New member here. I was talking to my buddy who's in real estate and mortgages and he recommended wholesaling real estate contracts, specifically shopping centers and apartment buildings, but can do SFR as well. I live in a one of the most expensive parts of the US in Southern California so I don't think I can do it here. I do have money saved up and I'm ready to make moves.
My goal in starting this new venture are as follows:
- Be able to earn $50k a month (either thru my own efforts or by putting together a sales team)
- Build a business that has leverage and can scale up
- Have it run without me present for day to day operation
Tomorrow (7/8) I will be traveling to Phoenix to start looking at some properties and areas so I can start my mapping and marketing. I think Phoenix would be a great market to start. Not too far from where I live plus the prices there are reasonable.
Any advice on this niche would be great.
@Danny Milea my advice would be to be very specific about what you want to do. In your post you mentioned shopping centers, SFH and another which are very different facets of real estate. Phoenix is a very competitive SFH wholesale market. im not sure about commercial but I would narrow your focus very specifically then start building your plan of attach.
To be successful you need to be hyper focused on one goal and put everything you have into achieving that goal. It will be tough but you have to stay with it long enough to Crack the Marketing Code for the particular area you are working in.
I would not spend a dime on marketing until your focus is crystal clear and your action plan is solid.
@Adam Mitchell thank you. I appreciate the feedback. I think I’ll go into apartment buildings.
Welcome @Danny Milea !
Phoenix is still a great place to invest!
Are you looking to invest in residential or commercial?
Are you still planning to flip houses? Contracts?
Good luck Danny! ;)
Hi @Bevla Reeves . Thank you for the reply. I am interested in being a wholesaler in SoCal and in the Phoenix market. I am not interested in doing any house flips, just contracts :)
Feel free to reach out if you need any help in the Phoenix market. It is very competitive right now and there are a LOT of wholesalers, just FYI. But values are going up steady and plenty of people are moving here
How do you plan to find motivated sellers?
I have a friend who paid partial cash on his dream home a couple of years ago in SoCal...$600,000 cash on $1m home.
He runs a 1-man wholesaling operation!
You can do it...I've seen it with my own eyes! ;))
Good luck Danny!!!