New member from nj/ny with questions on the first step

New member from nj/ny with questions on the first step

Englishtown, NJ · Member since 2016 · 15 posts · 1 vote
Hey all just getting started in the real estate wholesaling business.  Iv been in car sales for about 5 years and was always top dog at every dealership. Now that I'm no longer in car sales ( 2  years in the longshoremans union) Iv decided id like to start wholesaling. Simply because I feel my people and negotiating skills could easily be transformed and work to an extreme advantage in this field of the real estate market! First steps?? I had thoughts that "legitimizing" my business would be a smart first step. a.k.a. making a website, having business cards, getting a separate "business" phone/voicemail to answer prospective leads inquiring about properties or offering them. Would anyone suggest that this is the right direction to go before spending money on direct mailing campaigns/driving for dollars/running advertisements via craigslist or any other source? Any help and ANY suggestions are greatly appreciated! Thanks all for reading,  Nick
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  • Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hello and welcome to BP!  Your back ground should help in this business.  All of the things you mentioned are all good to do.  Some other thins to do are starting your own business.  One of the first things you should do is to get consulted by an Attorney or a CPA ( or tax accountant) on what type of entity is best for you so you don't have any fear about your personal stuff.  I would also recommend that you find an office with few distractions.  That might be in your place but you have to treat it with respect and formality.  Another thing you should be secure on before you put anything under contract is to know where you stand on your financing (how long and how much money) from a known lender.

    Besides those things you should decide on your niche and where your market(s) will be and your overhead budget and your plan that is written down as well as your goals where you can view them daily a couple of times.  I am sorry but I am now 60 years old and I have a bunch to say.  I wish you the best of luck!

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