Hey BP, I'm just wondering if there are any real full time wholesalers who actually make a living on that business. I've been looking around online including Biggerpockets but all I can seem to come across is gurus who recommend the strategy for beginners and would like to to sell you their "proven" system. Not looking to cause a big debate here just curious as to who is actually making a living off of just wholesaling real estate. Thanks.
Haha - what does that tell you?
Hi David, I am a full time fix and flipper and from what I've seen, I think it's not easy being solely a full time wholesaler. Most of the wholesalers I meet mix it in with some flipping or being a RE agent as well.
I'm a full-time investor, but never done wholesaling, only fix/flip and land lording. The only wholesaler I've come across to make a real living wholesaling was a guy profiled a few years ago in the NY Times who bought dozens a day over the phone from banks that called him directly. I'm sure others are out there, but I've never met them.
Hey David, first off I have to say I have never done wholesaling personally. However, I think that when Gurus start selling get rich quick guides and going on speaking circuits some red flags should go up.
If they were able to make tens of thousands of dollars per deal why wouldn't they be out in the market doing it themselves? Instead these guys are training people to compete with them for deals. It must mean that the market is so saturated with competition that there is more money to be made selling books and speaking at events. Just my opinion anyway.
I have never done a wholesale deal close a couple of times. I have buddies who do it FT. One did a wholesale deal every week for a YEAR making 15K on each.
Another makes 6 figures each year he told he sometimes make only 1K on a deal when I questioned him he said sometimes its 2 quick 5 minute phone calls to make 1K.
I think some stress how easy it is my buddies tell me it is hard work but works for them.
Couple good reads
- 9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal
- Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper
- How to Start Wholesaling: Getting Past The Education and Into the Field
Good luck at whatever you choose to do.
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