Trying to Start Learning - Wholesaling?

Question

Hi All,

I am a 29-year-old working a W2 job that pays well. I am planning on being married in the next year and a half and my partner and I are currently saving up money so that we can start investing in real estate, we are targeting fall of next year to start and should be able to have $80,000-$85,000 to invest. We plan to move to the Raleigh area which is where we will start investing. Our ultimate goal is to acquire properties to reach financial freedom within a decade of starting to invest. We want to reach financial freedom so that we can have more freedom with our time and pursue passion projects that may not be as lucrative as our jobs we currently have and to be able to spend more time with family and friends while we are younger.

Now that you have that background, here is where I need some guidance. I am very eager to start taking action and learning but live in a high cost of living market (Boston) currently and for several reasons (need to save more, move to lower cost of living place etc.) will not be able to start for at least 1.5 years.

I would like to start learning by doing. I think wholesaling would be a great way for me to start working in the industry and accumulate capital so that we have more to invest when we are ready. I am very key on learning multiple ways to exit though. I would like to be to use subto, seller finance, and the traditional way (get under contract below MV and simply assign).

I see two ways of attacking this:

- Paid mentorship/training

- Teach myself (YouTube videos, Reading, Trail by Fire basically)

I am leaning towards the paid option because I do have the capital to pay for a program. Would even be willing to do something that is pricey if it's worth it. The reason I am leaning this way is because I have money but not the time (probably can only commit 10-15 hours a week) since I want to keep my W2 job.

I have been leaning towards Pace Morby's Subto community, but it seems very pricey, and I question if I need to pay that much money. I am wondering if there are other programs out there that can give me the knowledge for subto, seller financing, and wholesaling. Or, if there are other ways of approaching this all together. Open to ideas!

Please keep in mind that I am still very new to real estate and have limited time right now. I appreciate any help anyone could provide!

Best,

Eric

Pat Lulewicz · Answer

For anyone unfamiliar, she is with New Western which is one of the nation's largest wholesaler, if not the largest. Their line of "30-40 deals a month" is NW's standard motto and all of their agents use it. They point to the company doing 30-40, which is directionally consistent, deals a month so you wont necessarily find it in any database.

Andrew S. · Answer

I wasn't aware that "Licensed wholesaler" is a thing? Or do you mean you are a licensed real estate agent who wholesales properties? Just curious,

Norberto Villanueva · Answer

Most if not all of what I've seen from gurus is readily available at little to no cost, except for the actionable, fire in the belly part. That languishes in single-digits.

Melanie P. · Answer

I recommend narrowing your focus to just wholesaling for now. Rather than pay for a course I suggest identifying a wholesaler in your area that is advertising off-market homes for sale regularly (at least 5+ per month, more is better). Contact them, advise them that you are trying to get into wholesaling, that you are moving to Raleigh in a year and a half and have 15 hours a week that you can help them in exchange for tagging along. Tell them that you'd like to call through their oldest, worst leads to get comfortable talking with people - can I help with appointment setting? Can I help with lead generation? Can I make sure your car is stocked each day with everything you need in the field? Can I help run comps for appointments you have set up? Etc.

Wholesaling is not a glamourous profession. The skills you learn doing this will pay you actual money but also come in super handy anytime you negotiate with anyone, have to put effort into getting a tough deal to close, real estate terminology, contracts, and so on.

Good luck with your journey.

Wholesaling is not a glamourous profession. The skills you learn doing this will pay you actual money but also come in super handy anytime you negotiate with anyone, have to put effort into getting a tough deal to close, real estate terminology, contracts, and so on.

Good luck with your journey.

Melanie P. · Answer

If you narrow your focus to creative finance you'll find coaching but what you will learn in time is these deals are VERY hard to close.

Eric Balduf · Answer

Thank you for replying Kimberley! I sent you a direct message, hopefully we can connect.

Eric Balduf · Answer

Thank you for the advice Melanie. I have decided to niche down to just focus on creative finance (subject to, seller finance). I started to reach out to people in my network and was lucky enough to get in contact with someone who is willing to help show me the ropes if I do some work for him. Ill start there and if I decide I want to create business out of this I think it might make sense for me to pay for a program to help me scale.

Kimberley Smith · Answer

Excellent advice Melanie! I am a licensed wholesaler in the Raleigh area doing 30-40 deals per month so if you would like to ask any questions im happy to help

Trying to Start Learning - Wholesaling?

Trying to Start Learning - Wholesaling?

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