Hello everyone! I've been researching quite a bit about wholesaling lately & am trying to figure out if this is for me at this time. Right now, I'm going to college part time (3 classes per semester) & working at a job part time. In the future, I'm planning to go for my master's degree so I'm going to be pretty busy with that. What I'm wondering is, how much can be made by wholesaling only part time if you do a good job at it? Can one make in the neighborhood of enough to live off of?? I'd like to make more money & leave my current part time job behind. And I have other financial goals as well. Do any of you do this part time only?
@Jamie Jacobs Great money can be made wholesaling, but you have to know how. It isn't as simple as finding a great deal, an passing it on.
@Joe Villeneuve what makes a great wholesaler in your opinion?
@Jamie Jacobs What is your background? How good are you at sales and marketing?
Originally posted by @Patrick Britton :
@Joe Villeneuve what makes a great wholesaler in your opinion?
There are a number of items that make up that criteria, but there are two that stand out:
1 - You must be really good at Analysis (market, rehab, and property)
2 - You must build (and grow) your Buyers list.
I'm aware that it takes time, hard work, & money, but I'm not sure how much! haha. There is a process, I know. I think the biggest complaints from other investors that I've read so far are about 'wholesalers' throwing garbage/garbage numbers out there & on properties they don't even have under contract. So going in, I would know to avoid those things too!
@Jerred Morris I've never done sales & marketing, but I'm typically good with people & I think I'd like to give it a shot!
Can somebody please tell me how to do the @Name thing the right way?? I seem to be having an issue!
Originally posted by @Jamie Jacobs :
What I'm wondering is, how much can be made by wholesaling only part time if you do a good job at it?
I imagine a good bit can be made even part time...assuming you do a good job (as you say)...
Of course, to do a good job, you're probably looking at 1000-2000 hours of study, research and intensive learning. Are you willing to invest that upfront?
I, too, have had trouble doing the @ Name thing. Here's where I've gotten so far:
As you type @Name - do it slowly and watch carefully as you type for the BP user's profile picture and name to appear just below the text box (where there is typically a [Follow Topic] button) . For example, when I did your name above - your picture / name appeared below the text box right after I typed "@jam" - if I typed too fast or didn't notice when it popped up, it disappeared. As another example - for Jerred, it popped up after I had type "@jerred m" (I didn't select / tag it though - just tested it).
As best as I can tell, it will pop up below the text box a different points (characters into typing the name) for different names. I am guessing the system uses an algorithm that looks at who's already in the thread, who you've replied to or sent messages in the past, and then perhaps the entire user data base, etc. to drive how soon it finds / suggests a user to display.
Once the user's picture / name is displayed under the text box, click on it and it will appear the point in your post you are at and you can type the balance of the message.
This may not be as good an explanation a more experienced user could provide but it's where I've gotten by trail and error. I hope it helps. I wish you well on your journey to figuring where you fit at this season in this real estate thing we got going in the greater Houston area.
Honestly it takes many many hours of researching, learning all the acronyms for different terms and more research. @Jamie Jacobs
I have thought many times that I knew exactly how to go about wholesaling, then I would listen to a podcast or search in the forums and find out I still have a ways to go. I believe it will be worth it because of course I will be more prepared.
..Yup. I have an Android. It's not working every time.
@J Scott I've already made it my big winter break project! Research is pretty much all I've been doing besides for my job. Maybe if I can snag time here & there during the semester & work on it even more during the summer, I could hack it. We shall see I suppose. As long as it takes to get fairly confident with things before leaping out.
@Brandon Proctor That's what I've been doing. I just keep reading. I really want to try to find some local REIAs next I think.
@Jamie Jacobs , I have been wholesaling part time for the last 18 months. In 2014 I closed 17 deals. The first 6 months are going to be the hardest so start ASAP. Don't just educate yourself, get out there and take action in the meantime. You don't need to know what to do at the end of the deal until you have something worth wholesaling.
Talk to as many investors as you can and keep in touch with them. You have to stick with it. Even if you work your butt off for 6 months you may not have a deal yet, because consistent deals come from consistent marketing, and you really need to have substantial dollars to pay for multiple marketing channels as well as the resources to work all the leads.
I always suggest new wholesalers listen to the first 80 episodes or so of Sean Terry's free podcast. There some guru-ish stuff in there but it is a ton of good info to get started. After 80 he just goes full Guru and it's nothing but promoting his coaching program.
@John Horner your so right about Sean terry. That's what got me super motivated about getting in this biz. I sold cars for many years and made great money at it but last year sales dropped bad and I had just bought a house and had taken on new bills that I had to pay. I found myself in my dealership praying and asking God if this was what in as supposed to be doing any more(cars). I then started thinking of flipping houss but in isnt haven hen capitol for that. So on puns wholesaling an i hit the ground running. @Jamie Jacobs I was so successful at part time wholesaling that I quit selling cars to pursue this full time. Not everyone was as successful as I was starting out but if you stick with your marketing then you will get deals. I started in July and closed my first 2 deals in August. I did 13 deals in 4 mo. Now 2015 is gonna be a good year.
@JPaul Mills how did you do 13 deals in your first four months? Are you willing to offer any advice?
yea I hit the ground running @Account Closed
@JPaul Mills Do you put bandit signs everywhere possible or just certain areas?
I continue to be amazed at those who want to START by wholesaling.
I want to become a runner. I think I will start by running the Boston Marathon.
I have a lot of experience in real estate. I entered wholesaling only after many years of experience buying, renting, rehab, selling. I consider it highly professional work for the advanced.
Well, that is why I intend to do my homework first! I've already been on the treadmill. Firstly, I own a home. Secondly, I've already sold one house before. I had inherited it... Also, when I was younger, I watched my dad build our house. So I have a good idea of what belongs there & how the pieces should fit together. And I've also been researching fixing & flipping & renting for months already because I first thought about starting there... I don't expect things to happen overnight, but I don't think it's just impossible.
Start as a Lead Generator, aka Bird-dog.
Real wholesalers have the capacity and financial ability to close deals they tie up. If you don't, you have a very high probability of creating a path of destruction and bring more chaos to what are often already chaotic situations.
The more sensible path is to become a skilled salesperson, knock on doors of people who own property (or have a legal interest) and who have a problem they don't know how to solve and YOU DO!
After honing your skills as a nose-to-nose salesperson, learn how to multiply your sales efforts and clone yourself by becoming a skilled marketer and effective copywriter.
Eventually, you are likely to discover a niche that you want to further explore and gain expertise. That's what happened when I found probate.
These are the steps. I suggest you work them IN THAT ORDER.
I would feel comfortable to say that well over 89% of the people who post on BP never take enough action to ever do a deal! What action will you take to ensure that you are not part of the 80%?
@Jamie Jacobs I am not a big fan of starting out wholesaling there are very few people who actually make good money. Why not consider trying to find some owner financed properties and start building a rental portfolio? If you start now in a few years you will have a nice passive income stream. If you don't know what you are selling and give accurate numbers your emails to your buyer/ investors will just be deleted. That's what I do for some wholesalers in my area. Don't let some guru talk make you think it is easy because involves a lot of time and work.
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