What contacts should every wholesaler have quick access to?

Question

Greetings everyone,

I'm new to real estate investing in the Washington, DC area, however I understand the importance and power of having a exceptional team. Outside of a great mentor, what professionals do your recommend having quick access to aid in closing your deals?

Thank you for your attention and responses in advance!

Rob

Richard Bailey · Answer

It has difficult for me to find dedicated reliable professionals that are consistent about doing their job.   You would be wise to be patient and get good referrals for any one you intend to rely on.  There are too many people operating in the business of real estate that don't care about their reputation.

Dominic Jones · Answer

Yes, the job of the wholesaler is to mostly market and find the great deals. If you are just going to essentially rely on being noting but a wholesaler for quite sometime. @Rob Douglas you've found everything you need to focus on right here in this thread..

1) Motivated Sellers

2) Buyers List (aka. Flippers / Landlords / etc. who will purchase your contract from you and give you your cut).

Building the team (in my humble opinion) is something you should do if you plan on becoming more than a wholesaler, but it never hurts to have your own friendly title company that you can go to and have them search title for you once you've gotten the contract signed and in-hand. Also... if you get friendly with reputable contractors and investor-friendly agents, you'll have more ammunition to help market your deal to your buyers list.

The contractors can come by and give you more accurate numbers on repair costs... and the agents can give you your comps.

On the flip side to that... like @Doug W. sort of eluded to... if your buyers list has their own team already, their own contractor, etc. that they frequently do business with, then your contractors numbers and estimate will more than likely be different than your teams numbers (could be a drastic swing or a small difference).

Jake Thomas · Answer

Motivated sellers!

Find motivated sellers and finding the rest are easy. This is the only contact I would care about finding if I was a wholesaler.

But it is good to know an agent, friendly title company, maybe a good contractor.

Rob Douglas · Answer

Great insight @Richard Bailey. I could imagine that the sorting process will require patience. Within all industries there will always be dabblers.

Rob Douglas · Answer

Hey @Teresa F.,

Thanks for sharing that. Im new to wholesaling however I am a native Washingtonian.

I've the development in the DMV for years now I

Rob Douglas · Answer

Hey @Teresa F.,

Thanks for sharing that. Im new to wholesaling however I am a native Washingtonian.

I've the development in the DMV for years now I want in.

Rob Douglas · Answer

I truly appreciate your time and insight @Dominic Jones! Thanks for the jewel.

Teresa F. · Answer

Hi Rob,  You have already received lots of great info.  For what it's worth, I think what you need will depends on what you will be doing.  If you are wholesaling you may want a great admin person.  Since you are new to DC you may want some folks to help in determining whether your potential deal . . . Is a deal.  Realtors, Contractors, fellow investors can help.  If you are rehabbing, I would spend a lot of time finding dependable, knowledgeable, craftspeople.  Best to you and welcome to the neighborhood.  Teresa

Rob Douglas · Answer

Phenomenal!

@Jake Thomas and @Doug W. thank you both for sharing your wisdom. I truly appreciate you guys taking your time to respond. It means a lot.

Doug W. · Answer

As a rehabber I just want a wholesaler to actually have good deals ready for me to purchase. I think it's on me to know the title companies, contractors, lenders, etc. since I will be the one using them.

I get a lot of emails, PMs, etc. from wholesalers with so-called deals that are everything but that. If you can find good deals people like me will line up to buy them from you.

Best of luck to you in your investing!

What contacts should every wholesaler have quick access to?

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