Investor / Wholesaler · Erie, PA · Member since 2015 · 120 posts · 18 votes
This will be somewhat of a 'starting out' question and I thought that it would fit best into this category...and Ill explain why.
So wholesaling basically will get you a spread between the price that you negotiate with the seller and what you sell the property for, the only way of growing this to a sustainable business model is to get a large number of the deals under contract at a decent enough price. Unless I'm grossly misunderstanding this, wont you have to place a large number of offers onto houses to get a decent quantity that will stick? How would you ensure that when the offers are submitted you always have a way out of it for what ever reason??? What have others used to cover themselves in these situations???
You are right - wholesaling full-time is a quantity game, but definitely doable long term. I've been at it for 10 years, but have set up systems and now have a staff that help manage a higher volume of homes. You may not like my answer to the last part, but we don't back out of contracts. I know many do, but just read some posts about wholesaling on here and you'll see that it's a mixed discussion as many have had negative experiences with wholesalers (this is for various reasons). I get why people back out, but we've decided as a business to eat the odd expense in an effort to maintain a good reputation.