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Looking for wholesaling advice!
Hi! I am a freshman at UT Austin and want to get into the wholesaling business in Austin but am not positive where to start - it just seems like a big leap from here. If anyone is an active wholesaler in the Austin area I would love to meet up for lunch or something in the next 2 weeks and pick your brain for a little bit! (Lunch on me). Or if anyone has any advice on this post I would greatly appreciate it. Thank you so much in advance!
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Wholesaling is a great way to get into real estate. Happy to connect if you have questions.
Start building your buyers list first. Need to find out who the legit buyers are in the market area & what your buyer's criteria is. Think of it like any other business. Would you open up a store, buy a particular product and NOT know who is ultimately going to buy the product? Of course not! Find the buyers and their respective criteria, then go shopping for what deals fit the buy box.
Lastly, make sure there is a volume of the product these people are looking for. +200 transactions/yr roughly
I would advise you to attend Real Estate meet ups here in Austin. Start introducing yourself to everyone and building your network. Be yourself and ask questions. You may even find a mentor. If you want to know where to go to find RE Meet ups send me a message.
Quote from @Ryan Passaro:
Hi! I am a freshman at UT Austin and want to get into the wholesaling business in Austin but am not positive where to start - it just seems like a big leap from here. If anyone is an active wholesaler in the Austin area I would love to meet up for lunch or something in the next 2 weeks and pick your brain for a little bit! (Lunch on me). Or if anyone has any advice on this post I would greatly appreciate it. Thank you so much in advance!
I recommend attending real estate meet ups and try to work for a wholesaler to learn the business. Help them in any way you can, whether it's administration, knocking on doors, cold calling, etc.
Learn your market and learn to market. The 50 house rule also can be very useful when getting started.
read as much as you can. attend real estate meetups which can be found on meetup.com or eventbrite.com or even a local county newsletter.
Quote from @Joseph Guzzardi Jr:
Start building your buyers list first. Need to find out who the legit buyers are in the market area & what your buyer's criteria is. Think of it like any other business. Would you open up a store, buy a particular product and NOT know who is ultimately going to buy the product? Of course not! Find the buyers and their respective criteria, then go shopping for what deals fit the buy box.
Lastly, make sure there is a volume of the product these people are looking for. +200 transactions/yr roughly
Thank you for the advice! How do you recommend finding legit buyers in an area and what they are looking for?
Quote from @Ian Walsh:
Learn your market and learn to market. The 50 house rule also can be very useful when getting started.
Thank you! What is the 50 house rule?
@Ryan Passaro go to meet ups and ask them.
Quote from @Ryan Passaro:
Quote from @Joseph Guzzardi Jr:
Start building your buyers list first. Need to find out who the legit buyers are in the market area & what your buyer's criteria is. Think of it like any other business. Would you open up a store, buy a particular product and NOT know who is ultimately going to buy the product? Of course not! Find the buyers and their respective criteria, then go shopping for what deals fit the buy box.
Lastly, make sure there is a volume of the product these people are looking for. +200 transactions/yr roughly
Thank you for the advice! How do you recommend finding legit buyers in an area and what they are looking for?
I'd recommend using tools like PropStream and PropertyRadar to figure out who is actively buying in your area. You can use skip tracing tools to find their contact information and then reach out to them.
I think it is likely posted somewhere here on BP. If you search 50 house rule, it should come up.
Quote from @Ryan Passaro:
Quote from @Ian Walsh:
Learn your market and learn to market. The 50 house rule also can be very useful when getting started.
Thank you! What is the 50 house rule?
Quote from @Yael Lederman:
Quote from @Ryan Passaro:
Quote from @Joseph Guzzardi Jr:
Start building your buyers list first. Need to find out who the legit buyers are in the market area & what your buyer's criteria is. Think of it like any other business. Would you open up a store, buy a particular product and NOT know who is ultimately going to buy the product? Of course not! Find the buyers and their respective criteria, then go shopping for what deals fit the buy box.
Lastly, make sure there is a volume of the product these people are looking for. +200 transactions/yr roughly
Thank you for the advice! How do you recommend finding legit buyers in an area and what they are looking for?
I'd recommend using tools like PropStream and PropertyRadar to figure out who is actively buying in your area. You can use skip tracing tools to find their contact information and then reach out to them.
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One of the biggest aspects when wholesaling, or any aspect of real estate, is having a team in place beforehand. Making sure you align yourself with the right people before you start will help when issues arise down the line.
The best advice I can give wholesaling is not complex. Take a month. Learn all that you can about wholesaling and the market you are in. Start by learning how to market to seller but if that's too hard at first try building relationships with buyers in groups and at networking events. Be a bird dog because that will teach you how to market for deals. Do that for a few months and see if you can find them a deal. But I would focus on deals first because you can find buyers with a good deal; I don't subscribe to the whole focus on buyers list first. Not bashing anyone that does; deals are harder to find, and buyers are anywhere and everywhere.
https://www.flipwithrick.com/m... and register for his free course. It will teach you everything to get you started.
#4 Wholesaling Contributor
- Wholesaler
- Austin TX
Quote from @Ryan Passaro:
Hi! I am a freshman at UT Austin and want to get into the wholesaling business in Austin but am not positive where to start - it just seems like a big leap from here. If anyone is an active wholesaler in the Austin area I would love to meet up for lunch or something in the next 2 weeks and pick your brain for a little bit! (Lunch on me). Or if anyone has any advice on this post I would greatly appreciate it. Thank you so much in advance!
Hi Ryan! I am a wholesaler/investor here in the Austin area! And I never say no to a free lunch :)
Quote from @Marc Maitre:
The best advice I can give wholesaling is not complex. Take a month. Learn all that you can about wholesaling and the market you are in. Start by learning how to market to seller but if that's too hard at first try building relationships with buyers in groups and at networking events. Be a bird dog because that will teach you how to market for deals. Do that for a few months and see if you can find them a deal. But I would focus on deals first because you can find buyers with a good deal; I don't subscribe to the whole focus on buyers list first. Not bashing anyone that does; deals are harder to find, and buyers are anywhere and everywhere.
https://www.flipwithrick.com/m... and register for his free course. It will teach you everything to get you started.
Awesome! Thanks so much!
Quote from @Lydia R.:
Quote from @Ryan Passaro:
Hi! I am a freshman at UT Austin and want to get into the wholesaling business in Austin but am not positive where to start - it just seems like a big leap from here. If anyone is an active wholesaler in the Austin area I would love to meet up for lunch or something in the next 2 weeks and pick your brain for a little bit! (Lunch on me). Or if anyone has any advice on this post I would greatly appreciate it. Thank you so much in advance!
Hi Ryan! I am a wholesaler/investor here in the Austin area! And I never say no to a free lunch :)
Haha glad to hear it! I am back in New York now though until August, I just missed that :( but I would love to take a rain check on that if that's okay. Thank you!!