Newbie Wholesaler

8 Replies

Hello Everyone,

My name is Tiese & I am going to my first REIA meeting tomorrow evening for networking. I am going to wholesale properties. My plan is to network with other wholesalers and create my cash buyers list. If you don't mind, could you please give me any suggestions of what else I need to do while at the networking event. This will be my first step towards reaching my wholesaling goals. I appreciate all suggestions.

Thanks so much!

@Tiese C. undefined

Once at the meeting talk to the other investors and take notes.  Some of the questions to ask are:

What areas do you invest in?  

What areas do you avoid?

What kinds of properties do you look for (min criteria)? 3bd/2ba or 3bd/1ba etc.

What kind of purchase range do you look for? 

How much rehab are you looking to do?

What potential profit do they want to make?

Make sure to get their contact info so you can get a hold of them when you have properties for sale.  Also ask to walk through a property with them so you can learn what they look for as well.  Good luck.

Paul

The REIA networking event was great! I really enjoyed it. It was great to hear what others are doing and to hear positive feedback from those who are where I plan to be. I believe I'm going to attend a workshop, Saturday, that is being offered thru the REIA, but it's $200. And I'm more interested in wholesaling at this time, but the workshop is on The Realities of Rehabbing.

Topics discussed:

"How Do I":

Find my properties?

Know what to pay for a property?

Estimate the rehab cost?

Present a good wholesale deal?

What do I do once I find a property?

Put the property under contract?

Deal with contractors?

Spend my rehab dollars

Best sell my property

So, yes, this is information that I need to know, but is it relevant to wholesaling and for me to getting started in wholesaling right now.  Oh, also mentoring is offered to anyone that wants it with the workshop.  I don't believe there is a fee for it. So, I'm on the fence,  right now,  as to whether or not I will attend the workshop.

Any feedback will be greatly appreciated!

Thank you,

Tiese

@Tiese C.

This will be the best $200 you have ever spent. Trust me this workshop will give you more insight than anything that you read on the forums. Education is key to success in any business venture. My REIA offers the same workshop and its very beneficial. Will this workshop include a field trip to REO properties? Good luck to you.

Paul

Thank you for responding Paul. The flyer does not mention a field trip. I will make a serious attempt to attend tomorrow, as a backup, find out when the next one will be offered. Thank you so very much for your help. 

Hi @Tiese C.

Welcome to the world of wholesaling:) Glad that you're diving in on BP and at your local meetups. A small word of advice if I may...there's so much to learn with REI, but it can quickly become overwhelming and even distracting. Learn what you need to know to take your first step and then do it. Then learn what's needed for the next one and do that. Keep going and before you know it you'll have your first investment under your belt and will know how to get your next. I've had people tell me that they took 2 years trying to learn all they could before doing anything and regretted it. Just a thought. Anyway, All the best.

Thank you so much,  Brett, for the sound advice. I am working on learning and doing for my first transaction. Excited about the future! And you are so right about all the info -I feel it's an overload of information. But that's ok. I'm ready & the time is NOW!!!