I am new and I have no idea where to start.
Member since 2022 路 2 posts 路 0 votes
I am new and I have no idea where to start.
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Real Estate Agent 路 OR 路 Member since 2021 路 34 posts 路 27 votes
4y@Jamie Corbine jr Since your new to wholesaling I would highly recommend checking out BiggerPockets Podcast episode #593 featuring Jamil Damji who is a wholesaler who offers great insight and information about wholesaling!
13 Replies
- Title Representative 路 Irvine, CA 路 Member since 2017 路 874 posts 路 519 votes4y
@Jamie Corbine jr that's a broad question, but if you want to talk some time, feel free to DM me
- 4yLuther Wilson IIIPro MemberReal Estate Broker 路 Kansas City, MO 路 Member since 2017 路 537 posts 路 292 votes
1. Get a list (or multiple lists)
2. Market to that list (repeatedly)
3. Follow up, follow up, follow up
4. Negotiate
5. Get property under contract w/seller
6. Send the deal out to buyers
7. Negotiate
8. Go under contract with end buyer
9. Close the deal
Cheers! 馃檪
- Real Estate Agent 路 OR 路 Member since 2021 路 34 posts 路 27 votes4y
@Jamie Corbine jr Since your new to wholesaling I would highly recommend checking out BiggerPockets Podcast episode #593 featuring Jamil Damji who is a wholesaler who offers great insight and information about wholesaling!
- Rental Property Investor 路 NJ 路 Member since 2017 路 17 posts 路 6 votes4y
Quote from @Jamie Corbine jr:
I am new to wholesaling and putting my all into it and i would help please. Step by step would be helpful aswell.
Hey Jamie,
I am also trying to navigate my way through wholesaling and putting all the pieces together before I start marketing to sellers. I am sure others with more experience will have different advice, but "The Wholesaling Blueprint" by Luke Weber was a good read and it more or less gives you a basic step by step approach while explaining a lot of the strategies and pitfalls.
I would start there, and while you are reading and researching, start developing a plan. Pick a market you are familiar with or close to and find out what houses are selling for. Become familiar with how much it cost to rehab a kitchen or bathroom and repair common items. Learn how to find comps and the ARV of a distressed home. Search for sales agreements and assignment contracts that you understand and can explain to a seller.
There's a lot to learn but people will help if you meet them halfway and show some effort. - Wholesaler 路 Houston, TX 路 Member since 2017 路 264 posts 路 212 votes4y
Here are a few tips for someone who is new:
- Wholesaling is a sales and marketing business, study both religiously.
- You get what you put in, dont treat this as just a hobby.
- Read, Read, Read. I recommend "Secrets of the Millionaire Mind by T Harv Eker" & "The Compound Effect by Darren Hardy" for those starting out.
- Have integrity. Never lock up a house just to get something under contract. Only a lazy investor doesn't know how to do their numbers, strictly make offers that you know make sense as an investment.
- You're in the rejection business, get used to the word no. Most sellers don't have to sell below market value so many will pass on your offer and that's okay. You are looking for a seller that values their time and convenience and is willing to trade some equity in return.
- Stay consistent - if you can master the art of consistently showing up then you will win the game of wholesaling.
Feel free to reach out if you need anything! - Flipper/Rehabber 路 Wilton, CT 路 Member since 2015 路 4k+ posts 路 4k+ votes4y
Quote from @Joe Gonzalez:
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- You're in the rejection business, get used to the word no. Most sellers don't have to sell below market value so many will pass on your offer and that's okay. You are looking for a seller that values their time and convenience and is willing to trade some equity in return.
- Stay consistent - if you can master the art of consistently showing up then you will win the game of wholesaling.
Feel free to reach out if you need anything!consider this...
100% of the sellers reaching out to me are reaching out because they want cash for their house.
