New to BP- Interested in wholesaling

9 Replies

I'm new to Bigger Pockets and am interested in wholesaling. I currently work a full-time job in the legal field and would like to first learn about this business as well as get my feet wet before I make a career transition. I read the book FLIP and it's helped me understand some things that seemed confusing at first, but I would like to learn as much as I can. Any book suggestions, forums or tips are greatly appreciated. 

Thank you! 

Aleli!! Welcome! I'm in the Chicago area! Looking to network, brainstorm & grow my business! I just joined a great nationwide group of investors that are absolutely KILLING IT! I'm pretty excited from what I've seen so far & to be earning & learning from the best in the biz! Message me, let's make some $$! 
Steve

@Aleli Mora

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Don't wholesale.  That's my advice.  It's a terrible strategy that a lot of newbie's do and it rarely works.  Maybe your market is more conducive than mine, but I have yet to see a new "wholesaler" in my market actually do a deal.

Let's start with this: Why do you want to wholesale?

If your answer is "to have money to put down on flips/rentals" then you're going down the wrong path.  Don't drink the Kool-aid.

Originally posted by @Aleli Mora :

I'm new to Bigger Pockets and am interested in wholesaling. I currently work a full-time job in the legal field and would like to first learn about this business as well as get my feet wet before I make a career transition. I read the book FLIP and it's helped me understand some things that seemed confusing at first, but I would like to learn as much as I can. Any book suggestions, forums or tips are greatly appreciated. 

Thank you! 

 Outside of potential legal issues wholesaling is a horrible business plan. The failure rate is incredibly high. Instead I recommend becoming an agent. Note the failure rate for agents is also incredibly high but as an agent you have more tools at your disposal to earn income.

@Scot Howat Great, I've seen more than a few a wholesalers in my market do more than a few deals. If you have any suggestions/tips on how you're successful doing rehabs and buy and holds. I'll more than happy to hear THAT suggestion. Thank you, though. 

@James Wise  Thanks, I'll look into it down the road. I know building the right team is also crucial for the failure rate not to be so high. Which also applies to anything one does. Looking forward to growing my network at BP. 

In our market, flips are getting increasingly harder to do.  Margins are getting smaller and smaller.  I just go to the county auction and pay cash, then turn around and refinance it with hard money.  Once we have a market correction then I think flipping with be more doable. 

I'm still finding a lot of good rental deals on the MLS though, so that's been my focus lately. If I need to, I'll take a similar approach. Buy with cash, then turn around and put long term financing on it.

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