Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
14y
Kinda like asking how many fish will I catch if I go fishing! I don't want to go in the fishing business unless I know I can catch fish!
How many big ones do you catch and would one feed my family?
The only way to know is to cut bait and get out there, going out your first time just realize you probably won't win any tournament and bring home the trophy.
You can go buy a Garcia reel and get a custom rod, buy out Bass Pro's bait department and get a 42' Grand Banks trawler and sit at home and study techniques, fishing holes, and run pro forma income and expense projections for months and starve. Or, you could also get some line, a bamboo pole, a hook and dig up some worms rent a canoe and catch more fish than you can eat.
You'll have a better idea of how your market is and what the possibilities might be when you stop playing with your calculator and get out there......good luck!
Real Estate Investor · Amarillo, TX · Member since 2008 · 547 posts · 214 votes
14y
This question is way too general, and area specific. In my area the average price of homes wholesaled IMO is 50k or less, almost NEVER see one over $100k. On $30k priced homes your obviously my going to have a huge mark up unless you pay $10 for the property, therefor mark up is generally under $5000 and prob closer to $2500. on the other hand people in bigger markets like Will Bernard in cali often talk about $300-500k wholesale properties, if not even higher priced, therefor id IMAGINE (keyword) $10k+ profits if not way greater , hes currently looking for castles, I hear those don't come cheap..
Investor · Garland, TX · Member since 2010 · 99 posts · 92 votes
14y
Mikel Graham I have been wholesaling for 5yrs now. I have had great months and bad months. I have gone 4 or 5 months without a deal. I am closing 1 deal about every 6 weeks earning $3K to $5K per deal, but have gotten $2k once on a deal. I am a self employed wholesaler (only me) not working with a big wholesale firm. I am looking for deals 24/7. I don't remarket wholesale deals with other wholesalers. I will help other wholesalers sell their deal and the wholesaler share his or her assignment fee with me. I don't remarket, because it can turn wholesale deal into no deal due to all added sale prices on it.
Wholesaling is a business for alot of us wholesalers and too many people want to wholesale for quick cash and get out. Those people are the one that is making honest working wholesalers job harder. Just be ready for the bad months when they come. The Guru will make wholesaling look easy, but it is a business where you have to bust your butt daily to make money.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
14y
Kinda like asking how many fish will I catch if I go fishing! I don't want to go in the fishing business unless I know I can catch fish!
How many big ones do you catch and would one feed my family?
The only way to know is to cut bait and get out there, going out your first time just realize you probably won't win any tournament and bring home the trophy.
You can go buy a Garcia reel and get a custom rod, buy out Bass Pro's bait department and get a 42' Grand Banks trawler and sit at home and study techniques, fishing holes, and run pro forma income and expense projections for months and starve. Or, you could also get some line, a bamboo pole, a hook and dig up some worms rent a canoe and catch more fish than you can eat.
You'll have a better idea of how your market is and what the possibilities might be when you stop playing with your calculator and get out there......good luck!
Investor · Allentown, PA · Member since 2012 · 73 posts · 18 votes
14y
I been at it for about 3 years and in my last 2 years I averaged about 10K per deal , just under 10 deals a year , making around $100K . I know some might not believe me but I don't care just wanted to give you feedback. Just keep in mind that very area is differenta and at the end of the day you get what you put into it. I had a local mentor which made a great difference, I would suffest you do the same and good luck to you,
Real Estate Investor · Champaign, IL · Member since 2012 · 30 posts · 1 vote
14y
Thanks guys, this is invaluable information. Bill Gulley I completely understand what you're saying, but I just wanted to be sure that my goals weren't too lofty and from the sounds of it, sounds like they are. Believe me, I'm out here trying to get it done. I've gotten a few properties under contract, but I've yet to be able to close a deal yet. Really unfortunate for one particular property, but that's how the game goes. Martin CS Thanks for the information. I've been in search of a mentor and haven't had any luck so far, but I'm still moving forward. Your numbers let me know that my goals are a bit lofty, however, it's nice to know that that level is achievable.