I have been researching the real estate market for several months and in the course of doing my research I have found a reliable buyer open to Real Estate investment opportunity. I wanted to ask if Wholesaling would be a viable option? I have also built relationships with several contractors in the area as well so flipping is another are of interest. Please let me know your thoughts BP.
Earnest, it really depends.
How much do you have in time or funds to advertise. I know the most successful wholesalers are spending tens of thousands of dollars each month in mailing campaigns. They target a few areas and send letters every week to two weeks. As you can imagine, it adds up.
That's not to say you can't do it successfully, just that it isn't as easy as some people believe. It also depends on the area of the state you are in and who you target. If you have plenty of time on your hands you could knock 100 doors a day. Or just knock till you have 1 successfull contact. There are many formulas for success. You do have to be careful with how you represent yourself though: You don't want to run afoul of agency laws. Lots of wholesalers come across as sleezy for a reason Don't be one of those.
Feel free to call me if you'd like to chat about it more.
Like others have said, it depends. Wholesaling is mainly about being able to negotiate a good deal. Flipping is hard now because we don't really have bidding wars for finished homes anymore. ARVs are on a downward spiral.