Updated over 6 years ago on . Most recent reply
US Army Veteran that is New to wholesaling
Hey, My name is Shawn Noel and I have recently separated from the Army . I am really eager, to wholesale my first property in Clarksville, Nashville, and Atlanta area’s. I am looking to connect with Real Estate Investors or even a mentor. Thank You!
Most Popular Reply
Hooo-ahhh.
@Shawn Noel you can be a wholesaler, sure. Do a deal, get paid once. Or you can figure out how to raise capital. Do a deal once, and create a cash flow stream.
Forty people here will rush to tell me how risky it is, that you need reserves, etc. All that is true. Do it anyway. Get the reserves. Figure it out. Think and grow rich. Overcome your limiting beliefs. If you think you cannot do it, then you are correct.
With wholesaling you are only as good as your posse of buyers. And even then, you still have to get everything lined up and timed out perfectly. Otherwise your deal doesn't get done, and your seller is left hanging, and potentially harmed. You will feel like garbage when this happens the first time.
Still do all the same activities that a wholesaler does, just get your funding lined up to buy the thing. Get help, partner up. Get with the hard money lenders up there, network your @ss off and meet some private money lenders. Maybe all you do is close and clean, list it on the MLS... the so-called 'whole-tail' approach. That's adding some value at least.
Whatever you do, promise me you will do this: Go get qualified for a VA Loan.
Go buy a plain Jane decent house that you think will one day cash flow as a rental and live in it for a while. Do minor repairs as you have cash available, and over time, get it rent ready. Make payments on it for a year or two, and then go buy another one, and move into that new one. Rent the old one. We are planning to do this with this house we have here in Houston, once the kid finishes HS. We'll get a smaller house, a newer one, and this becomes a rental in a decent working class area.