Corona, CA · Member since 2016 · 56 posts · 24 votes
Hi everyone,
I'm thinking about starting wholesaling in the Corona / Riverside / Inland Empire area. I was wondering if anyone was having success, challenges, market cycle trends that they've noticed, etc.
I realize that I might be reaching out to possible future competition but I wanted to reach out in case someone had helpful information they would share.
I'm fairly new to real estate and looking into Wholesaling as a way to build capital for a while.
In addition, are there an local agents that work with wholesalers that can give me an idea of how the market is for that type of service?
You should definitely jump in. I transitioned to wholesaling this year and it took me about 8 months and about $2,000 in marketing to get my first deal from it.
In our market everyone is talking to the same people (there is a limited amount of data (I.e. high equity/absentee owners) and a lot of wholesalers)). So it comes down to consistency and likability. You got this man go for it. Start with YouTube videos if you have the time. If you have money but not a lot of time pay a mentor to teach you the game.
@Jeff Stansberry I don't wholesale personally, but have been around long enough to notice the trends. I have gotten far fewer mailers over the last year than in previous years, and even a few looking for buyers rather than sellers which is unusual. You'll also have some trouble because you have to compete with the iBuyers, which means you offer more than you should or only focus on properties outside their buybox (old, rural), or you get beat out every time.
@Jeff Stansberry Hi Jeff, I'm also not a wholesaler but I believe that there are more wholesalers than ever before. I receive several postcards or letters every week offering to buy my properties. Some even come from realtors. I think the market is very competitive right now and what seems to be happening with sellers is they see the demand for their properties from multiple wholesalers so they want more for their house. I know a few very experienced wholesalers that are having trouble getting good deals. On the flip side, I believe that the experienced wholesalers/flippers are keeping most of the good houses for themselves. I don't blame them!
You should definitely jump in. I transitioned to wholesaling this year and it took me about 8 months and about $2,000 in marketing to get my first deal from it.
In our market everyone is talking to the same people (there is a limited amount of data (I.e. high equity/absentee owners) and a lot of wholesalers)). So it comes down to consistency and likability. You got this man go for it. Start with YouTube videos if you have the time. If you have money but not a lot of time pay a mentor to teach you the game.