Bakersfield, CA · Member since 2016 · 378 posts · 307 votes
8y
Wholesaling in SoCal is a tough gig right now. Finding an advertising/lead niche is pretty much the only option realistically, because you are competing against so many well-established high-volume wholesalers already advertising in that area. They've figured it out over many years, what lists work well, which lists don't work, which neighborhoods work well and which don't, etc. Starting from the bottom is tough, practically speaking.
As far as attorneys, I've noticed a surprising amount of RE attorneys don't know anything about wholesaling. Your typical "big box" law firm attorney will oftentimes have no experience with wholesaling, so it's important to ask and get a feel for them. Asking upfront "how many clients of yours actively wholesale and do oversee/advised clients on how to legally wholesale real estate?" should filter them out. If they sound confused, move on. If they can give you answers relating to the dangers of violating the B&P Code, how to mitigate these dangers as much as possible through the way the contract is drafted, how to find a wholesale-friendly escrow company, what contracts are required for a wholesale, etc... then you found the right one.
Bakersfield, CA · Member since 2016 · 378 posts · 307 votes
8y
Wholesaling in SoCal is a tough gig right now. Finding an advertising/lead niche is pretty much the only option realistically, because you are competing against so many well-established high-volume wholesalers already advertising in that area. They've figured it out over many years, what lists work well, which lists don't work, which neighborhoods work well and which don't, etc. Starting from the bottom is tough, practically speaking.
As far as attorneys, I've noticed a surprising amount of RE attorneys don't know anything about wholesaling. Your typical "big box" law firm attorney will oftentimes have no experience with wholesaling, so it's important to ask and get a feel for them. Asking upfront "how many clients of yours actively wholesale and do oversee/advised clients on how to legally wholesale real estate?" should filter them out. If they sound confused, move on. If they can give you answers relating to the dangers of violating the B&P Code, how to mitigate these dangers as much as possible through the way the contract is drafted, how to find a wholesale-friendly escrow company, what contracts are required for a wholesale, etc... then you found the right one.
Wholesaling in SoCal is a tough gig right now. Finding an advertising/lead niche is pretty much the only option realistically, because you are competing against so many well-established high-volume wholesalers already advertising in that area. They've figured it out over many years, what lists work well, which lists don't work, which neighborhoods work well and which don't, etc. Starting from the bottom is tough, practically speaking.
As far as attorneys, I've noticed a surprising amount of RE attorneys don't know anything about wholesaling. Your typical "big box" law firm attorney will oftentimes have no experience with wholesaling, so it's important to ask and get a feel for them. Asking upfront "how many clients of yours actively wholesale and do oversee/advised clients on how to legally wholesale real estate?" should filter them out. If they sound confused, move on. If they can give you answers relating to the dangers of violating the B&P Code, how to mitigate these dangers as much as possible through the way the contract is drafted, how to find a wholesale-friendly escrow company, what contracts are required for a wholesale, etc... then you found the right one.
Bingo, don't spend on anything till you have a deal you need advice on. Its a bloodbath for wholesalers in Socal.