Hello BPers! I am a newbie interested in getting my rental portfolio started but I have been encouraged to start with wholesaling to build capital, with that being said an opportunity fell in my lap (potential first deal) but its 3 hrs away (Edison, GA) I have researched the area and it appears there is not much activity. Trying to connect with any investors in or near that area. Any info on the area, comps, rental cap rates, property appreciation, contractors, inspectors ...ANYTHING !!! will help! Thank you!
First deal, I would suggest something closer. That's just me tho.
@Eric.......cant say I dont agree!
Wholesaling is a lot harder business to pull off than rental portfolio building. You need to understand the buy side, marketing to other investors, estimating repairs and exit for a flip. Add that you are a new investor in an area you are not familiar with and you could be creating a headache for yourself.
Thanks @Stan Sugarman you are absolutely correct. I have been working on the wholesaling pieces via a "guru program" and networking with other investors at the REIA which have been more helpful than the guru stuff!! I wish I knew about bigger pockets before I spent $$$$ on that guru program which also could have been my 20% on my first rental property! You live and you learn!
Sorry to hear about your experience but proves the case that networking is best way to learn.
I agree, if your not familiar with an area then networking with someone who has done deals in that area can save you huge headache, and a lot of money. Good luck on the portfolio.