Rehab vs Wholesaling?

[Jim Lally]

I've been weighing the pros and cons of rehabbing vs wholesaling for the past few months but would like to get some opinions from other people about what they have experienced. I'm a newbie to RE and would really like to commit to one strategy at this point. I have a basic understading of the costs involved with both. As a wholesaler my concentration would be on marketing while as a rehabber I need to really understand repair costs. This is an oversimplification of course and I undestand there are a host of other factors to consider as well. After intialy leaning towards wholesaling I feel reabbing may be a good option to start out since that knowledge may ultimately make me a better wholesaler in the long run. Any advice/opinions on this subject would be appreciated. Jim

[Tom Goans]

Walk before you run.

Learn before you commit.

Learn and understand your strengths and weaknesses prior to any endeavor.

I would highly recommend you first work for someone prior to jumping into the deep end of the pool. Think of it this way, how successful would you be playing cash poker against the old-time pros? The odds will be very much against you. The same applies to any complex business endeavor.

A good way to get a toe in the real estate water is to purchase an older mobile home in a mobile home park to be a rental. This will expose you to may valuable lessons you will use for years to come.