Updated almost 3 years ago on . Most recent reply
Wholesale advice as much as I can get is very appreciated!
Hello everyone. I’m very new to wholesale! Pretty excited to get started. I’m looking for great advice on how to be successful in this any advice is helpful! Thanks in advance
Most Popular Reply
@Zachery Peters as @Jerryll Noorden mentioned, there's A LOT that's required to succeed in wholesaling.
In addition to everything Jerryl mentioned, do you have significant experience in real estate, real estate contracts, real estate law, and contract law? If not, then I'd say that wholesaling is not an advisable way to get started in RE investing.
I always use this analogy: would you tell a beginner skier who has zero experience to ski a double black diamond (the most advanced terrain) for their first run? (obviously, no; a beginner could easily get themselves killed on double black diamond terrain!). Beginners should start off on beginner terrain, where they actually have a chance to learn and succeed. A house hack is like that beginner run (but BRRR'ing, wholesaling, and out-of-state investing are more like double black diamonds).
The fact of the matter is: real estate investing is a high-stakes endeavor, and the more advanced strategies (like wholesaling) can easily bankrupt a beginner when they're executed poorly. There's no shortage of horror stories of inexperienced wholesalers bankrupting themselves (and their clients), and ending up in serious legal hot water...inexperienced wholesalers can easily run afoul of a myriad of laws and regulations without even realizing it (and ignorance of the law is not a valid excuse to a judge!).
Why not start with a strategy that's far easier, less risky, and potentially more lucrative (like house hacking)? ...if your answer is "I have no cash to buy a property", there are far easier, and far less risky methods of making a buck than wholesaling...
Good luck out there!