Beginner Wholesale Action Plan

9 Replies

Hi All, 

I'm new to the forums and curious to know if any of the seasoned vets here have an action plan for getting started in wholesaling?  I just started listening to the BP podcasts and take notes when I do in order get a plan going.  I'm looking for an action plan so I can hold myself accountable to get started.  Over the years I've showed interest in investing but taken no action.  If it makes any difference,  I reside in Georgia.  Thanks in advance and I look forward to networking here! 

Welcome to BP Terry!

As a Marine, you know that an action plan without the prior proper training leads to losing the battle. I suggest you get to RE basic training first, then start your plan. 

Oh, you'll get words of encouragement from the wheeler dealer types, jump in, go for it, but most of them won't be around in 3 years, those still saying that are probably trying to sell you something or mentor you.

So, from an old vet, get the basics of RE first, stay out of trouble as you begin, don't make a fool of yourself with others in the business, like Realtors or good investors. Learn, then do. Good luck :)  

Welcome to the BP community @Terry Odom ! You've come to the right place. Congrats on being smart enough to jump out here and ask for advice here rather than just paying a guru a lot of money for very little results. IMHO, people can get as much or more education on BiggerPockets for free than they can get in most paid guru courses.

Also, congrats on being ready to take action right away. That being said, your first step in your action plan should be to learn more. Before you run right out and start wholesaling houses read @Brandon Turner 's "Ultimate Beginner's Guide to Real Estate Investing". 

Next, begin listening to the BP podcasts. There are a lot of them, so go through and pick the ones with the most interesting titles first. There is also I lot of short, single topic podcasts in the AskBP area. Check these out.

Between podcasts surf the forums a lot. There's an absolutely INCREDIBLE quantity of high quality information out there posted by people who ACTUALLY investing in real estate. Given your interest you might want to start by subscribing to the Real Estate Wholesaling Questions & Answers forum. Is this helping so far.

This doesn't have to take forever. Take a week or two to build up your education. The two things that probably kill off more new investors is people being too afraid to start or being so fearless that they jump in too soon. Makes sense, right? You stay in the shallow end of the pool until you know how to swim or you drown.

Why not sign up for Brandon's free weekly webinar? Is this too much yet? :D

Again, welcome. I think we're gonna be fast friends! Let's go get successful!

Bill/Tom, 

Your advice is priceless and duly noted.  Thanks for the quick responses guys! 

Originally posted by @Terry Odom :

Bill/Tom, 

Your advice is priceless and duly noted.  Thanks for the quick responses guys! 

 Terry, While Tom gave you some good pointers about BP, that's not the basic training I was talking about. If you're just starting, get a real estate text book off Amazon, an older edition is fine, just make sure it is for agents to take their license exam. 

You don't need to memorize the text book, but do take the tests in each chapter, it will sink in quickly. 

Actually, to be a good investor you need to know more than a new real estate agent!

Once you understand  how transactions flow, what is needed in contracts, deeds, interests in title, how to value RE, appraisal techniques, what can and can't be financed and different types of financing.....and especially basic real estate laws, you will understand how investor strategies work in different situations, then hit the BP stuff or guru books if you must.  

By learning the reality of real estate, you can spot the bad information and the hype found in public forums, podcasts or other information. Some stuff is just plain illegal, but is sold to newbies. 

It may take a couple weeks to learn the basics, it will be the best education as it is the foundation for you to build on. 

Another tip, go to the state real estate commission web site for the state you want to deal in. They publish information there, meetings, actions taken, opinions of rulings, pay attention to how they view RE operations and legal matters. They govern RE matters and you don't want to get sideways with the state commission!

There isn't anything in this world that makes a lot of money that is easy, except maybe selling how to stuff that makes a lot of money that's easy. It takes conventional knowledge about business, real estate, law, finance and some hard work. But it's worth the effort!

BTW, thank you for your service Marine! :)

@Terry Odom

Welcome. Thanks for your service.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

A wholesaler basically just engineers transactions, if that's what you want to do then I would consider getting your license. If you want to buy, fix and sell houses (commonly referred to as rehabbing, flipping, or fix and flipping) then maybe you could get some work with a successful rehabber as an employee or intern. 

Might I suggest also that as a new investor you at least consider breaking into the rental game? Less fireworks but a little more forgiving and a wise long-term strategy. 

Good luck! 

@Terry Odom

Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.

Bill/Paul/Russell/Mark,

Thanks again for the solid advise.  Definitely noted and looking forward to following/connecting with each of you either now or in the future!

As a wholesaler you should seek knowledge and study/master it. Start with a daily action plan that you can check off daily. Simple things like compare comps, get some business cards, attend local REI meetings to network, invest in marketing, find motivated sellers and find out their needs and how you can be of assistance to them, attend local auctions to find buyers. Just start with daily goals and execute them. Each day you'll be further ahead as a wholesaler than the day before. It's a lot of free info available but I would suggest an active mentor as well. Make sure that your contracts are legally worded to protect yourself. @Terry Odom

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