how to begin wholesaling

41 Replies

Hello, 

I just completed a 3 day Rich Dad Poor Dad seminar where I learned enough about wholesaling to peak my interest.  I would love to start wholesaling immediately! I am just unsure where to start.  I know that all I have to do is take one step at a time.  This is my first step.  Thank you!

Welcome to Biggerpockets Rotonda. I am in STL please let me know if you need anything.

In the meantime here are 9 tips to help you grow your business using BP:

1. New to BP? http://www.biggerpockets.com/starthere

2. Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

3. Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

4. Develop your own business strategy. -- Don’t just be a “jack-of-all-trades" Even though I am.

5. Grow your business by developing your business plan. - Remember there is a difference between goals and a plan. http://www.biggerpockets.com/files

6. Locate and attend several different local REIAs as they’re great opportunities to network and meet wholesalers, lenders, and contractors.

7. Stay away from the “guru” sales-pitch events - they rarely increase your investment knowledge, they merely empty your wallet!

8. Spend some time every day on Bigger Pockets by connecting with “colleagues,” perusing blogs and videos, and engaging with others on the forums: http://www.biggerpockets.com/meet

9. Set yourself up to receive free alerts to be notified of subjects that interest you: http://www.biggerpockets.com/alerts

@Peter MacKercher gave some excellent advice. Stay away from GURU's. Try to clear your head of that nonsense. Attend your local REIA, Read the links Peter listed. Get some books from Amazon, and be patient. Believe me, it will take you at least an hour to get rich.

I left rich dad's seminar very sad that I didn't have the money to take their $45,000 class. I was very impressed with the awesome software which makes life soooooo much easier and also the mentoring program. It's so much info out there you could spend a whole year trying to decipher what's relevant and applicable. Does anyone know any private money lenders that could help me finance my rich dad poor dad financial investing education? In the meantime I will continue to utilize this awesome site. Thanks!

I would take Peter K's and Joseph Ball's advice before you sink that kind of money into something like that. Seriously. Not to knock the seminars, as I have met people who spent big bucks on the mastery program (Fortune Builders)and now they are making money at flipping properties and wholesaling, but give this website a try-I'm glad I found it, and join a REIA in your area through Meetup.com. You'll be glad you did!

You could invest in two homes with that 45k. 

Unfortunately no one will finance a $45,000 guru course, can you imagine why???

45k.....  I'll teach you wholesaling for 44k...    NOW THERE's A DEAL..   Hahahah

Seriously..  Check out tenminuteskill.com  @Karl Krentzel  He has an awesome podcast and a lot of FREE content.   He also offers coaching.   Listen to all of Sean Terry's podcasts @ flip2freedom.com.  Listen to as many Podcasts as you can!  There is more than enough free information out there.  Just Learn Learn Learn, and then continue to learn. 

Real Estate Investing Mastery, Epic Real Estate Investing, Etc Etc Etc 

@Rotonda Maunu  

PLEASE do not spend so much on ANY one course. Believe me, if you only dedicated about a day or so to just reading through the forum threads and podcasts on just the the strategy of Wholesaling alone, I can almost guarantee you will learn a TON of information that will benefit you, and the best part about that is this-its FREE!!! Always use your resources in a way that will provide you with the greatest return, and that money can easily acquire you property free and clear in some areas, but it can also be a massive marketing budget that you can use to generate leads, and have the BP community help you deal with them free of charge, hell, will probably even purchase the deals from you!! Just think about the advice you're receiving here, and use your best judgement. Please don't get the vibe that the BP community is filled with "Anti-Guru" hating investors, because thats far from the case. Its just that this community is filled with investors, and from the eyes of an investor, such as you will be, you tend to look at financial decisions in a way that will bring the most favorable returns for your investment, and the guru seminars just fall short of that all too often. This is just my opinion of course, but I just hope it helps you in deciding the best direction you take going forward. I wish you much luck.

