Hey, my name is Yoscar Escobar, i’m 17 and completely new to real estate. I would love to start wholesaling and be able to prove to my parents that I can help people and gain a profit from this. If anyone sees this may I please ask, what are all the steps it takes to be able to make a deal and also what websites do you recommend for this kind of info. Please and thank you!
Real Estate Agent · Los Angeles, CA · Member since 2015 · 218 posts · 111 votes
4y
Welcome. Yes, start listening to a ton of podcasts on wholesaling. take notes about how others started. If you don't have money, start making some and SAVE, SAVE, SAVE. If you do have some, then learn, learn, learn, learn and jump right in. Also, get that book - If You Can't Wholesale After This: I've Got Nothing For You.
For starters, well done for diving into RE investing early! You're definitely in the right place. The BP community is full of experienced investors that can help you on your journey. I'm new to investing myself but, I can tell you that there are few websites better than Bigger Pockets when it comes to learning. If you haven't already, I'd encourage you to listen to the BP Podcast and the Real Estate Rookie Podcast. Episode 473 and episode 15 on the BP podcast are both about wholesaling. Also, if you use the search function here on the website and just type in "wholesaling", it will pull up 74 pages of blog posts and podcast episodes dedicated solely to the topic. That should get you started while you begin to meet other investors here in the forums :)
Rental Property Investor · Crystal Bay · Member since 2019 · 59 posts · 38 votes
4y
@Yoscar Escobar
Whatever you set your mind to you can achieve. Thousands have already proved what you are thinking of doing can work. Your biggest hurdle will be no experience and your age. Get out there and get some or you will get taken advantage of. You might be better off learning a trade and going and flipping your first project or offering to provide labor for a split of someone else’s flip. Work for free if you have to- think of it as school. Get a side job working for someone who does something related to real estate to learn (financing, investing terms, real estate terms, property and building terms, appraising, leases and running numbers). I’m meantime build your credit. These all take time and unfortunately there are no shortcuts.
Real Estate Agent · Los Angeles, CA · Member since 2015 · 218 posts · 111 votes
4y
Welcome. Yes, start listening to a ton of podcasts on wholesaling. take notes about how others started. If you don't have money, start making some and SAVE, SAVE, SAVE. If you do have some, then learn, learn, learn, learn and jump right in. Also, get that book - If You Can't Wholesale After This: I've Got Nothing For You.
Welcome. Yes, start listening to a ton of podcasts on wholesaling. take notes about how others started. If you don't have money, start making some and SAVE, SAVE, SAVE. If you do have some, then learn, learn, learn, learn and jump right in. Also, get that book - If You Can't Wholesale After This: I've Got Nothing For You.
Thats some great advice! Ive heard a lot of that book, although would you say it goes over the numbers as well? Such as calculating rehab cost. I have found That is what I am having the most trouble with. Thanks!
Real Estate Agent · Los Angeles, CA · Member since 2015 · 218 posts · 111 votes
4y
@Daniel Salmeron: I think he does. I can't remember. it's pretty thorough, some of it might be a bit dated, but It'll definitely get you up and running. Take a contractor with you on your first few deals, actually a few contractors and you'll get the hang of it. it varies by city, state. out here (los angeles) I am OK if I do about $90 a square foot. It seems to always be a bit over, but better safe than sorry. if my numbers work at that price, I know they will look beautiful at a lower price. You have to find your number for your area. good luck.
Hi congratulations on your start a lot of feelings and anxiety takes place as you try to learn and also make your first deal happen fast; my advice don’t take all the info on the web as helpful and you don’t have to pay for someone online class; my advice, talk to someone who wholesales in your area someone that wouldn’t mind teaching you the ropes ask around sometimes they are groups that are used in your city for other wholesalers as well.. well my inbox is always open for questions ! I wish you luck on your start !
Wholesaler · Houston, TX · Member since 2017 · 264 posts · 212 votes
4y
Congrats on understanding the power of real estate at such a young age!
I only discovered Wholesaling in my late twenties and was still considered young in the industry so you're ahead of the game.
Here are a few pieces of advice:
Wholesaling is all about SALES, pick up a sales job while you study wholesaling. Even part time works, part of the reason I'm doing multiple deals a month is because I worked nothing but sales jobs my entire life. Understanding the psychology of it all will help you tremendously.
Study, Study, Study - Study communication, Real Estate, Basics of Law, Time Management, Sales, Business etc. - Use podcasts and books to level yourself up
Books I Recommend - Secrets of the Millionaire Mind, The Compound Effect, The One Thing. Although these are not wholesaling specific, they will help you understand what it takes to make it in this industry.
Be intentional with your daily activities - Make sure that your friends, things you watch, decisions you make, etc. all lead to your success. If it doesn't add value to your journey: DROP IT.
To summarize it up, be obsessed with the process not just the end result. Watch every video that you can on YouTube about wholesaling, listen to the biggerpockets wholesaling episodes religiously, read often and focus on becoming a better version of yourself daily.