Greetings to all, my name is Brian from Las Vegas and I'm new to real estate. I'm still learning the basics but looking to build my network.
I'm looking to start my career in wholesaling and I would like to know what are you as an investor looking for in a property?
What formulas work best for you to determine what is a good deal, what tweaks have yo made?
What is considered "No Money Needed To Get Started In Real Estate" from a Low/No-Income prospective?
What qualities do you look for in a partner(If you consider one)?
Wholesaling is not a great low/ no money down way to start, and Las Vegas is competitive because you need to market to find sellers. You might be better off saving up and even looking into some of the P2P lending and real estate crowdfunding sites.
Welcome to Bigger Pockets...a phenomenal resource with tons of helpful people. We have done a couple of deals with wholesalers in Vegas, and had one to thank for our biggest home run last year. We look for properties that require substantial work vs. lipstick jobs. The kind of projects that scare away many folks. (We do most of the work in house so have a slight cost advantage) Also, we look for projects with something special...like larger lot or in a up and coming downtown location.
Just go in with the expectation that it is going to be an incredible amount of work with very little to show for it in your first few months. I have seen many people work at it for a couple of months with no deals...and then they quit. Definitely not a way to get rich quick....but possibly a way to get your feet wet in RE investing.
Hi @Brian Thomas ....Welcome to BP! The best way to go about getting into the wholesaling game with little to no money is to 1) network with local investors/wholesalers to see who you could potentially learn from and co-wholesale with & 2) start driving for dollars to find potential properties.
I do recommend in getting a part-time job so you can insure that your living expenses are taken care of while you are learning the game. One of the worse things a new investor can do is try to learn the game with a financial monkey on your back.
For any other questions you have; I'm happy to connect with you on the phone or in person to help point you in the right direction. Just text me at the number below and we can schedule time. Look forward to meeting you!
Thank you all for the information and advise. I understand that there needs to be some kind of cash flow to fund my life and endeavours, which I'm currently working on. While I'm looking for employment, I want to make good use of my free time. @John Perry How many are you currently looking for?
I assume you mean how many wholesale deals. Focus on finding one great one to start. We did exited 17 flips last year and just a few thus year with no me acquisitions since the good ones are difficult to find in Vegas. We are acquiring land and building new construction instead. That said, if you found ten great deals we would buy all of them as long as they pencil out.
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