Wholesaling for beginners

[Jonathan Rivera]

Hi guys,

As a beginner in real estate what are the most important steps to take to start off before digging deep with wholesaling?

For ex..

Do I get a LLC to start?

Create a website?

Any websites or apps to have before I begin?

Anything will help and please feel free to inbox me if you need to..

Thanks in advance

[Barry Pekin]

@Jonathan Rivera,

Step 1, learn about REI. There are so many ways to get involved in real estate, so find what sounds good to you. Read, watch, and also attend as much as you can. I suggest you start going to all of the local REI events you can find. Since you posted here, I'm assuming you want to get started in wholesaling, which really makes sense as there is a low bar of entry. But don't fool yourself. It's also a lot of hard work, and there is going to be a financial investment as well.

Once you decide what you're going to do, make a plan.  Honestly, a message board post isn't going to get you that plan, but it is a good start.  Again, research this.  While I don't say you definitely need a business plan, they do help you to focus and to identify what you need to do.  Whatever you do, plan to be marketing - a lot!

Assuming you've gone that far, to answer your questions...

Yes, form an LLC. Absolutely. There are significant tax and asset protection benefits to this (there's a whole separate topic!) and it honestly helps to show your serious about your business - both to yourself and to others.

Create a website?  Is there any successful business at this point that doesn't have one?  Actually, you're going to potentially end up with at least a few.  Again, research and plan what you need from a website (or websites) and just don't blindly go forward to create something.  I've barley started, and I have two.  They're not impressive at this point, but I needed something to send people to in order to contact me if they don't want to call.  (Disclaimer:  I'm an Internet programming junky, so there's no way I would ever tell someone they don't need one.  Also, I plan on completely automating my business through the web.)

Must have websites and apps?  It depends on what you need.  There are tools out there to help you manage and automate your business.  Assuming you're going to do some D4D, I do highly recommend DealMachine.

More importantly than anything, though. Get involved in your local REI community. I can't emphasize that enough. Attend as many meetups as you can. You should never leave one thinking, well that was a waste of time!

Good luck!