Real Estate Wholesaling in College

[Karim Kane]

Hello BP community,

I'm currently a college student in Boston and would love to get started in REI. I've made a plan to save up money while in college to buy my first House Hack once I graduate. I still wanted to get started in REI while in college though so I've taken an interest in wholesaling. I was wondering if anybody has some tips for me on how to get started and wholesale my first property while in Boston as a student?

Thank you!

[Jason Rushin]

Hello Karim, Hope all is well!!! Glad to see you starting your real estate journey and I might be able to give you a gem or two that will help.I'm Jason, a real estate investor Out of Atlanta. I currently wholesale and invest in Atlanta And Tulsa OK. If you are just getting started, I got a few tips that might help you out. If you looking to get that first deal, first start off with word of mouth. Let everyone know you are a real estate investor and you are looking to by properties.  As you do this, go to utube university.  Learn as much as you can in your spare time about wholesaling. Don't get caught up with tring to learn everything, it's about the basics. Then start taking action, wholesaling is a contact sport, the more contact the more deals. If you have a car, start by driving for dollars, if not, start cold calling. If you have any questions about this info, or need any help, let me know.

[Bryant Brislin]

@Karim Kane Wholesaling is tough to just dip your toe into while you are doing other things, i.e. being a full time student, etc.  But you could potentially team up with a robust wholesaling group and see if they could use you for part-time work.

[Eliott Elias]

Spend the weekend door knocking 

[Jerryll Noorden]

Karim,

You need to treat this strategically like any other business intended for success.

You do not focus on getting a deal now. That is the mistake many people make, both beginners and experienced.

You focus on setup. Do not focus on cold calling, driving for dollars or knocking on doors... you spend more time trying to make a deal than actually making deals. Do not base your actions on people's opinions, Base your actions on data and facts.

Again do not focus on hacking a deal together whatever it takes... set up first. Organize first, plan first

The fact that you are young, are in college, have 15 kids has NOTHING to do with the business, nor what it takes to be successful. You are just listing reasons why YOU can't make it. Those are just reasons why it is "hard"/. Those are limits. The universe is not going to give you a break and make it easier for you because you are young, new, black, a foreigner, yellow, and white. You just need to learn how to overcome these limitations.

So start with setting up.

Appearance:

If you do not look capable, and competent, you will have a really hard time getting any deal period. Therefore:

This is a business, so you need to look, act, smell, taste, and feel like a business. Get a business name, find a domain name for your business, find a logo, set up your website, and make it credible.

Setup.

Get in touch with private lenders, hard money lenders, flippers, and other wholesalers, to learn the skills, the lingo, learn how to approach and talk to sellers, get to know your contracts, your closing agents, and title company. In other words, get plugged in to this niche so you are set up correctly to handle a deal to its end.

Get Prospects

As in any business, if you don't get clients you are done. So this is a big step that can't be accomplished if you don't look the part and are not set up to operate your business.

A lot of people will tell you to drive for dollars, knock on doors bla bla bla, because it is "free". Please do not do that. It is not about whether it is free or not. (it is not free and it takes a lot of time). Who cares how cheap it is when you are simply not going to get any deals from it. I am not saying you will not get a deal from it, but remember what I said in the beginning. Based all this NOT on opinion but on data and facts. If someone claims they get deals doing door knocking, the data says  THEY got a deal, as in that one single isolated person. But take a random collection of people that do door-knocking, or drive for dollars and ask them how many of them get reliable deals, I am willing to bet, crickets! 

So, instead do what all the real companies, the credible companies the succesful companies do like Nike, Coca-cola, apple, etc. etc do. They run ads. They do marketing for grownups. That is what you do.

Now pay attention.

What I have listed here is the blueprint for success. This is not opinion this is data-driven fact.

Now a lot of people say: "Ohh but I need money for this and that I do not have this and that, bla bla bla".

Great.. SO GET IT. Get what you do not have to succeed.

If you come to me and ask how do I become successful, "having no money, no time, 1 arm, 25 kids, and can only work 1 hour every 3 weeks" you are doing it reversed. 

Figure out what it takes to be successful at this, and then spend your time and effort getting what it takes to be successful.

Do not look into what your conditions are and then ask how can I be successful  with "these" conditions I am dealing with,

THAT my friend is the biggest reason people fail!

Step up, or get out!