-90 days in my opinion is VERY realistic. Assuming they already have the knowledge on how to Wholesale. If they follow what I say to do in the post, it will work. Ran my first Facebook ads and had leads coming in by the 2nd day.

What was your starting daily budget for Facebook ads and what would you consider a good ad budget to to do 1 deal per month?

What's your cost-per-lead and cost-per-deal when using Facebook ads?

BTW, this is one of the most practical posts I've seen to date on BP. Thanks for sharing.

@Jibu V.

Thanks for your nice comment on the post I appreciate it. I started with a budget of $20/day on FB Ads. That was just for my state. Audience size was shrunk down so much because you have to tell Facebook it’s a housing ad, and the audience for some reason is much smaller.

On my $20/day for my whole state, I was pulling in about 2-4 leads a day. Some were not good deals, some were people looking to buy a house because they didn’t read my ad apparently, etc. 

To close 1 deal a month you could probably do $5-$10 a day. My cost per lead is about $9-$10/ea which is pretty cheap actually.

I’ve dropped my daily budget to $17.50 and added a retargeting ad for $7.50/day because I noticed a lot of people click on the link in my ad but never fill out the form. 

Planning on increasing my daily budget to probably $25/day and maybe adding in another state for $10-$20/day too. A good flow of leads will get you good deals to close. 

@Diego Hodge Thanks man! I appreciate the kind words. I was considering putting together a paid training actually. I couldn’t get into every aspect of wholesaling in one post without making it insanely long and boring lol. 

Not sure if I will yet, but if I did I would make it’s a no fluff straight to the point video training, and only include what people actually need to get started and be successful. I’d also make sure I didn’t leave anything out like most people do. I’d sell it for a reasonable flat price for everything.

Been trying some new things and am working on running my FB ads directly to a messenger bot as I’ve heard it works amazing, so that’s some things I could add in. Anyway, sorry for rambling, just wanted to say thanks!

You're the GOAT. I'm 22 trying to figure out wholesaling. wish my parents knew about this growing up but all they knew was to find a good 9-5 and struggle. I'm just a young trying to make. Thank you for your information. you definitely need to start a paid course.