Can I Wholesale with No Money?

8 Replies

I am looking to start Wholesaling out of state and want to get in the game with as little money possible. I have heard from BP podcasts some ways the guests have gotten started, but wanted to hear about people's first hand experiences on here!

Any tips or resources are greatly appreciated!

Originally posted by @Zac Lindquist :

@Charles Carillo once a potential deal is found, how do you secure it from seller A so that you can find seller B without losing the deal?

Great question. Do you have a house under contract?

 

@Zac Lindquist ,

Ok, so you're just now considering taking the plunge.  As you can see, not everyone thinks highly of wholesalers.  They see us as predatory, dishonest, and all kinds of things like that.  And to be honest, for good reason.  There are definitely wholesalers out there that fit that description.

If that's you, do everyone a favor and find something else to do.  If it's not, the get ready for some hard, honest work.

First, you need to learn how to wholesale from the start of the process to the end. I recommend the book, "If you can't wholesale after this... I've got nothing for you." It's an easy read that does a pretty good job of explaining the process. Once you've read that, continue to learn as much as you can. Listen to the podcasts, watch the YouTube videos, read audio-books (my fav), and become active in your local REI community.

Since you asked about money, you should know that (in the words of my late father, who I'm sure stole this from a more reputable source), "There ain't no free lunch."  If you want to make money, you need to pay for it.  You will pay some combination of time, money, and effort.  But you get to choose what combination.  For example, marketing (the biggest part of the job by far) will take a lot of this.  You can send letters and postcards.  That will cost money.  You can start making cold calls.  That will cost you time.

Start first with learning.  Understand that this is a long-term, significant commitment.  If you decide then that it's worth it, then go for it.

Good luck!

@Zac Lindquist Once you get Seller A under contract you will need funding to close that deal. At the same time you will need to find Seller B. Simultaneous closings are legal here in Oregon but you will need to have a good Title Company that is will to do that. I think a good strategy is to close the deal with Seller A with funding from a Private Lender then have Investors lined up to buy the Property or just flip the Note for a profit and not have to worry about funding the deal.