Hey guys, I was looking to get into wholesaling. I have a good relationship with a cash buyer and was wondering what the best process was to get started in MA
Hey Domenic, from my experience the best process is to just dive in. There's a lot of good info here, but a go-to is driving for dollars. Drive around and look for run-down properties, look up the owners and mail them a letter saying you're looking to buy. Just starting somewhere helps you get into it.
Wholesaling is difficult but if nothing else, it helps you assess a deal like an investor.
@Stephen Beaudoin Thanks, I appreciate the response. Do you recommend using any real estate investing software for direct mail campaigns, mls access?
Hi @Domenic D'Aurora , I have yet to use any and wouldn't be able to recommend them or not. If you have the budget it is a lot more efficient.
I did everything manually based on a lot of the research I had done and some simple list merges. If you pay for leads then make sure to keep an eye on your success rate.
MLS access is nice if you're an agent (I became one in the last year), but there is a lot of competition in that space so you'd have to be ready to move, fast and make sure you have the cash buyer lined up. If you have a cash buyer lined up with specific needs, it's not bad to go out and hunt down bargains, but in the MLS it's easier to look in areas that have been on the market for a while for one reason or another.
@Stephen Beaudoin thanks for the advice! Also I'm looking to get into multi-family investing and house hack. Don't know if you or anyone you know has been through that process as well.
Let me know!
@Domenic D'Aurora I actually bought a 2-family about 6 years ago and love the space I have for the money. It's great to have rent paying more than your mortgage. I currently have a client now looking for Multi's in our area and it's all about the math. If the rent works with what he can afford to pay out of pocket each month, he's interested. There are a couple of decent options right now but they require a little more down payment to be worth the rent they can bring in. Overall, I recommend it.
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