I just found this website today and noticed the positive feedback. I am really exicited! I'm interested in learning more about wholesaling and investing in real estate in Rhode Island. I am wondering if there is anyone to give me insight about the process of wholesaling, direct marketing, contracts and closing the deal. I want to find out more. My goal is to wholesale at least 5 properties per month. Is this possible?
@George Kahari There are quite a few resources for wholesaling here on Bigger Pockets, I'm sure. For example I think there must have been at least a few episodes of the podcast which have probably covered the topic, and @Brandon Turner wrote a pretty good post on The Ultimate Beginner's Guide to Wholesaling a few years back.
It's worth checking out the BP resources because there's very little that's Rhode Island specific about wholesaling. Essentially you're just getting something under contract for a below market value, marking it up a little, and assigning the contract for a finder's fee.
Though I also think it's important that you at least have the ability to close if you can't find someone to assign the contract to (and if the deal isn't good enough that you would want to close yourself, you may want to double check how good of a deal it is in general).
If your goal is to wholesale 5 properties a month, you're going to have to ramp up your spending and effort on a variety of marketing methods, as well as develop systems to handle/filter/process the leads that will come in, since most of them won't be deals but you have to be ready to jump on the few that are. Again, there are many resources here on BP you should check out.
You might also consider attending a local real estate investor group such as Black Diamond REI in southern MA or RIREIG in Rhode Island, and talking to other wholesalers in your area, maybe meeting up with some for coffee, etc.
Good luck and keep us posted on your progress of course!
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