I'm A Newbie To Wholesaling and have a little cash. ADVICE NEEDED

11 Replies

I am a Truck Driver trying yo get in to Wholesaling in the DMV area. I'm actually in Baltimore. I Have Some Finances of my own to start.  But I'm looking for any advice on getting and flipping my first deal.. Any advice is Greatly Appreciated.  Thanks

Originally posted by @Jarrel Hardy :

I am a Truck Driver trying yo get in to Wholesaling in the DMV area. I'm actually in Baltimore. I Have Some Finances of my own to start.  But I'm looking for any advice on getting and flipping my first deal.. Any advice is Greatly Appreciated.  Thanks

 If you are long haul, I wouldn't Fix & Flip. If you are local haul it's a different story. Either way, Fix & Flip is the riskiest and highest taxed. Look into Subject To and selling Lease Option to Tenant Buyers. That is what I do. I started out Doing Fix & Flips and did them for years. Subject To is much better. Or Joint Venture with someone who does.

Thanks A lot for the info Mike. I'm actually a local driver.. stay in the City for the most part. But I am definitely going to look into the Subject To deals.. anny more I fo you're willing to give, I'm willing to Listen to and Recieve. Thanks Again

Anything REI is about marketing. The better you are at it, the more deals you make, and the more profitable your deals get. Not much else matters for now.

What you need to do is get yourself familiar with analyzing deals, and AVOID all those BS 70% Arv rules or $30,-/SqFt in repair costs crap. Do it the right way.

1) Figure out your numbers. How much it will cost per lead. Then set your budget based on those numbers. 

2) While you do all that kind of infrastructure, get a website going right away, as this takes time (to rank).

3) Once your site is set up right, while you do SEO for the long run, start manually drive traffic to your site.

4) Depending on how much money you have, look into Direct Mail Marketing. I would avoid crappy unprofessional "methods" like hand written yellow letters. Do professional letters, or postcards (postcards gave me the est results). But by all means experiment on your market if you do not want to take my word for it.

5) Keep working on SEO, and keep drive traffic to your site manually. Craigslist, Faceboog, Backpage, what ever you need to do.

6) Grow your buyers list in case you want to wholesale. Easy to do this so don't worry about that.

7) You need to make a good effort on credibility. There are a ton of generic looking no face crappy logo companies out there. If you look sound and feel like a legitimate business you will take away all your competitors clients. So focus on this! This is not a "good thing to do".. this is a crucial thing to do.

8) Do not take shortcuts, and do more than your competitors are willing to do. Competitors don't want to make a video of themselves? GREAT you do it. Find your own clever ways to stand out no matter how shy you are or how much work it takes and do it!

Everything I have mentioned hre is an absolute must without thinking. No matter what niche you are getting yourself involved with, you need to get good leads, period. And this is how you get good leads no matter what anyone tells you.

Next set up your company infrastructure, get a brand, a logo, an Identity (my image of my company is my super awesome partner Dixie). A person as an image of the company is ALWAYS better than a crappy text logo with a "cleverly" added roof top  on top of the text. Really people... EVERYONE does that!!! but shhhhht, keep that between you and moi.

Are there other ways to get  leads? Surely, more money more work, more effort and leads are of less quality. There is NO better lead than a lead that is desperately begging you to buy their house. Following this approach will get you exactly that.

The biggest mistake people make is they give up at the 3, 4, 5 month mark. They cancel their site because it is "not working". Dumbest thing you can do. KEEP it live! It will take a while for your site to rank and once you rank, you get leads for free. Your site is the LAST thing you want to give up on!

@Jarrel Hardy Welcome to BiggerPockets! It is great to have you and feel free to jump in the community there are great people in the forum. Staying consistent is essential!

Some good advice here. Happy to help with any specific questions. Do you have any contracts?

thanks for the Great advice @Jerryll Noorden and @Aziz Raji . And I have no deals yet @Dave Ramirez . I actually sent out my first letters today. About 25 or 30 of them. I do have a Few potential buyers. I'm just still working on getting more leads for Potential Deals. I'm just gonna take my time, make some moves and hope everything works out for me. I will continue to listen to all of the advice I'm recieving from you all.. Thanks again everyone

This post has been removed.

sorry ... I meant do you have a wholesaling contract that you will present to sellers

@Dave Ramirez no I don't. my fiance is actually in the process of trying to draw us up a Contract for the Seller, The Buyer and a Assignment Agreement for the buyer. But I'll take any advice you have on how to Draw them up.

You are going to need a good contract. There should be some good resources on BiggerPockets for that as well. You want to have multiple exit clauses in case the numbers don’t work anymore 

@Dave Ramirez I appreciate it. I definitely will make sure the contracts are right. I will have my Mom look them over. she's been in Real-estate for over 25 years. Mainly in to closings. She has her own Titling Company. so she knows the Laws and everything for the most part. I just have to get them drawn up

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