Wholesaling

[James Myrthil]

How do I start to wholesale properties? What's the beginning point?

[Benjamin Barredo]

The first thing you need to do @James Myrthil is educate yourself on this website. I don't know what your level of knowledge is with wholesaling real estate but let me begin by saying it's the hardest thing you'll attempt to do in the REI game. Why? Because you have to know what you're doing and you'll have to know a lot about a lot, from how to evaluate one property in multiple ways for multiple deals. You'll have to know various exit strategies. You'll have to know what's legal and what's going to get you in trouble. You'll going to have to be able to research online. You'll have to be a negotiator, a salesman, a counselor, and a marketer. You have to find deals, talk to sellers, know various ways to close the deal, find buyers and then know how to close. I've been reading and asking questions for several months now and just started my marketing to find a deal. That's another thing. You have to be persistent and slightly hard-headed because you can send out 1000's of letters to potential sellers and not get a single car. Are you going to quit or keep going?

With that being said, it's a good way to start because it can potentially be done with very little money up front. Notice I didn't say no money. You have to market to wholesale and that costs money. Depending on how you approach your marketing, it can cost less than $50 to start or several thousand.

With that being said, let me give you a few action steps.  At the top of the page in the search box, type in "The Ultimate Guide to Wholesaling". It's a great blog post that breaks it down in detail. From there, you'll probably get a lot of information on various topics within wholesaling and use those terms and methods to research the next thing you'll want to learn. Also, under the education tab, go to podcasts and start listening to them. There's a hundreds so start with Podcast #1 and work your way up.

There's a ton of free and great information on this website. There's also a ton of smart, seasoned, and kind-hearted investors that can answer specific questions. Feel free to ask me whatever you want. Like I said, I'm brand new but I have started my own marketing campaign and I have read A LOT. I might be able to answer it or at least send you in the right direction.

Warning: There are a lot of different people on this site with different backgrounds and experiences. Some of them hate the idea of wholesalers and as you post and interact, you may find a few naysayers. Ignore them. If this is something you want to do, go for it. Just make sure you're doing it right by being honest, transparent, and thoughtful about those involved. If you aren't, you're not going to last very long in this business. Happy Investing.