Attention Experienced Wholesalers!!

1 Reply

To All Experienced Wholesalers!!!

I'm reposting this as I did not get a response the first time, and really want to know. So in late August I'm moving to Tampa Bay to attend the University of Tampa as a freshman. While doing so, myself and possibly one of my roommates will be staring up a wholesaling business. I have been studying a great deal into Rental Property Investing, and Wholesaling and have been told the best way to learn is to do. And I mean if there is ever a time to fail and go broke, its when you're 18 and have under five grand to your name.

So a couple questions:

Do you guys think it is a good idea to potentially partner up with someone, starting a business for the first time to have someone to learn the process together? If anyone wants to share the Pros v. Cons they've experienced in the past, please do!!

Another question more specific to wholesaling. I've watched a lot of YouTube & listened to a lot of Bigger Pockets Podcasts, and for anyone that has wholesaled before... Is it essential to speak to an attorney about forming a Purchase & Sale Agreement or is it entirely possible to form one yourself from online resources. Note, we are on a budget of about $6000, ($1000/month) for the first six months and have set a goal to close our first deal within that time period. An attorney can get fairly pricey, so is it worth it to spend the $300 for a very well done contract or are there alternatives? Any recommendations from former experience would help a ton!! Thanks Guys :)

@Sam Giberti congratulations on jumping in so young! That’s awesome. I know some people your age who are killing it.

First off if you are going to partner up make sure you have a thorough agreement in writing spelling out roles, investment, profit splits etc.

You will need a title company or closing attorney to close your deals. You can get a purchase contract  and an assignment agreement from them that the wholesalers are using in your area.

If you are going after this full time you need to set a goal to get your first deal in 30 days. 6 months is way too long and you will get discouraged.