@Larmon Cummings Jr. I greatly appreciate the financial advice Larmon Cummings. It definitely gives me something to think about. I've been reading and researching the site and feel quite overwhelmed at the moment. Also one of the things the Rich Dad team stressed was the ability to be safe legally while doing this on your own. I guess you can say I sort of have paralysis by analysis. I want to take the next baby step in your opinion what would that next step be tonight? .

@Rotonda Maunu

I know actually how you feel. I went to one of the Rich Dad seminars as well and almost bought the full course with the mentor-ship program until the person that was going to finance it for me back out at the last moment and I couldn't continue. Even though I was upset at the time I'm glad it turned out that way( largely because I some how got all the programs for free.) I love the Rich Dad courses and program and still would consider taking it some day BUT their is plenty of free information and investors here and elsewhere that are more than willing to give a helping hand. I would just suggest only consider taking programs like that , if you max out the free information that you can learn and exhausted all other tools you have available to grow your business .

@Rotonda Maunu

Get this book call No and low Money DOWN by Brandon Turner you can learn a lot outta that book I'm loving it and leaning it well worth the price. I'm a newbie my self lol  

These post are very informative and quite humorous to say the least and I like that. I know that a lot of people are knocking the rich dad poor dad training but I actually think that it's a great training program if you can afford it. My instructor was a millionaire just from the information she learned by taking the rich dad training. I learned so much this weekend, I learned things like our U.S. $1.00 is only work $0.03 cents. I also learned that we are in big trouble if we don't invest in assest, the stock market and savings are not reliable and that the middle class is disappearing. I learned so much more about asset protection and relief. Maybe you guys are all financial wizards and financially savvy but for me I'm in preschool. Yes the price is steep but you get what you pay for. If I had the money to pay I could be closing a deal today instead of trying to figure out this website and navigate all this free information. So everything has it's plus and minuses. I am very grateful for this site and for all the helpful information and friendly caring people but I would much rather have a mentor helping me holding my hand and walking me thru step by step. That would give me more confidence and more tools. Thank you all for your great insight. Although it's not the rich dad training that I hoped for it is greatly appreciated.

@Brenda Lyons thank you I will get the book Brenda.

@Carlos Powell Im so glad to hear that someone else values the rich dad education Carlos. I was literally in tears when I couldn't find the money to pay for the class. The information was dynamic and I believe that it would increase my financial IQ at least 900%. I'm still hopeful. I won't give up but I will utilize all the free info on this site. Good luck to finding your funding.

@Stephen Chatto you made me laugh. I needed that especially after such a disappointing weekend of not being able to continue my financial education. Thanks for the info on the podcast and websites. I have so much time on my hands. I will enjoy learning everything. I plan to utilize all my free resources. Thanks again.

@Peter MacKercher and @Joseph [email protected] [email protected] Proctor thank you all for the insights and invaluable information. Also thanks for the support. @John Horner I'm sorry John I might be a little slow but I don't know why someone wouldn't finance a guru's education if it was a proven system that worked and they could get a return on it. Isn't an investment an investment if it makes you money. Robert K. calls things that put money in your pocket an asset.

Originally posted by @Rotonda Maunu :

These post are very informative and quite humorous to say the least and I like that. I know that a lot of people are knocking the rich dad poor dad training but I actually think that it's a great training program if you can afford it. My instructor was a millionaire just from the information she learned by taking the rich dad training. I learned so much this weekend, I learned things like our U.S. $1.00 is only work $0.03 cents. I also learned that we are in big trouble if we don't invest in assest, the stock market and savings are not reliable and that the middle class is disappearing. I learned so much more about asset protection and relief. Maybe you guys are all financial wizards and financially savvy but for me I'm in preschool. Yes the price is steep but you get what you pay for. If I had the money to pay I could be closing a deal today instead of trying to figure out this website and navigate all this free information. So everything has it's plus and minuses. I am very grateful for this site and for all the helpful information and friendly caring people but I would much rather have a mentor helping me holding my hand and walking me thru step by step. That would give me more confidence and more tools. Thank you all for your great insight. Although it's not the rich dad training that I hoped for it is greatly appreciated.

