I posted not too long ago with a few questions about getting started in RE for someone who is going to be Junior at university and I appreciated all the insightful responses. While I am interested in owning my own real estate properties on day I am trying to evaluate the best way to get into the industry. My question today is about Wholesaling. I have read a lot about wholesaling so I understand what is from a spectator's point of view but I was hoping to get some insight into the business from others experienced in the field. Obviously being in school I can devote all 24 hours of my day to this. I understand that I could go at my own pace in contracting houses but is the time commitment with wholesaling too great for a college student? Secondly, what is the initial overhead (i.e. contracts, do I need to start a LLC, networking). My last question is about networking. I go to school in Phoenix, AZ but I am from Lincoln, NE. I have not established many contacts outside of my university, and my college colleagues are not necessarily my target market. Even though I am at a disadvantage would I still be able to get into the wholesaling game and be successful?
Thank you for your responses.
-You can wholesale as a student but it will be harder
-The overhead/cost it all up to you, you don't need an LLC right away and contracts are free. you will need to spend some money on marketing unless you're just going to go door to door asking people if they want to sell their house.
-I would start connecting and start meeting with other people in real estate in the area you want to start wholesaling. Getting a contract is only part of the deal you need to sell/flip it to someone else and the more credibility you can create the more people will know, trust and like you and people like to do business with others they know, like and trust.
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