How to start whole saling today?

Question

I’m 22 years old and I’m looking to get into real estate but want to start with wholesaling to make some cash for my real estate licenses. Just need some advice, any pointers to get started TODAY? ￼

Brandon Vukelich · Answer

Build your buyers list first.  Find local flippers or other investors in the area hungry for deals. Get their criteria, contact info, etc into a spreadsheet or any CRM. You'll be wasting your time and the seller's if you tie up a property with no ability to assign and close the deal.

Have your documents ready to go.  You'll need a purchase and sale agreement and an assignment agreement at the very least.  Don't use cheap, free docs found online.  Have a local real estate attorney provide you a simple PSA and an AA.  My PSA is five pages and my AA is two.  If you plan to treat it like a business, you should be able to fund it like a business.

Don't be greedy on the first deal.  Better to sell quickly for a small fee and get the process down.  Don't just think about yourself and the fee.  Do an honest job in solving the problem/situation for the seller, without trying to rip them off.  Stick to that and you'll do alright.  Best wishes on your journey!

Luke Rorech · Answer

@Jayvon Devorce How do you plan to acquire deals? There are a number of different strategies. You could drive for dollars, send mailers, put out bandit signs, create an online presence through a website like Carrot.

Another option is to start networking with investors and find out what they are looking for. Once you have that information you network with agents and other wholesalers in the area, knowing that if they have a deal that fits your investors parameters, you can bring that deal to your investor for a negotiated fee.

Be careful with paid marketing. By that I mean don't go spending all of your marketing dollars on one or two batches of mailers and expect the phone to start ringing off the hook. Lots of wholesalers are most likely competing in your target market.

Best of luck!

Jeffrey Edwards · Answer

Start calling people TODAY.  If you don't generate leads, you have nothing. It will take some startup money to get things going, I would expect maybe $100 to $200.  Pick a neighborhood and go to town.

Brandon Vukelich · Answer

Terrill - you contact a local real estate attorney in your state and let them know you need a real estate PSA and AA.  Most should already have templates that they can customize as needed for you.  No need to try and reinvent the wheel and I don't encourage using free, generic forms found online or shared by others.  You're not selling cookies, you are transacting in real estate that comes with a lot of liability.  Happy to connect offline as needed, send me a DM.

Terrill Hanks · Answer

@Brandon Vukelich

Hey Brandon my name is Terrill Hanks and I’m looking to get into wholesaling as a young entrepreneur. How can I get access to a PSA & AA? And if you don’t mind can’t we connect if I have any further questions for you?

Anthony Natale · Answer

@Brandon Vukelich Wow this is awesome advice. Really solid and practical stuff here. Thanks for asking the question @Jayvon Devorce ! All the best to you going forward, and thanks for the detailed answer Brandon!

How to start whole saling today?

Most Popular Reply