Ready to jump into wholesaling

[Zachary Harris]

I have read a lot about wholesaling on various blogs and I am ready to roll.  Is it as simple as it sounds?  Any experienced wholesalers care to chime in?  I hear "Start with no capital", etc, etc.  Is this true? 

[Jim Viens]

Don't count on it. Simple...yes. Get the property under contract, assign the contract, collect your check at closing. Easy...not so much. Up-front you have to do a TON of marketing to find motivated sellers (which can, and most of the time does, cost some money) and a TON of networking to find good buyers. In the middle you have to learn a TON about the market you're working in to be able to figure accurate after-repair values (ARV) of the properties and get good at estimating repair costs so that you can recognize a good deal when you see it. THEN you have to deal with the calls from your marketing leads. Most of which are pretty benign but there may be some people that are really angry that you reached out to them. You have to have a really thick skin to deal with that. Remember that in most cases you'll have to go through 100 or more rejections to get just a couple of deals closed. That's just the numbers. You have to stick it out. Imagine climbing a mountain to get to the top where the views are beautiful and the air is clear and fresh...but you have to go through a ton of mud...difficult rock walls...crossing cold streams...maybe a scrape or two along the way. It's hard work, but if you focus on the end goal when your struggling it'll help you get through. With that in mind...figure out WHY you're getting into the business...write it down and refer to it every time you get a "No" (or even a "HELL no!") to remind you to keep pushing through the "No"s to get to the "Yes!". Good luck and welcome to BiggerPockets!