Investor · Westchester County, NY · Member since 2014 · 77 posts · 19 votes
This question was actually inspired by the new BiggerPockets book by David Greene about long-distance investing. As those of you who read it probably know, the book doesn't really pertain to wholesaling as opposed to rehab and buy-and-hold. Which is absolutely fine, obviously, but does raise some questions for those primarily interested in wholesaling but who want to do so long-distance.
Here's my specific question. The book makes it clear that an agent is one of the most important members of one's long-distance real estate team. But since almost all wholesaling seems to involve off-market properties, not properties listed on the MLS, using agents doesn't apply. How does one deal with this problem? That is, who fills this role instead when wholesaling virtually? I guess another way to ask this is this: how does one work long-distance real estate investing when going after off-market properties?
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
8y
Although I haven't read the book, investing remotely seems much easier as you're only dealing with one transaction. Wholesaling is basically 2 separate transactions, if you're not in the area it will be difficult to find buyers. Although not impossible. You could JV with established wholesalers until you gain some traction. I think it this scenario the person coordinating the closings becomes more important than an agent.
Maybe someone who does wholesaling remotely can chime in and give you better advice than I can.
Morristown, TN · Member since 2017 · 200 posts · 22 votes
8y
I also wondered how the book would apply to wholesaling, or other low or no down payment investing options. I haven't read it yet, but I'm guessing it won't cover these aspects in detail. Maybe a wasted opportunity? Anywho, any solid literature covering these aside from the Virtual Wholesaling for Dummies? Something about that book rubs me the wrong way ...
Investor · Westchester County, NY · Member since 2014 · 77 posts · 19 votes
8y
@Tim Ivory Glad to see this thread finally received another response. The funny think is that I had never heard of "Virtual Wholesaling for Dummies" (I was hoping it was a real Dummies book!). That said, yes, the reviews aren't particularly impressive, so I guess it's still a topic that could use better coverage.
Investor · Westchester County, NY · Member since 2014 · 77 posts · 19 votes
8y
@Account Closed Well, I think the process is probably a bit more complex than just that, so I still think there is a need for some serious literature on the subject.
Flipper/Rehabber · Madison, WI · Member since 2018 · 6 posts · 1 vote
8y
Fear is debilitating, it's sounds like you're stuck in "how's this gonna work mode" so you're overcomplicating it. If you want detailed advice like in a step by step format all you had to do is ask. The little jab was uncalled for, I was just trying to help. I actually do deals.
Investor · Westchester County, NY · Member since 2014 · 77 posts · 19 votes
8y
@Account Closed I don't think it was really a "jab," but I do think investing outside of one's area (and wholesaling is, I think, kind of investing) requires more knowledge than what you're making it out to be. I mean, investing itself isn't easy, and doing so outside of one's area even more so. So while I don't consider it a "jab," I don't agree with you, and this is something I do see on BiggerPockets from time to time. For example, discussions on how to find private money with comments like "just talk to everyone you know about what you do." I don't agree that that's that easy, either.
Quite frankly, using your logic, David Greene could have skipped his book and just said "find a contractor to do good work and don't let fear get in the way." And on some level that's true! But it still didn't preclude him from writing a valuable book on the subject.