Looking for some help on my first Wholesale deal.
Hey everyone. I am a very busy undergraduate medical student and I really want to find a way to make a return on investment for my money put into real estate. I am living in the Portland area, and I have already signed up for my first REIA. I know wholesaling is a good way to make a profit without a big input of time. What is the best way to get experience in wholesaling? Would my attending the REIA be of benefit to learn how to do that? Thank you all.
Wholesaling takes time and effort, and finding deals and negotiating can be tough. Networking helps, but it still requires a big investment of time and resources like marketing, prospecting, and building relationships.
Quote from @David Ramirez:
Wholesaling takes time and effort, and finding deals and negotiating can be tough. Networking helps, but it still requires a big investment of time and resources like marketing, prospecting, and building relationships.
Good advice David. Thank you.
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Quote from @Felix Lilly:
Hey everyone. I am a very busy undergraduate medical student and I really want to find a way to make a return on investment for my money put into real estate. I am living in the Portland area, and I have already signed up for my first REIA. I know wholesaling is a good way to make a profit without a big input of time. What is the best way to get experience in wholesaling? Would my attending the REIA be of benefit to learn how to do that? Thank you all.
Just know in starting out you should at least give yourself 3-6 months before giving up on if wholesaling is for you. There's a lot of things that can set you back, you will have to push hard and deals may fall out of contract. It's all normal even for experienced investors but it gets better over time when you've set systems in place and nailed your niches.
My suggestion is first focus on building a list of cash buyers and investors that are actively doing deals. Once you have 20-50 buyers on a list and you know what they're shopping for, it gives you confidence to know what a deal looks like. This step alone may take you 1 month if you don't have much time because you're not just looking to "network", you're looking for those serious players in your markets.
After you've had a good buyers list built, then focus on seller leads. I'm moving into the Indianapolis market and doing literally the same thing. First focusing on buyers. Then focusing on agents I can work with. Then knowing which title companies and attorneys I can wholesale with. Then focusing on sellers.
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Wrong and wrong, it is not easy and it takes relationships & relentless hustle. You may be able to make 5k here and there, but if you treat this like a hobby you are wasting your time.
If you're a "very busy undergraduate medical student", I'm not sure wholesaling is the right move for you. That being said, if you have a few grand a month to throw at marketing and have decent to good sales skills, you may be able to make it work around your schedule.
At this point it's kinda hard to tell if it would be a good fit for you, as I'm going off the stereotype that students don't a lot of money to throw around, and you already mentioned you don't have much spare time. Typically you'll need at least one of the two in order to make it work.
As far as learning how it works, there's half a million YouTube videos about it. If you prefer learning from someone in your market that's doing it, ask around in your REIA to see who's actively doing deals and you may be able to work something out to learn. But again, if you don't have time to commit to it, you likely won't get very far.
Investing in Real Estate may be a better option for you.
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