First Things to Do When Starting to Wholesale?

4 Replies

Hello, I've read many articles, pdfs, and listened to podcasts so I have a general idea of wholesaling and flipping properties. Now, I haven't done any actual work in terms of starting, but rather have gained a massive amount of knowledge. 

My question is, what would be the first steps you would take, besides the networking aspect, because I am already working on that. 

Below is a list of how I want to start, and any obstacles that are stopping me from doing so are in parenthesis:

1) Analyze the markets you want to hit in my city (Los Angeles) & come up with the criteria that you need to stick to. 

2) Network with cash buyers by going to different events

3) Make business cards & and two different websites for sellers and buyers, with a squeeze page from aweber (this sounds like it would be expensive) (do I need a buyers page and sellers page?)

4) Make a google voice number

5) Find a good attorney and make contracts (I don't know what to ask the attorney to add into the contracts to fully protect myself -- I am a licensed agent that doesn't practice) (Also, this sounds expensive, and I was wondering if there is another way I can come up with contracts, or if someone can assist me with creating one)

6) Find a good closing agent that is real estate friendly

7) Make buyer/seller script (elevator pitch) so you are prepared when talking to them over the phone, or in person when you visit the subject property

Thank you in advance!

I would say the biggest ones are the first two...learn your market inside and out and build relationships with others in the real estate industry. You're also going to need to learn rehab estimates. After that's done you need to start your marketing to find your deals.

Just my two cents.

Hi!

I personally think you don't need a buyers and sellers website to start with. I believe there are some contracts on BP I have never looked. I can send you some of mine. I would still suggest finding an attorney for once you have your first deal. 

Thank you,

Marina Wedge

I would definitely say know your numbers so that your comps are on point. Also know your area so that you know where the action is. Networking with cash buyers is important but if you have a great deal all you have to do is post it on Craigslist and they will come. www.*******************.com is a great resource for comps and findcompsnow.com is a great resource for comps, cash buyers, and to see where the investing is.

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