New to Wholesaling in Chicago

13 Replies

Hello All,

I am new to wholesaling and I must admit that I am a nervous wreck. I have watched videos that has given me a bunch of information. I have joined plenty of groups, read and heard plenty of success stories and here I am eager to start but I am the type of person who is so scared of messing up that it holds me back. That is where I am today.

Do any of you have any suggestions for people just starting out? Solutions, motivation, tips, lessons learned, helpful tools to use or anything? I have seen different ways to possibly go out to find sellers, such as bandit signs, landlords and the MLS. Is there an easier way? Do you suggest that a newbie has a mentor? Anyone in Chicago willing to be a mentor?

Any help at all is appreciated!

Yes, the wholesaling process can be quite intimidating to someone that hasn't done it. I'd suggest that you join your local REIA. There are investors that would like the assistance of someone and you can learn at the same time. Also, you should get comfortable talking to sellers. Go to Craigslist and call any sellers that have their house on the market. You may not specifically be looking for a deal. But it's a good way to get past the scary thought of talking to sellers.

@Roland Paicely I am a real estate agent and I still have fear of the phone. But that is actually a great suggestion and I am going to try that! Thank you!

Get a good script first. 

@Shana Miller  

Get a mentor. Its the fastest way. You shouldn't be scared of anything. Its all in your mindset. You go in with a weak mindset, your going to get weak results. If your going to get into this business. Go all in. YOU HAVE TWO OPTIONS. Learn on your own. Or again, get a mentor. I recommend the second. Make sure you get a good one. Not some greedy crook, and not one thats going to charge you an arm and a leg.  Shop around there's a bunch of great guys out there. I'll repost this though. Another newbie asked a similar question in regard of whether he should pay 25k for a course. This was my reply.

"They say once you get to a certain position of success in your Investing career you'll realize your time is valuable. Negative. When you are first starting is when the time is the most valuable. You can A spend hours and hours on the web watching hour and a half long videos, be clueless of where to go, get sold a training that costs 5k plus (for information that you can learn on the web for free if you look hard enough, bigger pockets,crinoline, youtube, google, reitipster, ..the list goes on forever. We're in the digital age guys) can just find a Real, Straightforward Investor to Mentor you. and if he's ligit and not a greedy crook. He or she will just be straight up and teach you what works, not drag it out.....over a hour...or in some cases a couple months.. Its all really the same business. Whether your wholesaling ( residential or commercial) fix and flipping, or buy and holding. With wholesale...find a seller in a distressed situation, connect make an offer, get a contract signed then sell it. (Assign, double close, quit claim..w.e your preference lol) stack your cash ...take it the next step ( Or if you've a silver tongue use OPM..other peoples money..give em 6% on their money in interest only payments).... ..fix and flip.. same steps except this time guess what? You close on the property now you should have a feel for the game, know how to get sweet deals for the low low and more importantly know how to calculate repairs...yup..close on it end buyer no assignments..that 40k profit is all yours..... hire a contracting company or if your a hands-on guy...(youtube) visit home depot and start rehabbing. Fast forward 3 months..ready to either sell it on the market..or...since it's yours ...start hunting for a tenant ( don't do it...just flip it honestly, renting out SFR is by far...just silly..having one tenant really??Ayee again some do it, it works I guess). Personally, prefer Multifamily..either start with 5-20...(target mom and pop) or be like good ole Grant Cardone and target only 35 plus units ( ps. that's when OPM comes in handy)...oh man There's so much...And by the way, all that knowledge was gathered for FREE. nope...didn't pay a dime. In the end its all about leveraging your time..and finding out who REALLY knows the know how. A man doesn't make 100k a year because he wishes to...he does so because he's unaware of how to do it in a month.... (lol there's some pretty good wholesalers out there doing that now)..oh man...If you've followed this far you see what I mean by finding a Knowledgable Straight Foward Investor. Why spend 4 months learning what should take a day..come

Welcome to BP and good luck with your REI journey ! @Shana Miller I'm a wholesaler in the Milwaukee market and it hard work at times. If you put in the sweat equity, sky is the limit in this niche of REI. Yes. I definitely suggest a mentor that can show you the ropes in your market. A wise man learns from the mistakes of other and having a mentor will show you how to avoid mistakes and waste time and money. 

@Christopher Charles I absolutely love that! Thank you! Oh how I wish you were in Chicago, seems as though you aren't stingy with information! I hope to find a nice mentor like you suggested who will not take all of my money. It's an investment, I get it and what I can take from it can be priceless... but I still don't want to be completely broke lol. I literally only know one person in this field and he is not in a position to mentor so I wouldn't love to find one. I really want to get this!

@Aziz Raji Thank you! I completely agree with you. I can definitely see how this could be hard work at times. I completely get that. I hope that I can actually come across someone who may be willing to mentor me! 

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Wow Christopher!!!  I just read your response to Shana. You gave a class in a few minutes.  Thank you for sharing what you know.  You will be blessed because of it.  If you EVER decide to dive into the market here in the Chicagoland area (not just the city), please let me know.  You just don't know, you have 2 students already (Me and Shana).

Hi Shana - I am trying to help someone to who wants to sell their house in Ford Heights (very motivated). I am a newbie and I thought about doing it myself, but I am new to REI and don't think I am ready to jump right in without knowing the area. Please let me know if you are interested.

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