Newbie looking to wholesale in NJ

[Uneeq Khan]

My current job has me working on various construction sites all over NJ. Recently I started noticing all my sites area in or near neighborhoods where there's a mixture of nice homes and distressed homes. And then it occured to me, I could potentially wholesale these distressed homes. Originally I was looking to build a rental portfolio but now also considering adding wholesaling to the list.

So I believe I have a potential access to go supplies of homes to wholesale because of how many towns i visit due to work, and the areas where i work always tends to be an up and coming area with new apartments complexes or residential developments. My strategies would be leaving letters at the door, or knocking on the door directly during my lunch breaks, or even after work.

After much research on this forum I somehow understood what wholesaling is about. I'm just having trouble figuring out where to find buyers and how to handle the transaction (transfering properties, and collect my fee). Also, how to convince the owner of the market value of their home. I understand pricing renovations cost and ARVs in order to come up with a fair price. Got an idea on the pitch for letters.

If I could get some advice on these, I could begin my wholesaling journey. Thanks in advance.

[Andrew Angerer]

The app leaves a lot to be desired, I have had similar issues on my phone. 

Regarding your wholesaling plan, it seems that you have a great starting idea. My understanding of wholesaling is that you should find people who are new to REI and really do not want to do a lot of their own work. To reach these people you need to advertise, weather it is online, or word of mouth or putting posters outside. Something like, "Calling all new real estate investors" would be a good title, but you use your own words. Once people start to contact you, you can either give them a list of all the properties for a fee, or tell them that they need to pay you once they have closed on it, or both. It would help to build a website as well, give them enough info to entice them, but do not give too much to give away your product for free.

Honestly, if you go to another wholesaling website just see what they do and take what you like and dont like and apply it to your own company.

Best,

Andrew