Need Advice on Wholesaling in Bay Area, CA!

11 Replies

Hello Bigger Pockets Family! I have a few questions for anyone willing to help. We are just getting started pretty quickly in the Investing universe. Our strategy will be to Wholesale for the time being until we can build some wealth to start funding some flips. We have decided to begin wholesaling SFH in a few Bay Area markets, but are definitely open to other strategies and ideas! I'm in desperate need of advice from a buyer who is familiar with Wholesaling in the South Bay, and who would be interested in hiring a bird dog for a while so that we can learn the business and the processes of how this all works. I currently have a nice long list of vacant homes in the Bay Area, but I would love to connect with a Buyer in a few of these markets and better understand what to look for in these listings and what the pricing should/would look like for these homes. Thanks so much and I'm really looking forward to learning from honest and trusted investors in the Area!! Cheers!! - Bri

Hi @Bri Austin I'm relatively new myself but some things I've learned. Get out there and network in person. Jeff Pollock in San Jose has a very good meetup from what I've heard. @Bobby Sharma has a good one in San Mateo which isn't too far of a drive. Checkout meetup.com and of course bigger pockets meetups section. 

Wholesaling is not easy and it is not necessarily low or no cost especially in the bay area.

You need to get good at sales, building trust and rapport

Get good at determining value and rehab costs. Learn how to comp properties.

The 70% rule is very hard to hit in our area and often in the right neighborhood and lot 85% works if you can expand the property

Learn the different sub markets. Sometimes homes across the street from each other same size and condition go for vastly different prices just because the school district they are in.

It is a great way to get your foot in the door offering to bird dog on commission for deals that close, but you need to have another source of income hopefully because it takes a while to be profitable. It is sort of cliche to say I'm wholesaling to build up capital. 90% of people who say this at meetups are not around a year later so you may be met with skepticism at first. 

Be weary of gurus but there are some relatively inexpensive template type courses that have video instructions, scripts and contracts you can find online. PM me if you want more info

Bri - don't forget to also check out BAWB- The Bay Area Wealth Builders Association monthly meetings. They have been meeeting since 2000 and put on a wonderful program each month and some great workshops which include a wide array of speakers, topics, networking, etc. for both the beginning and seasoned RE Investor. Check them out at www.BAWB.info 

Hi Bri,

We are a father son team who do a little bit of everything in the real estate field and have been wholesaling in the Bay area for the past 5 years or so. I know its been a while since your post but if you still have questions that need answered we would love to chat with you. Give us a call anytime.

@Marc Salloum hi Marc and Bri - I am brand new to this world and very interested in learning as much as I can as quickly as possible. I am a very hard worker I have a lot of flexibility in being able to scout properties (I work from home and travel btw SoCal and Bay Area as well as up to Lake Tahoe, Utah and the PacifIc NW ). Aside from reading, have either of you ever had anyone offer to be a mentor in exchange for learning the process ?

Hi Bri, 

I am an investor here in the Bay Area and I am pretty new as well. I am interested in buying the run down houses and flip them. I would love to connect with you and to discuss any vacant home in your list would potential work for me. 

Look forward to hearing back.

Karen

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