I repeat. EVERY SINGLE PERSON. EVERY SINGLE LEAD I get wants to sell their house to me for cash.
it is not a "rejection business" if you do marketing right. If you do cold calling. Dmm, text blasting, , anything to do with a list,, doorknocking etc etc then yes... expect a bunch of "no". So doesn't that prove my point? Doesn't that prove its bad? RIGHT??
you are proving my point. Those methods are horrible. You said it yourself. Expect a no... with THOSE methods.
why are you advocating methods that will give you mostly rejections ( your own words)?? Yet you fight me vigorously defending those methods you yourself admitting to labeling your ENTIRE lead generating strategy as a "Rejection Bysiness". Makes no sense!!
Marketing is about reaching the right audience with the right message. You are not in a rejection business IF you reach the right audience with the right message. Every 10 offers we make we get 8 accepted.You really should stop spreading the message that those horrible ways to get leads is normal. It isn't for those doing it correctly.
Only deal with actually motivated sellers and you will be in an "acceptance business!"
OP, don't let anyone tell you that their lack of success or skill will be yours too!
think outside the box. 100% of my leads are people that already made up their mind they want to sell... and sell to me! You can do it too with true effective marketing.
- Real Estate Agent 路 NJ 路 Member since 2021 路 569 posts 路 127 votes4y
Start by going to Meetup events and start networking
- Wholesaler 路 Houston, TX 路 Member since 2017 路 264 posts 路 212 votes4y
Quote from @Jerryll Noorden:
Quote from @Joe Gonzalez:
.
- You're in the rejection business, get used to the word no. Most sellers don't have to sell below market value so many will pass on your offer and that's okay. You are looking for a seller that values their time and convenience and is willing to trade some equity in return.
- Stay consistent - if you can master the art of consistently showing up then you will win the game of wholesaling.
Feel free to reach out if you need anything!consider this...
100% of the sellers reaching out to me are reaching out because they want cash for their house.
I repeat. EVERY SINGLE PERSON. EVERY SINGLE LEAD I get wants to sell their house to me for cash.
it is not a "rejection business" if you do marketing right. If you do cold calling. Dmm, text blasting, , anything to do with a list,, doorknocking etc etc then yes... expect a bunch of "no". So doesn't that prove my point? Doesn't that prove its bad? RIGHT??
you are proving my point. Those methods are horrible. You said it yourself. Expect a no... with THOSE methods.
why are you advocating methods that will give you mostly rejections ( your own words)?? Yet you fight me vigorously defending those methods you yourself admitting to labeling your ENTIRE lead generating strategy as a "Rejection Bysiness". Makes no sense!!
Marketing is about reaching the right audience with the right message. You are not in a rejection business IF you reach the right audience with the right message. Every 10 offers we make we get 8 accepted.You really should stop spreading the message that those horrible ways to get leads is normal. It isn't for those doing it correctly.
Only deal with actually motivated sellers and you will be in an "acceptance business!"
OP, don't let anyone tell you that their lack of success or skill will be yours too!
think outside the box. 100% of my leads are people that already made up their mind they want to sell... and sell to me! You can do it too with true effective marketing.
You do realize wholesaling is ultimately the sales business right? (You're selling a homeowner on the fact that you are the best option to purchase their home, regardless of marketing channel)
In sales the possibility of rejection is always there.Possible ways to get rejected in this business:
- Homeowner decides to go with another company/investor
- Homeowner wants more for their property than you offered
- Homeowner reached out but won't be ready until 6 months from now
- Homeowner decides listing will be a better option after further thought
- Homeowner was influenced by a family member not to sell
- Homeowner was only curious about an offer and then ghosts you
- The list goes on and on.
SEO is not rejection proof. Is this what you're teaching? I hope not, we both know that is fraudulent.So yes, I 100% stand by my statement, you need to be prepared for rejection and not let it demotivate you in this business. Period.
- ATL, GA 路 Member since 2022 路 14 posts 路 5 votes4y
Staying consistent and having contacts with people who know the business is so important!
