How to get started in Wholesaling?

9 Replies

I know Wholesaling is when you find great dealers and bring them to someone(usually an investor) to buy.  But my question is, how do you even get started?  What business to form, marketing, amount of money needed to start, and how to market/find people to buy your good leads?  

Mike, you have access to a ton of information right here at Bigger Pockets.  At the top of the page you will see the heading 'Education'.  Click on that.  Then click on the tab Videos.  In the search box put 'Starting to Wholesale' or 'Beginning to Wholesale'.  Good luck!

If you search, you will find.   And find, and find and find. 

@Mike Bereck

I am a newbie wholesaler about a few weeks ahead of you in the learning curve. These are the sources I recommend you read first.

Bird Dog is a less official wholesaler with less pay off and headaches; you may want to try your hand at that for a little but perhaps not.

Read this first.
https://www.biggerpockets.com/forums/12/topics/369...

Second

https://www.biggerpockets.com/renewsblog/why-whole...

Perhaps you want to read this last because it can be overwhelming

https://www.biggerpockets.com/renewsblog/2015/01/3...

Also Brandon Turner's "The Book On Investing in .... with No(and low) Money Down" has been very helpful for me. I was sketchy before I bought it thinking it might be guruey but there is a whole section on wholesaling in there and it is great for a beginner; I also learned much about financing in this book. The author, Brandon, is a big guy in the Bigger Pockets community and hosts their podcasts and webinars.

@Roland Paicely So, I clicked on the Videos tab under Education. I didn't see any search box except the one at the top of the screen, in the browser. When I searched for starting to wholesale, it searched the internet and returned a bunch of information about wholesaling things made in other countries.

What am I missing?

You just have to jump in. My first wholesale was last month and it was a total nightmare aside from the seller. The buyer was a hard headed hateful/spiteful woman without anything positive to say. The closing company let her convince them that she had already payed 50% of my fees. Which I did take earnest money from her but applied it to her closing cost as written in the contract. Unfortunately she was able to muscle and back them down despite a signed and notarized contract. This was absolutely my fault for not being present, however I just wanted the deal done and not have to see/handle that woman again. So I lost 50% of my profits on my first deal. Personally I was ok with that as I learned MANY Valuable lessons and got to walk through my first deal. I'm confident that doing is the only true was of learning.

@Rocky you just have to jump in.  At least your deal went through and it was a good learning experience for you.  Thanks for the comment.  

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