Eager Beaver looking to wholesale in the Washington DC Metro Area

Eager Beaver looking to wholesale in the Washington DC Metro Area

Homeowner · Washington, Washington D.C. · Member since 2014 · 17 posts · 4 votes

Hello BP Community! Brian here. I just wanted to immerse myself in the forums by introducing myself, and hopefully make a few connections in the area. I was pointed to Bigger Pockets by my real estate agent, after expressing interest in learning more about real estate investing.

I just finished BP Podcast Show 91: Getting Started as a Real Estate Wholesaler with Ben Grise and was amazed at how similar my situation is to Ben's. Granted, I don't play poker professionally, and have a different 9 to 5, but his family life and goals for supplemental income are uncanny in their similarities.

A little about me: I'm in my mid-thirties, recently married, and even more recently a new father to a beautiful baby girl. At my day job I work as an audiovisual production specialist for the government, which provides steady, albeit modest income. When I'm not working I like to be outdoors camping, fishing, and snowboarding in the winter. I'm also content just kicking back with good friends, enjoying a few cold ones and even brewing my own.

My wife and I live in Washington DC, although I'm a Virginia boy born and raised. I actually own a rental house (former primary residence) in addition to the home that my wife and I purchased and am looking for ways to supplement my income. Since I don't have a huge war chest of funds to spend flipping houses (especially in one of the highest priced markets in the country), I'm looking at wholesaling as a way to build some capital (and my knowledge of investing) over time.

Although I'm diligently reading as many BP articles as I can, I would love any first-hand advice from successful wholesalers/investors on how best to get started with very little money. Thanks for reading.

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  • Wholesaler · Houston, TX · Member since 2014 · 47 posts · 18 votes
    11y

    Hi Brian,

    To really be successful at wholesaling, you will probably need to budget money for marketing. It's hard to find leads without some marketing. If you don't have marketing money to allocate to find leads, I would suggest doing a LOT of networking with people who can feed you multiple leads, cold calling (free, only time involved), bird dogging and following up on vacant or distressed properties, and even door knocking. I got my very first deals from door knocking which only cost me my time. When you find something, let me know since I am interested in the DC market.

    Good luck,

    Barton

  • Homeowner · Washington, Washington D.C. · Member since 2014 · 17 posts · 4 votes
    11y

    Thanks for the advice Barton. I'm definitely researching marketing techniques and trying to come up with a budget. I do have a few questions, if you don't mind: (1) Do you think $500 would be an adequate marketing budget to start with? I'm trying not to dip into my family's personal savings too much, with the idea that any profits from my first few deals would be reinvested into the business. (2) Do you think its better to have start with direct mail marketing or a website? It seems that having a website first may be advantageous, as I could point potential sellers to that in my direct mailings. Thanks in advance.

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