Wholesale? Bird dog? in DC Metro Area

10 Replies

Hi BP!

I just joined yesterday and I've been on this site ALL day long today! I even replied to posts as soon as I woke up at 5 something this morning! Work is super slow in case you're wondering :).

So, I believe, after reading, reading, and reading... Wholesaling seems like a great option for myself and my husband to begin with. But would bird dogging be and even better beginning?? I am new at all of this and am just grasping all this terminology as well as better understanding what wholesales are all about. 

I definitely want to make a real business of investing and grow into something lasting and stable. My husband and I both have construction backgrounds and really want to flip homes as well as invest in rental property. I don't want to dive in, however, and drown! I don't have much $ to begin with... I could probably scrape up 4-5k, but is that a reasonable start for wholesaling? Or should I bird dog (which I'd need direction on this as well...), and learn a little while saving my earnings from it?

Please let me know what you all think. I've made mistakes before where I've gotten overly excited and wound up completely overwhelmed. I don't want to make that mistake with this, as I have a real desire to do well and prosper in real estate investing.

Thanks!

Hi D'Aydra,

Welcome to Bigger Pockets!  You're definitely in the right place to learn about real estate investing.  I think you're on the right track by getting started with wholesaling and bird dogging, though I will warn you that both require a lot of hard work and persistence.  Actually, that applies to every aspect of real estate investing.  It's not "easy money" as so many would have you believe.  

There are a number of ways you can get into wholesaling, all of which you can learn about in the podcasts and free resources available on this site.  If you have $4,000-$5,000 to dedicate to wholesaling, that could translate into a really robust direct mail campaign.  However, there are also many cheaper/free ways to find wholesale properties (door knocking, driving for dollars, etc).  

Good luck!  If you find yourself with a wholesale property in DC, give me call...I'm a cash buyer and I work with a number of wholesalers.  

-Rob

Welcome to BP - I know what you mean about it being an addictive website!! So much to learn here. As Robert mentioned, wholesaling has a low barrier to entry but it is probably one of the hardest things in REI to do effectively as there are many different parts you need to master to be EFFECTIVE. Wholesellers tend to have a bad rep but the ones that are good and ethical are worth their weight in gold.

It really helped me to attend local REIA meetings and meetups.. I listened alot and watched to see who the main players are in my area. I would suggest you do the same because these people will help you with your wholesaling, they'd love to buy your deals if they are great deals!!!

Good luck!

@Robert Williams , thanks so much for your feedback!

@Christina R. I looked up the REIA near me already, I plan on attending meetings and meet ups as soon as this semester ends (a few weeks from now) because I'm busy during the week with class. I can't wait for it! You mention how challenging wholesales can be, would you recommend a different avenue to enter the real estate investment scene?

D'Aydra,

Actually I think wholesales are a great way to get a good foundation in REI because you have to learn how to evaluate deals and estimate costs - and those 2 aspects stretch over multiple facets of REI. The way I went about it is I went to many meetups and REIAs, did a ton of reading here on BP, bought some books (check out the 2 by J Scott that are offered here on BP/Amazon) and listened to how successful wholesalers go about it in this area (@Terry Royce is a prime example). All the while - because that took me several months because that's the speed I felt comfortable progressing at - I was saving some $ to start a direct mail campaign (@Jerry Puckett). Then when I was ready to try, I took the $ and the knowledge and started. What was great was I had established a support system in the months leading up so I could ask for advice and I had people ready to buy my deals and luckily I got two. I also took people out and paid for dinner or lunch while they let me ask a million questions. That's what worked for me because I had an idea of how I wanted it to progress (wholeselling to using that $ to buy rentals). It didn't quite work out in that order but the former has helped with the latter and now doing my first rental - which is requiring a fair amount of work to get rent-ready - I am learning so much that helps me evaluate deals, so I can wholesale better (and rehab better).

There are so many different ways to make money in REI and this site can be overwhelming at times but you can learn so much by punching a few keywords in the search engine and just reading.

Good luck!

@D'Aydra Allen Before you spend a good chunk of money or a direct mail campaign to try your hand at wholesaling...please just educate self and learn, learn, learn. I am on a number of wholesalers email lists...and I cant tell you what crap they try to peddle. They are asking too much for the property they are selling, seriously underestimate rehab costs and over estimate the ARV. So before you make their mistakes, just learn, learn, learn.

Thank you again @Christina R. !! This information is so helpful and encouraging.

Happy Hump Day!

Thanks for that advice @Russell Brazil ! I will definitely spend lots of time reading and learning... I do NOT want to go into this wrong!

I agree with @Russell Brazil

 that's why you  need to network in person at local REIAs so you come to understand who the legit ones are (not so many) and I agree, take your time.  There's the excitement but you can really be in trouble quick if you don't have knowledge. 

Originally posted by @Account Closed :

Hi BP!

I just joined yesterday and I've been on this site ALL day long today! I even replied to posts as soon as I woke up at 5 something this morning! Work is super slow in case you're wondering :).

So, I believe, after reading, reading, and reading... Wholesaling seems like a great option for myself and my husband to begin with. But would bird dogging be and even better beginning?? I am new at all of this and am just grasping all this terminology as well as better understanding what wholesales are all about. 

I definitely want to make a real business of investing and grow into something lasting and stable. My husband and I both have construction backgrounds and really want to flip homes as well as invest in rental property. I don't want to dive in, however, and drown! I don't have much $ to begin with... I could probably scrape up 4-5k, but is that a reasonable start for wholesaling? Or should I bird dog (which I'd need direction on this as well...), and learn a little while saving my earnings from it?

Please let me know what you all think. I've made mistakes before where I've gotten overly excited and wound up completely overwhelmed. I don't want to make that mistake with this, as I have a real desire to do well and prosper in real estate investing.

Thanks!

 Welcome to BP D'Aydra!  Happy Investing!

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