Hello all! I have always been interested and wanted to know more about REI. I never started to pursue learning further until the past year. Fear was my biggest reason why, I work in the mortgage industry and watching the housing market go up and then value go down scared me. Well I decided that can no longer stop me because one of my biggest dreams is to flip houses. I just finished a master class for REI, I am wondering if there is anyone that would be willing to guide me in starting wholesaling? I have a ton of notes and got everything organized but now I'm making myself overwhelmed and I think it's due to researching and reading more and more, feels like I'm doing a constant circle.
Thank you in advance! Anything is greatly appreciated
Hi Stephanie, wholesaling can be a great way to get started in real estate investing, as it requires minimal upfront capital. It can also help you build relationships with potential buyers and sellers. I would say that you should only do this if you are fully committed to it.
Connect with local investors, Attend local real estate investor meetings, connect with investors on social media, and reach out to real estate agents who work with investors. You'll mostly find them in groups nowadays. Focus on marketing, your primary job is to find great deals and connect them with buyers. This means you'll need to be skilled in marketing and sales. Even consider investing in a professional website, building an email list of potential buyers, and using social media to promote your deals. Crunch your numbers, you need to be able to accurately estimate the value of a property and the potential profits from a deal. This means understanding how to calculate repairs costs, determine ARV, and negotiate with sellers to get the best possible price. Lastly, be organized. Wholesaling can be a fast-paced and high-volume business, so it's important to stay organized and keep track of your deals and contacts.
Hope this helps. All the best to your real estate journey!
Hi Stephanie, I agree with @Tim Bee, if you find great rentals and build a portfolio you'll see a lot more success long-term. Best of luck in your real estate investing!
Wholesailing is a tricky business to jump into. The properties you should be looking at for this will be well under market prices and so market movement shouldnt effect you too much. A wholesaler will find run down or neglected properties that have a lot of improvement potential, get that house under contract and then sell it to another investor all below market prices. I purchased my first rental from a wholesaler, it was my best deal yet.
Thank you for this advice! I’m bound and determined to start with wholesaling, I love a challenge and I really enjoy helping those around me especially when it comes to life’s challenges and trying to figure out what you’re going to do. I will share how it turns out when I get fully going ☺️
Hi Stephanie, wholesaling can be a great way to get started in real estate investing, as it requires minimal upfront capital. It can also help you build relationships with potential buyers and sellers. I would say that you should only do this if you are fully committed to it.
Connect with local investors, Attend local real estate investor meetings, connect with investors on social media, and reach out to real estate agents who work with investors. You'll mostly find them in groups nowadays. Focus on marketing, your primary job is to find great deals and connect them with buyers. This means you'll need to be skilled in marketing and sales. Even consider investing in a professional website, building an email list of potential buyers, and using social media to promote your deals. Crunch your numbers, you need to be able to accurately estimate the value of a property and the potential profits from a deal. This means understanding how to calculate repairs costs, determine ARV, and negotiate with sellers to get the best possible price. Lastly, be organized. Wholesaling can be a fast-paced and high-volume business, so it's important to stay organized and keep track of your deals and contacts.
Hope this helps. All the best to your real estate journey!
@Stephanie Burke you can totally do wholesaling, flipping and long term holds. Diversify your portfolio! Some deals are great for cash flow, others provide a ton of equity or the potential to grow equity.
Just remember wholesaling is a whole strategy. And most wholesalers do it full time. That means they are looking at 20+ properties a week. Saying "pass" on the majority. But if you are patient and get the right property (and seller) one home run can put thousands in your pocket. That being said, you have to know your market backwards and forwards. The biggest mistake I see new wholesalers make is not knowing their market.