Practice. Practice. Practice.
Go out into the world and find properties. Analyze them to see if you think they are deals. Track what they sell for. Talk to investors about whether or not they think they are deals. After a while, and it shouldn't take very long, you should be able to spot the deals from the non-deals. Once you can consistently pick out the good ones, you will know you are ready.
It is a great way to get going without risking money or your reputation.
Originally posted by @Blake Monforte :
How do I know I'm ready to start wholesaling real estate In the NY area? I can't build a team first until I get deals. How do I feel confident enough to go get a deal? I'll fix my mistakes later but I don't want my biggest mistake being I never started. so how does someone like me with no money go get money real money by wholesaling? my 7-4 isn't cutting it.
Wholesaling is a terrible business model. All a wholesaler is, is a poor man's real estate agent. Legal issues aside it's just a terrible way to make money. Anyone telling you otherwise is trying to sell you a book, coaching or mentoring. What you should do is get licensed & open yourself up to making some real money.
You have it backwards @Blake Monforte ...you need to build relationships before you'll ever build a business. Consider this...if you don't understand the concept of wholesaling, you won't understand contracts, title policies, surveys, administration of your contract, etc. You need to build relationships with some active, seasoned investors who will help you learn from the start how to do it right and legally and by partnering you'll have an opportunity to earn a little money while getting valuable education along the way.
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