Wholesaling around a 9-5

[Khyree Randall]

I'm about to start working again soon and I'm ready to start investing in getting my first deal. Anyone have some good tips for wholesaling around a full time job? How affective are physical mail cards with deal machine? I'm a dry sponge trying to soak up all the knowledge.

(Respectfully- Please don't tell me to save up and quit my job it's just not realistic for me and won't be anytime soon)

[Don Konipol]

Quote from @Khyree Randall:

I'm about to start working again soon and I'm ready to start investing in getting my first deal. Anyone have some good tips for wholesaling around a full time job? How affective are physical mail cards with deal machine? I'm a dry sponge trying to soak up all the knowledge.

(Respectfully- Please don't tell me to save up and quit my job it's just not realistic for me and won't be anytime soon)

If you read the threads on BP concerning wholesaling, you should be able to draw a few conclusions

1. 99% of people trying wholesaling fail
2. The successful wholesalers spend $10k + monthly on marketing
3. In the last 18 months various states have instituted new rules, regulations or laws related to (1) need for licensure to wholesale (2) restrictions on marketing of a property in which you do not have ownership and (3) disclosure requirements when dealing with a homeowner that makes it clear to the homeowner that the contact signed with the wholesaler is not a definitive “sales” contract, therefore making it less likely home owners will sign
4. J Scott, one of the more respected authors/authorities on BP, provides scenarios in which wholesaling can be done legally and ethically.  It essentially includes having a buyer for a specific property BEFORE entering  in a contract with a seller.  This is totally contrary to the way most wholesalers can operate.
5. In any case, successful wholesaling REQUIRES the knowledge, experience, and ability to accurately estimate repair and rehab costs and time.  Many “wholesalers” get all excited when getting a property under contract only to discover that a thorough inspection by a knowledgable professional results in repair costs 2 - 3 times higher than they calculated. 

Here’s my honest advise; consider studying for and obtaining your real estate sales license, and obtain a part time position with a real estate agency that will provide training, guidance, and oversight.  Ask yourself: do I really have the knowledge of real estate principles, real estate law and real estate finance; the network of contacts; the experience both in business in general and real estate in particular; the time available; and the analytical ability to compete against FULL TIME EXPERIENCED PROFESSIONALS to be successful in a field where the failure rate is so astronomically high?  If not, you’re probably better off with a more conventional approach.  In any case best of luck to you.