Updated over 3 years ago on . Most recent reply
Wholesale investing? Looking for advice...
Hello! I am new to this forum but a somewhat experienced investor. Question: I have an opportunity get a house under contract and sell the contract for a substantial profit. However, I have never done this before. I understand this may be called "wholesaling." Does anyone have experience with this that might be able to give me some advice?
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@Geoffrey Robinson One of the main ingredients to wholesaling is that the person that is actually going to close, put in the work and resell, should be the one making most of the profit. When I started off wholesaling, if I made $10k then my buyer better making $30-$40k. So if you are putting a spread of $100k, your buyer better be making substantially more so that the deal makes sense
Hope that helps