Real Estate Broker · Philadelphia, PA · Member since 2016 · 228 posts · 95 votes
does anyone have experience with part time Wholesaling? it seems like less effort goes into wholesaling, please correct me if i'm wrong. From what i have been researching, less man power seems to go into it in a sense that you don't rehab, therefore it doesn't require as much overhead. I am a recent college grad who just started working full time 2 months ago and am really interested in getting into real estate investing in one form or another. I am trying to find a method of investing that will still allow me to focus on my full time job. At the same time, i do not have much money to work with. I know it is a lot to ask for, but i have heard some storied on BP of people in similar situations as mine starting off in real estate investing and becoming fairly successful. Long term, i would like to end up doing real estate full time, but for now i'd really like to get started part time while holding my full time job. Any advice and input would be amazing!
Real Estate Investor · Buffalo, NY · Member since 2013 · 227 posts · 318 votes
9y
Hey @Brandon Ribeiro I am a part time wholesaler. Over the past 10 years have generated 5k to 10k per deal wholesaling houses while working full-time and teaching real estate investing. I close roughly two deals a month and investing about 15 hours a week to real estate investing. That also, includes time managing my 40 units of rental properties I have acquired over that same time period. Best decision I have ever made!!!! Here are a few suggestions to get you thinking. First, learn the process which could be explained in these simple steps:
Step 1: Market to motivated sellers
Step 2: Sign purchase contract with the seller
Step 3: Find cash buyer
Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit
Step5: Close Transaction via Assignment or
Double Closing and Collect your check
Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.
Real Estate Broker · Philadelphia, PA · Member since 2016 · 228 posts · 95 votes
9y
Jose Flores thank you so much for that feedback, really put things into perspective and clarified it all. I would love to find a mentor around me to be able to coach me through the processes. Overall really appreciate how simply you put it!