Updated over 4 years ago on . Most recent reply
Wholesaling and REI from Abroad
Hi, I'm writing a vulnerable, honest post here <scary>. Hoping to get advice from some experts.
For 10 years, I've run a very successful destination wedding business. It has been absolutely decimated by Covid. I always wanted to get into REI, but was too hesitant/didn't have time to research. I wish I would have gotten in it in 2018/2019 when I had a nice, fat bank account... but alas, I did not :(
So 2021 is here, and I used that nice, fat bank account to survive 2020. Now, I have little funding left, maxed out credit cards hurting my credit- and a lost chance to get into Real Estate Investing 'buy and hold', like I wanted to. Also... twist, I'm stuck in Mexico, where I have a few not yet canceled destination weddings dotted throughout the year.
So I discovered wholesaling as maybe a new first step to build capital and maybe have a shot at getting back into 'buy and hold' REI eventually (I don't mind getting my real estate license either) I've read plenty of posts here hating on wholesalers and how impossibly hard it is, I got it. Not looking to make millions from it, or scam anyone. I just have the time to hustle now.
Now that you know my dire situation, I have a few questions:
* Can I even wholesale from abroad? I can't attend closings. Would I have to use a US notary here where I am in Mexico? (I know the US consulate in my city has a US notary).
* What would you do in my situation? If anyone has any brilliant ideas, let me know. I'm currently working on several other streams of income too, everything just takes awhile. I know there's no "get rich quick". Just wondering if there's another option in real estate for me right now.
Please be gentle with me. I'm pretty depressed and looking to make my best chess move in life to get back on track.
Most Popular Reply
@Misti DelMar - Sorry it's been such a rough time - I hear you. To answer some of your questions, I don't think it will be too easy to get into wholesaling while living abroad. It sounds like you have good business and marketing sense (and definitely good writing skills), so maybe you can reach out to wholesalers and offer to help with their marketing, managing their websites, managing their buyers list, etc. This at least might get you some connections and maybe some type of JV opportunity (like sharing in their wholesales that you market) or partnerships. If you have any connections that can lend you money at good rates you could do small flips from a distance which is possible. I also think coming back and becoming an agent is one of the least risky ideas you proposed to get into real estate. Just some ideas for your next chess move in life.