Updated over 8 years ago on . Most recent reply
Novice- Trying to get started in wholesaling
Hi Everyone! I am a newbie in the real estate business, I am in college but I have always been interested in Real Estate. I want to start off with Wholesaling as I have read that is usually where people begin. I have absolutely no capital to start investing in property so I think this might be a great chance to gain some cash first. But I have NO IDEA how to begin. Like do I need to build a website to market? Is it even legal to wholesale in Florida without a license (as I read in other posts)? I just really don't know how to begin. I would very much appreciate your help if you can give me some tips and guidelines on how to start. Thank you so much!
Most Popular Reply
Hi @Account Closed. Great information in this post from the other people. I am a Realtor in Tampa and my company is actually a Wholesale Brokerage. So we are all Licensed Agents, but we are wholesalers, we do not do traditional real estate or listings or anything like that. We specialize in buying and selling Distressed homes that need to be flipped or held and rented. Anyway, I have a lot of wholesalers on my list that bring me pretty good properties. Some are licensed, some are not. If you are not licensed, the only legal way to wholesale a property is to have it under contract yourself (put down a Down Payment or Earnest Money) and then try to find an end buyer during your Inspection period.
If you have a Real Estate License, you do not need to have equitable rights in a property to wholesale it. You could do something simple like find a property on the MLS or a For Sale by Owner while you are driving around, send the info to a buyer who is interested in that area, if they end up buying and closing on it, you can get a referral for it.
Most of my wholesalers get their license because, just like you, they don't have the capital to put a Down Payment or EMD on a property and getting your license is cheaper in the long run.
So basically, if you don't have a license, you have to have equitable rights in the property in order to legally market it out. If you have your license, you do not need equitable rights in the property, just the seller/owner's permission.
If you have any questions, please PM me! Thanks! and hope this helps and I didn't confuse you,