Hi everyone. I went to a REI class. To be specific the Merrill RE Class. I sat down and took any notes i found useful and new. I know wholesale isn’t as pretty as it is presented. I know it is hard and people aren’t always honest. If I wanted to start on Wholesaling, what could I expect and what should I arm myself with ? Any specifics ? I’m in the studying RE stage. I’m 18. Thank you!
I'm not sure how much studying will really help . . . though of course it's great to learn things on a forum or book . . . but in the real world it's so different that it may be better to focus on learning as you begin investing and issues come up . . .
To get started though, here are few questions to sit down with: (1) where/how will you source your deals; (2) to whom will you wholesale too; (3) figure out escrow deposits/contracts.
Once you answer those questions, there is likely 5 or 6 sub-questions. For example, you want to do direct-mail. Need to figure this out: (1) what mailing list will you use; (2) how will you generate mailers; (3) how will you pay for your mailing list and/or mailers; (4) what phone number to use; (5) call in script.
I could go on a bit . . . the devil is in the details and execution so that's a great place to focus your attention. Experience will teach you the rest.
I would also add that - I don't mean you need to go it alone and have a negative experience. Latch on to a person that is ACTUALLY doing what you want to do where you want to do it. For you, that probably means finding an excellent wholesaler in you area, and bringing them deals to work together on.
Welcome and good luck!
First thing I would recommend is to really dig in and learn as much as you can. BP is a good source of information. Read the types of questions that others had when they started and you’ll get an idea of what you might be in for.
Find a local RE I a and start networking. Again BP is a good resource for finding meet ups in your local markets. I have had good luck meeting local investors though my REIA, take them to lunch, ask them how they started and then shut up and take notes.
After you understand the process, focus on the deal. Don’t get caught up in all of the websites, software platforms, phone systems, find the deals. You have to have basic systems to work through the process but don’t spend all of your time and money getting fancy when you first start out.
If you can find someone that is fairly local to you that you can partner with in some form or fashion it can be very beneficial. I did not do that, but I read and hear on this site that many people have had great success going that route.
This is simple, but it’s NOT easy!
Thank you @Lucas Machado ! I appreciate your response and I will definitely take all of it into consideration.
Thank you @Bob McGhee ! I will definitely look into finding someone locally
W/o a strong support with funds, jobs , a good track record and means to borrow huge sum it will be tough to get noticed.
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