- Investor 路 Austin, TX 路 Member since 2021 路 9k+ posts 路 5k+ votes4y
Challenge for you today:
- Find 5 cash buyers in your market
- Find 5 off market properties in your market
- 4yWale LawalBusiness MemberReal Estate Broker 路 Houston | Dallas | Austin, TX 路 Member since 2018 路 5k+ posts 路 2k+ votes
Investors ready to learn how to start wholesaling houses will be happy to know the process is not complicated. Here are a few simple steps to get started wholesaling:
Research your local market before getting started.
Curate a buyers list for your area.
Secure a financing source that works best for you.
Begin searching for potential wholesaling properties.
Decide whether to sell the contract or work on a double closing.
1. Do Your Homework
As with anything else in the real estate industry, the more prepared you are, the better. A great place to start is by familiarizing yourself with an overview of the process of wholesaling houses. Then, it is a good idea to conduct the appropriate research on your local market. Get an idea of what home prices look like, where different neighborhoods are, and what types of properties are available in your area. Doing your homework now will help build a strong foundation for your future wholesaling endeavors.
2. Work On Your Buyers List
Before investors start searching for their first wholesale deal, it is a good idea to get a buyers list in place. As a wholesaler, your sole purpose is to act as a middleman between sellers and buyers. That鈥檚 why it鈥檚 a good idea to know where to find buyers before securing a property under contract. Building a strong buyers list will help make sure you know where to take any deals you find.
There are several ways to build a buyers list, including attending real estate events, networking, email marketing, and social media. Many successful wholesalers also rely on bandit signs, which share your contact information throughout a given area. Remember, it is in your best interest to know who you are selling to before you ever find a deal.
3. Line Up The Capital
Another step to take before you can start wholesaling houses is to secure financing. Identifying a great property won鈥檛 help your business if you are unable to purchase the contract. Align your services with a private or hard money seller to get started. By doing so, you鈥檒l be able to secure financing quickly and smoothly when your first deal comes around.
4. Find Wholesale Real Estate Deals
Once you are ready to find wholesaling deals, there are several strategies you can use. A great place to start is by searching for distressed properties in your market area. These are perfect because sellers are often eager to get rid of the property, and more often than not, you can secure the deal under market value. To find distressed properties, you can search online real estate sites, like Zillow or Realtor.com, ask your network, or even look on Craigslist. You can also find distressed properties by searching public records in the area. Look for cases where someone has recently inherited a property or homeowners who are behind on payments.
5. Determine Your Exit Strategy
There are two ways to profit from a deal as a real estate wholesaler: selling a contract and executing a double closing. Wholesalers who opt for selling a contract simply match up sellers with buyers without ever owning the property and profiting from the process. This is the most common strategy in wholesaling.
Wholesalers can also execute a double closing, which involves actually taking possession of the property. For investors, this means they will be responsible for all the costs associated with closing the property. For this reason, investors will only utilize a double closing when they find a buyer willing to pay a lot more for the property. All in all, choosing the right strategy will depend on the wholesaling deal at hand.Read this article for detailed information https://www.fortunebuilders.co...
All the best!
NETWORTH BUILDERS5236 Reviews - 4yJose JacobPro MemberInvestor 路 11040 路 Member since 2019 路 188 posts 路 111 votes
Quote from @Jamie Corbine jr:
I am new to wholesaling and putting my all into it and i would help please. Step by step would be helpful aswell.
Education and knowledge is one thing and getting the feet wet and know your numbers (buying price and selling price) are an other thing. I am a realtor for over 30 years and a flipper for last 7 years. I started flipping houses due to my realtor experience. Real Estate investing (any kind whether retailing, flipping, wholesaling) is not a quick scheme. You have to have patience and local market expertise to jump into wholesaling. I know several wholesalers who started wholesaling after several years of experience. My sincere advise for you is to become a real estate agent and study your local area. Sell some houses to know your market. after couple of years with hard work, you will get knowledge and you can start wholesaling.
- Investor 路 Austin, TX 路 Member since 2021 路 9k+ posts 路 5k+ votes4y
Stop listening to podcasts and reading books, start taking action and learn boots on ground. Nothing more eye opening that watching how other investors maneuver
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