Wholesaling Property & Questions

12 Replies

I'm very new to wholesaling and it's been very hard to find good deals and distressed properties. Does anyone have any advice on where to look because I already looked on Zillow, FSBO, and Craigslist?

Also are there any real estate agents willing to work with a wholesaler from Houston, TX?

@Veronica Knight Welcome to the world of Wholesaling Vericona! I actually pull data for home owners and send them letters to see if they are willing to sell their home to me. I learned all this from House Academy. I hope that helps. 

@Veronica Knight .. since you asked couple of more things ...one must add value to the transaction ... 

1) Value add for a realtor is that they can list on MLS ... value add for you could be bring a buyer at a right price .

2) There are 2 kinds of wholeseller .. A) they try to flip others deal ..waste of time ... B) Wholeseller who has the contract under their name .. you need to be in this category 

@Veronica Knight Spend some time educating yourself on the process of wholesaling. You cant just wake up one day and decide to be a wholesaler (well you can but most of those people fail) if you jump out there and start trying to do deals before you know what you are doing you will just end up frustrated and out of cash.

First of all, Criagslist, Zillow, Trulia and all those other listing sites are NOT where you go to find deals. If it was that easy everyone would be a wholesaler. You need to have a marketing plan. You need to be marketing to people who need to sell their homes. You need to know how to fill out a TREC contract, you need to know how to estimate repairs (or have a contractor that will give you estimates) you need access to MLS so you can calculate ARV (or have an agent that will run comps for you. There is a lot more that goes into wholesaling successfully than most people realize. Start at the beginning and dont get ahead of yourself. Bigger Pockets is a great place to get educated. Make good use of all the resources that are available here!

@Veronica Knight I feel your anxiety. You want to start doing deals now but I can tell you from experience...take your time and develop your marketing strategy first. If you try to do 7 different types of marketing you will be average at best at a couple of them. In a market like Houston you will fail. Pick one marketing tactic and become the authority in that method.

Your next question - how do I become an authority in marketing strategy X in Houston?

Easy answer - figure out your Why. Thats it. If your why (why you are doing this biz) is strong and deep enough, you will figure out the How.

You have to mentally be All In or it will be tough to succeed. Even with a strong why and All In mentality, wholesaling and RE in general are tough. If this post hasn’t scared you off yet then you might have what it takes to achieve your dreams through Real Estate Investing.

Good luck and if your still pursuing this after you figure some things out...Im here to answer questions.

@Adam Mitchell I figure out my why, I want to get into real estate since I’m in college as a business Management major. I want to have a passive income while doing something enjoyable. I also want to own some houses in the near future.

As for the rush it’s mostly just college expenses and wanting to have a steady income before I graduate. You’re right about being all in mentally I somehow how to find time in between school and real estate.

i would suggest getting around other big hitting wholesalers and aid them until you know enough to do your own. you will waist a lot of time trying to reinvent a machine that has already been built a 1000 times.