So I’ve decided to switch my plan by starting off in wholesale real estate to get started. I just wanted to ask BP members for any tips or advice. Especially when it comes to speaking with sellers, negotiating, how to get owners name and phone number etc
@Antony Charlier The objective is to find the sellers motivation for selling. Look up county property tax to find out owner of property. How are you going to find leads? D4D, Direct mail, SEO, Cold Calling
Some questions to consider before thinking that wholesaling is your way into investing because that is a common fallacy. Do you have money to spend on marketing? Do you have money backing or will you never be the end buyer? If you aren't the end buyer then you can't market quick sale for cash and if you can't do that, who wants to sell to you just so you can sell to someone else? That's the issue with new wholesalers. A good wholesaler has a buyer list, marketing out, and funds or access to funds so they can close the deal if they can't assign it. Wholesalers in NJ are a disaster because their ARV is way too high (rarely do they disclose all of the comps) and their repair costs are way too low. How much do you know about renovation and repair and if you plan to go into wholesaling, how are you going to assess repair costs and ARV? If you don't know, you are about a year away from being useful to any end buyers unless you have a source for deals.
Direct mail for leads. Don't waste your time driving for dollars.