Trying to Get Started!

9 Replies

Hello All,

I'm still totally new to wholesaling and real estate investing in general. I've been really hesitating for the past few days about starting into wholesaling. I really want to do this as a starting point of investing and to be able to branch out from here, but I've been having doubts about putting myself out there because I don't have a real estate license. I feel we live in a "sue-crazy" world where everyone's suing everyone. I don't want to get caught up in a bad situation like that. I've read blogs on here and other sites stating that " you don't need a license to wholesale because you're flipping contracts, not property." I feel that sellers are going to expect me to be licensed. Maybe I'm thinking too hard about this, but I'm very cautious person so it's hard for me to jump in the deep end and hope for the best. I like kinda knowing what I'm getting into. I need some guidance on what to do about this? How can I feel confident as a new wholesaler in front of sellers without raising eyebrows or getting in trouble? Any advice is much appreciated. 

@Bianca Garrett

Hey Bianca. If you are truly nervous about wholesaling without a license then get your license! I am a wholesaler in Nashville, TN. and I do not have a license. I wouldn't worry too much about it if I was you. I am upfront with my sellers and let them know that I work with a lot of investors and sometimes I keep the deals for myself and sometimes I pass them off to them. I have found that if you are upfront with sellers from the beginning then you shouldn't have a problem. 

From an education standpoint, getting a license won't do much for you.  I did the hours and passed the test and decided not to hang it.  Most of that education is how agency relationships work and how to farm for listings.  Sqft of an acre. When was RESPA.  

The sellers I deal with are specifically NOT looking for a realtor.  No time. Too cheap.  Too many repairs.  Not bankable.  Etc.  It's a small share of the market, but it's my share.  Learn as much as you can here and network with seasoned folks @Bianca Garrett .   

Good advice so far imo, I would add that if you got your license and marketed like a wholesaler (see Jerry Puckett), you could service all the people who don't fit into the tight niche that Steve referenced above, as well as being able to wholesale when the situation calls for it. 

Hi Bianca,

Welcome to BiggerPockets. And the world of real estate. A great place to start is with BiggerPockets free how to guides in the learn section. And then just as was stated in a previous reply look around the site. You will learn from others questions and answers.

To your success,

Eva

Plenty of wholesalers don't have licenses and as long as you aren't brokering the deal but actually getting it under contract and selling that contract, you should be fine. But, getting if getting your license will put your mind at rest, you should definitely get it. And it comes with other advantages too like access to the MLS.

Hey Bianca, welcome to BP! I understand the nerves of getting started.  There might be a lot of things that you are unsure of or just don't know.  My suggestion to you is to just educate yourself. You can't expect to go to business in a field where you have no clue about. Luckily you've came to a great starting place. First off listen to the podcasts, read books, and ask a ton of questions.  As far as the Realtors license it's not necessary. If you wanted to get it however go right ahead, it might help you get in a few houses. Hope this helps.  Best of luck to you!