Wholesale Investor in Woodland Hills, CA

Wholesale Investor in Woodland Hills, CA

Professional · Woodland Hills , CA · Member since 2016 · 6 posts · 1 vote

Hi,

My name is Erica and I'm a newbie wholesale investor out of southern California. I am a former flight attendant and became a licensed realtor over 10 years ago. At the start of my practice the market crashed and at the time I lacked a mentor or experience to broker my first deal. Soon after, I became licensed in Timeshare real estate sales in Nevada. I was a successful agent but found living in Las Vegas wasn't for me. I moved back to my home state of California in 2012 and worked as professional actress in the industry. I decided this year to reinstate my CA license after my daughter was diagnosed with a rare chronic illness. It was upon my research in finding crash courses online to reinstate my real estate license that I came across wholesale investing. I am so very excited about my new journey in real estate. I have a new found focus, purpose and passion to become all that I can be in this business and network with as many people as I can gaining knowledge and helping others. This is my breakout year and its only been two weeks since I've been learning the ropes and doing the work but I know my first deal is coming soon! I'm looking forward to meeting smart, friendly, inspiring professionals here on BP. Thanks for reading. 

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  • Missouri City, TX · Member since 2015 · 52 posts · 5 votes
    10y
    Erica Burton welcome to BP! Inspirational words, I wish you the best!
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    10y

    Hey @Erica Burton, welcome to the site! Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

    BiggerPockets
  • Realtor · Las Vegas, NV · Member since 2016 · 33 posts · 8 votes
    10y

    @Erica Burton Welcome to BP! I am pretty new to investing as well and believe this is the best place to learn. There is so much free information here and tons of helpful people from all areas of the real estate investing community that will answer questions. Check out the podcasts and blogs, there are many that cover the wholesaling. Being in California, there are probably several REI meet-ups in your area that you could attend and network in. Good Luck!

  • Woodland Hills, CA · Member since 2015 · 23 posts · 7 votes
    10y

    Congratulations on your new found focus, Psychology is 80% of this business! lol

  • Las Vegas, NV · Member since 2016 · 7 posts · 0 votes
    10y

    Congratulations on all your success and welcome to BP.

  • Real Estate Investor · New York , NY · Member since 2016 · 44 posts · 4 votes
    10y

    Hi @Erica Burton,

    Welcome to BP!

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Erica Burton

    Welcome, sorry to hear about your daughter.

    Couple good reads

    Ultimate Guide to wholesaling

    https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

    Paul

  • Redondo Beach, CA · Member since 2015 · 12 posts · 4 votes
    10y

    Keep that drive and passion of yours. I'm currently making my way to home base to bat for the first time in wholesaling in the south bay area below Los Angeles. I'm sure the journey to get to that first deal will be something you will never forget. Feel free to share your future successes, and good luck out there!

  • Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
    10y
    Erica Burton I like timeshares sales people, I do not know how they convince customers, I for one could not be convinced. There are a lot of factors and go throughs that make it hard for me to buy. I guess you could use that talent on the other side of the coin, convince people to sell them. I am sorry to hear about your daughter, but don't let that be a hindrance to your success. Good luck.
  • Professional · Woodland Hills , CA · Member since 2016 · 6 posts · 1 vote
    10y
    Originally posted by @Myles Ngumezi:

    Erica Burton welcome to BP! Inspirational words, I wish you the best!

     Thank You ! Appreciate your support and same to you. 

  • Professional · Woodland Hills , CA · Member since 2016 · 6 posts · 1 vote
    10y

    I thank each one of you for your support. I read every post. Yes timeshare was tough because no one was in the market to buy a timeshare when they got in front of me but by the time they left they knew they had a need because they were on vacation and planned on vacationing for years to come and I made it possible for them to save money and enjoy ownership and luxury when traveling. Win Win. 

    Big Pockets is amazing I'm still learning to navigate my replies from my cell. Great to have this platform to share ideas and network. There are great opportunities here in LA area for wholesalers if you find your niche. I'm doing due diligence and a lot of grunt right now but I'll be going to my first REI Meet Up on Thursday and ready to learn tons of info about my market that could save me headache , time and limited funds for business. I already have business cards printed and ready to go.

    Also just want to say thank you for responding about my daughters health. She is my biggest WHY. And with that I know I'll push through. Have a great day finding deals! Thanks for the books and links! Feel free to reach out to me. 

  • Lender · Hermosa Beach, CA · Member since 2015 · 70 posts · 32 votes
    10y

    @Erica Burton Welcome to BP! Sorry to hear about your daughter's illness but it sounds like you have even more motivation to be successful because of it. Did you end up reinstating your CA license? If so, there are some issues with being an agent and wholesaling. If not, you don't have to worry about it. 

  • Professional · Woodland Hills , CA · Member since 2016 · 6 posts · 1 vote
    10y
    David Varvaro Thank you . I passed my exam but I haven't sent in the app for my actual license. Being a wholesaler I would have to disclose that I'm a realtor if I had my license. If you know of any other discrepancies please share .
  • Lender · Hermosa Beach, CA · Member since 2015 · 70 posts · 32 votes
    10y

    @Erica Burton There are some ethical questions that come up when an agent wholesales. When you are an agent it is your duty to the client to get the most amount for their property as possible. When you are wholesaling you are trying to get the property at a below market price in order for you to make a profit.  

    Although you can legally negotiate to purchase any house you want, a seller can claim you took advantage of them if they find out you ended up selling their house for more than you paid them for it. Obviously, you should never try to purchase a house from someone who called you to list their property.

    If you are simply getting your license to have MLS access and sell your own properties, there shouldn't be any problems. But if you are going to be an active agent, you have to be careful that no lines get crossed that could get you into legal trouble. You might want to check with CAR to make sure you are clear on how you approach things.

  • Sergey TkachevPro Member
    Investor, Agent, CPA · West Sacramento, CA · Member since 2009 · 707 posts · 262 votes
    10y

    @Erica Burton, welcome to BP and thank you for sharing your story!  I wish the best for your daughter!  

    You're off to a good start but remember, there will be tough times and you just need to stick through it.  Wish you much success!

  • Wholesaler · Newark, DE · Member since 2015 · 303 posts · 80 votes
    10y

    @Erica Burton Welcome to BP. I'm sorry to hear about your daughter and will pray for her well-being and getting better.

  • Professional · Woodland Hills , CA · Member since 2016 · 6 posts · 1 vote
    10y
    David Varvaro Thank you for that information regarding having a real estate license and wholesaling. My plans are to act as only a wholesaler in my transactions as I will not be making any listings for sellers not hanging my license with a broker. I do look forward to later in my practice to do listings on other rehabs outside of wholesaling any deal I perform.
  • Lender · Hermosa Beach, CA · Member since 2015 · 70 posts · 32 votes
    10y

    That's a great way to really learn about the business from the inside out. It will really help you down the line when you do start working as an agent. I work with so many investors that tell me most agents that claim they are investor friendly agents really don't understand what type of properties will make sense for them because they don't invest themselves.

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