CHEERS!! To My Amazing New Journey in RE Wholesaling

7 Replies

Hi! I am new and just super stoked to be in the Real Estate Wholesaling arena!! I am in the San Diego area. I am looking forward to being immersed in the amazing wealth of information provided here at Bigger Pockets in order to further propel my business forward!! Any business advice is greatly and truly appreciated!!

Have a FANTASTIC LIFE!!

Hi Jennifer, I'm new to wholesaling as well. So far, I've gone to two local RE meetups and have made some great contacts. I really encourage you to get out there and meet local people.

@Jennifer J Bennett and @Bahiyyah Parks I'm glad to hear that from you and welcome to Bigger Pockets! I don't like to be a Debbie downer, but I don't want to see you guys devastated and let down from unmet expectations. Many meet ups and "guru's" make wholesaling seem easy, quick and insanely profitable. That is so far from the truth. They are just trying to get you to buy their program, and are twisting the truth in order to make this happen. Listen to what @Roland Paicely said except for the attend your local REIA. At least in my area that is where the pitchfests and guru's prey on the ignorant and newbies to real estate. I would suggest going to the free meet ups with investors who actually care about teaching others and working together, not about selling a program. STAY POSITIVE AND STAY PATIENT is the major key in what he said. Can wholesaling be very profitable? Yes! Can wholesaling be fast money? Yes. BUT they don't tell you how many leads, calls and rejections you have to go through or overcome to get that one deal. Ask me how I know lol! It takes time and patience, and I would say about 80% of people that get into, start, or are interested in wholesaling never get past the first 2 months. They send out a mailer, cold call, or knock on a few doors and since a deal doesn't fall in their lap they give up. Don't let this be you. Take the time to learn how to talk to people, solve problems, analyze a deal, network with investors and cash buyers in your area. All of these things will greatly improve your chances of success. You will also have to develop tough skin, and not be afraid of rejection and people getting upset at you. There is so much that people don't tell you about wholesaling and I believe that is why so many people fail. Everyone seems to glorify it as some easy, get rich quick path in Real estate. IT IS NOT. You can become very rich and wealthy over time but YOU HAVE TO BE CONSISTENT AND PERSISTENT with it. Never give up. Definitely don't quit your full time job to go into this. Definitely continue to interact and ask questions here on Bigger Pockets and try and learn as much as you can and take action on the wisdom you gain. Good luck and I hope to see you around the site soon with a success story!

@Bahiyyah Parks Thanks so much for the great tip! I wish you well in your RE venture!! 

@Michael Guzik WOW!!! I am truly very grateful for the sound advice and great wisdom in your words! Since being on here I quickly realized how there is such a vast difference in the feeling in the air I get in Bigger Pockets compared to other groups (some groups in FB, in which I intend to leave the group due to not getting any real sense of value, but more like a bunch of vultures wanting to make easy money by preying on (ex: Joint Ventures) with the newbies). The professionalism here in Bigger Pockets has sure gotten my Attention!!! It's what I've been looking for! I'm glad I didn't stop looking for such a group or I wouldn't have found you guys and believe me, I joined ALOT of before I finally found Bigger Pockets and now I will delete those groups just taking up space. I want advice from those who have been in the trenches. Who have been there and done that. I am not trying to reinvent the wheel. So, I am forever grateful for all the great advice I have received from everyone on here 

@Michael Guzik   those that get RICH  ( and that's a relative word of course) in wholesaling do it two ways.

1. they sell how to.. ( guru's) make no mistake the top HOW to GURUS make insane money INSANE.

2. They run it like any other business that you expect to make big money at .. they have VERY LARGE amount of working capital.. spend Hundreds of thousands a year in marketing.. Have offices  back end support staff.. sales teams ( closers) etc etc etc.. just like starting any real estate brokerage.. which is essence is what your doing.. 

Trying to be a one off wholesaler without means I could not think of a tougher thing and a bigger waste of someone's time.  Especially on the West coast.. One it violates the real estate licensure rules and two wholesaling tends to work best in areas with a lot of distressed real estate and those areas were folks just move on their neighborhoods have changed and are transitioning to rentals for out of state buyers.. LOW value assets as it were.. 

Not that it cant happen but anyone who can make it happen could also succeed at probably any sales oriented business.

@Nick C.   wholesalers in this area are mainly those that buy at courthouse and flip their purchases.. or they close on them. Our state ORegon is really cracking down on illegal assignment stuff.. and frankly there just is not enough inventory this is a very cash intensive business on the west coast to make any real money and buy real I mean more than a deal here or there..