New to wholesaling, two months in- where to go from here
Hey everyone thanks for reading.
I started my wholesaling journey about two months ago. Within the first few weeks I had my first deal through an agent and that closed on July 1st, since then, I’ve been trying to improve my understanding of the business and flesh out my process, but lately I’ve been spinning my tires a little bit.
My biggest pain points are:
-Understanding comps: My comping is miles better than it was when I first started, but there are times when I still struggle to find an ARV that I'm fully confident in. If you had to put together a top 5 must knows for comping what would they be? What are the deadly sins? (Aside from crossing major roads, or not being in the right range for build date/ sqft/etc)
-Estimating rehab costs: This is the bigger monster in the closet. There will be times when I feel very confident in my ARV, but not so much on my rehab estimates. Are there tried and true ways to get a close rehab estimate within +-10-15%?
-Lead sourcing: At the moment I work exclusively with agents and put a strong focus on building lasting relationships with the agents in my circle. However, working with agents can be difficult because your numbers can be very data driven and clean, but if a seller has unrealistic expectations that can leave you stuck. When it comes to reaching out to agents, what approach do you find that you’re more open to as an agent, what makes you immediately want to hang up the phone?
In regards to those pain points, if anybody has any advice for improving those systems, or just any general advice for getting a new wholesale operation off the ground I’d be truly appreciative. Thank you for your time- looking forward to reading your replies!
Most Popular Reply
Two months in and already closing deals—that's solid. I run an automated system that pulls distressed properties from probate, foreclosure, tax-delinquent, and code-violation records before they hit the MLS, and it's been feeding consistent leads to wholesalers in San Diego, Fresno, Indianapolis, Cleveland, and Albuquerque. Most wholesalers I work with find 3–5x more off-market deals this way than through agent channels alone. Happy to share what we're finding if your market is one we're tracking.