Flipping/Wholesaling to get into Big Multifamily Game

Member since 2018 · 38 posts · 16 votes

Hi there,

I’m curious to see what everyone thinks about flipping and wholesaling to get into the big multifamily game. I might be having a little bit of the Cardone effect right now, but that seems like the move to real financial freedom. Saving a few hundred bucks a week is painstakingly slow. Would anyone recommend wholesaling and flipping to gain money faster. Or would I be trying to wear too many hats at that point?

Thank you!

Shayne

0 Reply

19 views

4 Replies

Jump to latestLatest

Sort by

Braden C.
Real Estate Investor · FL · Member since 2011 · 586 posts · 360 votes
7y
Learning how to flip or wholesale properties is just another tool in your bag. I don't think it's a bad idea at all to learn something new. If you're wholesaling, you'll hopefully learn how to find great deals, seems like that would be very useful when it's time to find a multi-family property to buy.
Just be careful thinking that either of these methods are going to get you your multifamily property quickly. Both are hard work and take time, it would be easy to get burned out and give-up on the end goal.
1 Reply
Shayne Mahoney
OP
Member since 2018 · 38 posts · 16 votes
7y
Thank you @Braden C. . The end game is Multifamily for it's passive income. I’m looking for ways to get there faster than I currently am.
0 Reply
Lien VuongBusiness Member
Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
7y
Flipping is a really big animal and if you're trying to accumulate cash without the experience of a seasoned flipper I think it would be too risky. You'll have to learn a whole different set of knowledge such as construction costs, carrying factors, comps, acquisitions, etc. Not to mention you need about $50-60k min upfront for downpayment on hard money loans.
Wholesale would be a more viable option but you will have to spend quite a bit of time vetting out those deals and cold calling. Given that you do have some time to do that research right now it might not be a bad idea. I would proceed with caution as the success rate for a first wholesale is not very high.
If you're coming to the Cash Flow game on Weds I can quickly chat with you about this, if not feel free to reach out.
[email protected]
The Elle Group5154 Reviews
Website View Page
1 Reply
Shayne Mahoney
OP
Member since 2018 · 38 posts · 16 votes
7y
Thank you @Lien Vuong , I will see you Wednesday!
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.