Wholesaling Team

3 Replies

Hello BP community!

As an aspiring wholesaler who is in the process of putting systems in place, who are the essential people/professionals (lawyers, contractors, accountant, etc.) that need to be on my team?

Thanks in advance for the feedback!

As a wholesaler, you don't need a contractor.  Read @J Scott's BP book, The Book on Estimating Rehab Costs.

http://www.biggerpockets.com/flippingbook

Talk to a RE attorney who is experienced in working with investors, not just an RE attorney.  You will likely only need him to advice you, based upon state laws, which wholesale exit (assignment of contract or double closing) you need to use in your state and prepare a couple of contracts for you to use.  The lawyer can also advice you about entity creation and how you're going to do business.

You'll need an accountant, but it isn't necessary to have one prior to getting started.  If you use QuickBooks and track all your expenses & income, you can turn over your QB file to an accountant.  Go to the QP Pro Forums and search for how to use QB for real estate investing.  There are is a ton of great information and tips on how to set up your accounts in QB, etc.

My number one recommendation to you is to get started with your marketing.  You're going to have plenty of time to work on systems as you're getting your lead funnel primed.  The longer you wait to get that started, the longer it's going to be before you need an attorney or accountant!!!

I have no idea why I can't seem to type ADVISE!!!  Yes, I do know the difference in the 2 words.  Good grief.

@Hattie Dizmond Haha thanks a lot! I actually have both of J Scott's book in my reading list that I'll start reading sooner than later. I definitely appreciate the advice and will be putting my marketing ideas into place soon.

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