Wholesaling Competition

6 Replies

I am ramping up my REI work and shifting from wholesaling lease options to traditional wholesaling. One question that keeps popping up in my mind is how much competition is out there from other folks looking for and wholesaling properties in my local area. Another view of the same topic, is how many properties in a given area will be good wholesaling candidates? I guess the more I get in to this, I just get the feeling that the inventory of potential properties is shrinking, ie ..there are fewer coming available as opposed to the ones already taken. I see quite a few and sometimes many bandits signs. A search on the internet reveals several other local and of course numerous out of state wholesalers looking for wholesale properties. I know that the final issue is not to be concerned about competition but I would like some feedback for experienced long term wholesalers about the competition in the wholesaling strategy.

If there are lots of wholesalers then it's probably a good market. When it's "in the air" so to speak I think that's a good thing, think of like all the car dealers or fast food places being in the same spot 

@Robert Burns

 I have oftentimes asked myself the same question.  The answer that I always come to is one where I compare myself as a professional painter to other professional painters.  I know unquestioningly that I could very easily began marketing my services as a professional painter and, despite the fact that there are tonnes of painting contractors in my area I can ply my trade and build wealth.  I know that the same thing exists in wholesaling.  My advice is to stop asking questions and to take immediate and consistant action.

Edit: Not trying to say it is bad to ask these questions, just that once you get a few different point of view to take action instead of developing analysis paralysis.

Your competition are your allies. 

Work together, work smart. Help each other, a scarcity mentality doesn't fare well in this business. Sadly, most entering it feel that way. I did when I began, but you learn you make more money working with others. Learning, helping and having fun in the process. 

Originally posted by @Tim Gordon :

Your competition are your allies. 

Work together, work smart. Help each other, a scarcity mentality doesn't fare well in this business. Sadly, most entering it feel that way. I did when I began, but you learn you make more money working with others. Learning, helping and having fun in the process. 

 A total shift in approach.thanks for sharing

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