My biggest biggest interest, that keeps me up at night is wholesaling real estate. I have for the past 4 months studied the art of wholesale now I feel like I m ready to get out there and make some offers. I live in the Hampton Roads area of Virginia and when I am driving to and from work I see lots of bandit signs and my heart just flutters because I know that I need to get into the game. IF you are in my area and know a thing or two about wholesaling real estate I would love to connect with you and discuss the business!
For wholesaling, it's all about the deal. If you can find a good enough deal, the buyers will be easy to find. Good leads are the lifeblood of wholesaling and it requires an up front investment in marketing (primarily direct mail) to start. And sometimes, you may need to send multiple rounds of mail to the same people before you get any responses. It would also be good to have knowledge on what rehab costs are or at least have someone that is a contractor able to give you rehab estimates on the property. Buyers want a deal they can make money on. The following formula should help you as a wholesaler:
70% of After Repair Value (ARV) - Repairs - Your Wholesale Fee = Your Offer Price
Finding people that are willing to sell their property at such a discount is the most difficult part, but if you can do it, the buyers will come from all over to buy it. If you can't find a buyer for it, it's not a deal. Hope this helps.
Hello @Tiffany Marsh . As they said above, leads are the key and from my experience selling yourself rather than the service is what's most important. You have to be consistent. I didn't get my first one until after almost a year but that's all you need is one! I'd definitely like to connect if you have a free moment.
HI @Don Duffy thank you for your reply. Yes I went driving for dollars and found two abandoned homes that I am working on getting the info on the owners. We can connect.
Updated about 3 years ago
Thank you JOshua fo your reply it is very helpful!
Hi @Ernest Grindle I have been driving for dollars and I found some prospects and I am going to do my due diligence to get everything correct, learning a lot though. I connected with mailman and he gave some info on abandoned and vacant homes in the area.
I'm trying to get my feet wet and figure out if wholesaling is viable and worth the effort. Have you been able to get a foothold in the market?
Hi All, if I"m looking to connect with any wholesalers in the Hampton Roads area. I'm an investor that lives out of state but grew up in the area. Please reach out if you'd like to connect.