Just found out about the whole sale market.

2 Replies

Alright so to start I want to give you some background. I have worked as a bartender for the last 8 years of my life. Paying off all debt and saving money. Recently became a real estate agent. Closed a deal in the first two months, not a relative. I want to segway out of the service industry but walking away from a 70,000 a year pay check has got me hesitant. I'm new to real estate and the wholesale market. I have amazing credit 825+ some savings, no debt, no kids and a track record of accomplishing goals that I set for myself. I would like to make real estate/investing a full time gig. I'm looking for advice of any kind. Where to start. How to start. How to make my credit score and savings work for me through investments. I'm not looking to get rich quick. I'm interested in playing the long game. Hints my job that I have been at for 8 years to get myself to this point. Thanks for any advice.

@Zachary Peek If you are really looking at the long game then house hack. Us the FHA lending program to get into a small multi family (2-4 units). Rent h units you don't live. This will help you reduce or eliminate your living expenses so you can continue to save more and more. After a year or 2 when you have 30k-40k saved go buy something with a conventional loan and rinse repeat. I would continue doing this until you can't do to marriage kids what have you but by then you should have multiple properties generating income and increasing you net worth. I am of the opinion that wholesaling is a get rich quick scheme I mean every guru sells it as "it is so easy and you don't have to use your own money". I get tons of emails from wholesalers and most of the "deals" are not really deals at all. Yeah thy got a property owner to agree to a sale price and got it under contract but they didn't get it cheap enough for me the cash buyer to make any money after they add on their fee. Don't get me wrong there are many companies doing wholesaling the right way and making money but those guys spend a bunch of money on marketing and I would bet that they pass on as many places as they get under contract because they know when a deal is good or not. I am by no means trying to be a debbie downer but I see it too often someone hears a podcast or goes to a Than Merril event and all of the sudden they become a wholesaler. If you have any question feel free to reach out and best of luck to you. Congrats on the RE deal in your first 2 months.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you