You don't really have to buy a 45k guru course in order to get a mentor. I wanted a mentor, and all I did was network with people and I found a mentor for free. Any other wholesaler would love to have a really motivated wholesaler (as long as you are motivated and they believe in you) out there fishing for deals that he or she will get 50/50 of. 

Just signing up for a course and reading it won't really build your confidence like you think it will I don't think...It's actually going through the actions that will help you build confidence and begin to understand different angles you can work deals at. A 45k guru program is a waste of money in my opinion. I have no idea about the course (like whether it's worth it or not) but when I goto those seminars I'm definitely listening to everything they are saying with skepticism. 

Also, they are going to pull the "cream of the crop" to show you. They aren't going to show you the other 10,000 people that bought the program and are still sitting on the couch without a single deal to their name. They take that one person who had every single puzzle piece fall perfectly in place. They also don't show you everything that individual may have done on their own (due diligence when it comes to laws, how to do comps, rehab costs). 

Because, if you think about it, if the program had such a great success rate, they would just be like "the program is free but we get 75% of the profits from your first (however many deals). I mean that, to me, would be telling me "ok this is the real deal and you will succeed once you start this program. 

Nothing in this business comes easy. Everyone looks for the "magic button." Unfortunately, that button doesn't exist, and the ones that keep looking for it will just end up spending a lot of money and not really learning anything. Meanwhile, the person who just went about it the hard way is way ahead of the "magic button" seeker.

Just my opinion. And I'm still green myself. So maybe I'm completely wrong.

Originally posted by @Rotonda Maunu :

@Peter MacKercher and @Joseph [email protected] [email protected] Proctor thank you all for the insights and invaluable information. Also thanks for the support. @John Horner I'm sorry John I might be a little slow but I don't know why someone wouldn't finance a guru's education if it was a proven system that worked and they could get a return on it. Isn't an investment an investment if it makes you money. Robert K. calls things that put money in your pocket an asset.

@Rotonda Maunu There are too many variables for an investor to want to take the risk. The biggest one is investing in SOMEONE not necessarily SOMETHING. In order for an investor to invest in a person you would have to already have a proven track record of something. Because they don't want to be like "so how is the real estate thing coming?" And then the person they invested in is like "well....my kid got sick, and then I had to take my dog to the vet. My car also broke down and so I got that in the shop for a week. But after that! I'll be hitting the road hard!" Like that is the LAST thing an investor wants to hear."

@Nick Kent As the saying goes there is always 3 sides to a coin. Your logic makes absolute sense and believe me one side of my coin thought the exact same things and we could be totally right. I guess in any situation we hope that we will be among the 1% who every piece of the puzzle falls into place. The bad news is my ego was bruised this weekend. The good news is I'll never know the 3rd side of the coin because I couldnt afford it anyway so I have no choice but to do it the hard way. I'm not afraid of hard work or of a challenge my biggest concern is staying legally safe. I'm studying to become a realtor and I don't want to get caught up not doing the legally correct actions especially since ignorance is no excuse with the law. So I choose to see this weekend as a blessing afterall it did opene up to a whole new world that I didn't even know existed. It gave me hope and led me to this most wonderful site and great people like yourself. Thank you Nick!

@Nick Kent ????????????LOL!!! That's hilarious but so true! I'm so ready to work hard so eager to help others that it never crossed my mind. I was definitely too close to the mirror to see this one. I totally get it now. Thanks Nick!

@Nick Kent ????????????LOL!!! That's hilarious but so true! I'm so ready to work hard so eager to help others that it never crossed my mind. I was definitely too close to the mirror to see this one. I totally get it now. Thanks Nick!

@Nick Kent ????????????LOL!!! That's hilarious but so true! I'm so ready to work hard so eager to help others that it never crossed my mind. I was definitely too close to the mirror to see this one. I totally get it now. Thanks Nick!

@Nick Kent ????????????LOL!!! That's hilarious but so true! I'm so ready to work hard so eager to help others that it never crossed my mind. I was definitely too close to the mirror to see this one. I totally get it now. Thanks Nick!

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