Why Wholesaling?

Question

I am very interested in finding out why those involved in Wholesaling decided to get into wholesaling/REI and if they attended a REI seminar or webinar hosted by a real estate coach or guru.

Thanks and look forward to the comments.

Alex Franks · Answer

Have to agree here. For me this was 16 years ago. This was the way to get started in real estate investing( with no capital and not sure of credit score. I did how every and still have loads of energy and passion to be my own boss ) . I was building my credit up. Working on reserve funds. Which I really did not know about either at the time. I was just told wholesaling was the easiest way to get started in real estate investing. While I worked on my reserves ,and credit scores. Buying , rehabbing, and holding would come later.  This was all from the local rei meeting ( networking ). I also read everything possible on wholesaling for fast cash..

I don't look down at any one for trying to wholesale. if any thing  we should try to teach newer investors( its all about the numbers and why it will or wont work ) . Guess since I started at the bottom.  Its been a heck of a journey so far. Still a long way to go. Still learning every day. Passion, and Passion you just cant teach that. Regardless of what area, you choose to work in real estate investing. Bring Passion to everything you do in life. It will show and rub off on others.

We all started some where in this business.

Alex

Christopher Brainard · Answer

Wholesaling is the default 'investor' choice by most members here at bigger pockets that lack time and money - since it doesn't require any startup capital, no training, and no licensing.

95% of the wholesalers I've encountered read a couple posts or a book, figured out they can get rich quick wholesaling to stupid investors, and jump right into the thick of things. This is why we have a plethora of newbies offering deals that aren't investable and why many of the more seasoned investors are forming a negative opinion of the niche.

-Christopher

Michael Lee · Answer

Hello and welcome!  I think that most people that do that are very self confident.  It is a way to start out for those who have no money.  I am 59 years old and I found BP about 5 months ago and I am still learning and trying to decide what to do.  I graduated from college with a business degree that had a real estate emphasis.  I got that degree and a broker license in 1980.  Regardless of what I had I still felt more comfortable with the construction business. I have been in the construction business since I was 17.  If you think I might be able to help you with anything please contact me at any time.  Good luck!

Why Wholesaling?

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