Rochester, NY Wholesaler vs RE Agent

7 Replies

Hello BP, just having some true issues with getting my feet off of the ground and started. I just finished my RE class and took my exam but haven't taken a salesperson position yet so I don't have my license yet but I am very undecided about how to get started. I have been working as a nurse for about 10 years and I planned to keep it to take care of my current expenses and lifestyle, while I wanted to start a RE business to begin to gain financial freedom. I forgot to mention the fact that I am a mother who homeschools due to the pandemic which is another reason why I questioned taking a full time position as an agent. I planned on wholesaling and bird dogging from home instead to gain a little capital and build RE relationships that I could use to obtain my first properties and/or partnerships for long term income. I plan on taking care of my everyday expenses with my nursing income and let my RE income fund my RE investments. 

I am reaching out to Rochester, NY local investors to see what they thought would be a good method of execution to get started. I have a very flexible Nursing position so I can work the ground area pretty much at my leisure. I am finding out now since completing RE school that there is slow growth potential as an agent unless I plan to pursue a full time position and plan to focus on a luxury market, thus teaching me more how to be an employee than a business owner. I truly feel like I would be able to grow exponentially by taking non-conventional methods of building capital and investing which can offer me more flexibility with bigger deals instead of starting so small with SFR like I originally planned.

What do you guys think? Should I take a salesperson position to gain exposure to the market and build those buyer/seller lists or should I jump right in wholesaling and build those relationships the old fashioned way? If I took a salesperson position would I have to disclose my side RE business to my broker? Is the Rochester, NY area even supportive of wholesale transactions right now? How would you suggest that I get started, is a local meetup my best option? 

I understand how to analyze deals and evaluate them for potential, but do you guys suggest any apps or software that can help make things easier/ faster for contact management and such? What would a typical day/ week look like for a local wholesaler? Should I open an LLC for the wholesaling business? Any insight would help.

I know that it may seem like a lot, but I rather ask of you guys than go out into the world blind. I had a brokerage reach out to me and claimed to have all these good things to help me grow and learn but were not BBB accredited and there were NO reviews for a business ran for over 20 years. That should be a red flag right? How do I know who to trust? (Just an example of why I am thinking of going the non-conventional route.) If you had the time, drive and know how that you do today when you first started, how would you do it again? I have the time and drive to get moving and I am willing to do the foot work, I am just not sure how to take off. Please BP, help! 

@Terry brown you're right. That's just it. Jump right into ANYTHING RE! Make myself relevant, see some things and some people. Build faces and names and who knows where things will go. Be like Nike and JUST DO IT! Thanks. 

@Tarica Davis congrats on completing the course!  Sounds like your head is in the right place and you are ready to hustle.  One thing I'll recommend is that you determine whether you want to wholesale or jump into sales.  Many brokers won't want you to wholesale (unless you are legit closing the deal and then reselling it rather than assigning a contract) due to liability.  So that'd be my first recommendation.  

And not to push you away from being a part time agent - because I'm proof that you can do it - but you'll need flexibility to do it.  If you are able to take days off with short notice, that's key.  I mostly work for out of state buyers and investors, which helps with flexibility too.  Two other things that make it possible are a supportive spouse and a brokerage that allows me to get training, support, and mentorship outside of regular work hours - that way when I DID take time off, it was for direct real estate hustling like showings, client appointments, and offers.  You CAN do it.  

Best of luck to you!  Happy to help in any way that I can.  Go forth and conquer!  

Originally posted by @Charlie Cameron :

@Tarica Davis congrats on completing the course!  Sounds like your head is in the right place and you are ready to hustle.  One thing I'll recommend is that you determine whether you want to wholesale or jump into sales.  Many brokers won't want you to wholesale (unless you are legit closing the deal and then reselling it rather than assigning a contract) due to liability.  So that'd be my first recommendation.  

And not to push you away from being a part time agent - because I'm proof that you can do it - but you'll need flexibility to do it.  If you are able to take days off with short notice, that's key.  I mostly work for out of state buyers and investors, which helps with flexibility too.  Two other things that make it possible are a supportive spouse and a brokerage that allows me to get training, support, and mentorship outside of regular work hours - that way when I DID take time off, it was for direct real estate hustling like showings, client appointments, and offers.  You CAN do it.  

Best of luck to you!  Happy to help in any way that I can.  Go forth and conquer!  

Thank you so much for the input and support. I think I know what I want to do for the short term. Wholesaling would be best for someone in my shoes and BRRR/ buy and hold for the long term.

@Tarica Davis Don't be discouraged about becoming an agent if that's what you really wanted. You CAN build a business from day one, not just work in it. Plus if you're investing in rentals locally, you get a ton of advantages as a licensed agent in that MLS area. You do you!

@Tarica Davis I took the same steps as far as taking the course to become an agent. But my purpose for getting into real estate was to have the ability to work for myself! & it’s working out pretty damn well. I have all the time in the world for my family.

As far as figuring out what niche to get into, I suggest doing some research. Figuring out exactly what you’re looking to get out of real estate. & then deciding whether or not its wholesaling, flipping, brrrr method, or becoming an agent for a broker. Each niche provides different benefits but also require different sacrifices. (Time, money, credit, etc.)

The most important aspect is knowing what it is you want. Then you won’t feel so blind when you step!

Any questions hit me up. I’ll tell you what I know & if I don’t know, we’ll figure it out.

Peace , Love, & Light

@Jakayi Parker I love that you have time for the family, that was my big "why" when first starting out.  Real estate is a great way to gain wealth and put your family first.

@Tarica Davis full time nurse and realtor, I like that idea.  Being my guess is you have built some strong relationships over a 10 year career.  If you make the commitment to real estate you can for sure do both and win.