Wholesaling in Virginia

29 Replies

Hello, I am new to real estate investing and currently going through a wholesaling course. I am looking to connect with other wholesalers in Virginia. 

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Hey Dawn, how's your wholesale course going? What part of Virginia are you looking in? I am a cash investor, DM me if you have other questions!

Originally posted by @Dawn Ivey :

Hello Manuel. Thanks for connecting. How are you enjoying wholesaling?

 It is full of ups and downs lol. But that's what we signed up for. How about yourself, any questions you might have that I could possibly  answer?

My REI business I started in August. I have a team covering 5 states. My partner in Newport News, Is my wife, whom is also in a mentorship. Is also about to get her RE License. She Is plugged in with an Agent / wholesaler there as well. We have yet to do a deal there, but have some motivated sellers I am trying to lock in. This week we just started our first campaign there. I have been working in Construction for 35 years ( NY ). Have a contracting business doing work for fix and flippers. Well some mentorships do tell you to find title companies to work with. What I have also learned, through one of my mentors, and with actually speaking with cash buyers, is that they like to work with their Title companies (because they are the actual buyers) . That being said, If your doing a double close, then that would allow you to dictate whom you are using, being that you are then, the actual buyer. I am sure Ms. Patti may be able to elaborate on that. Who are you mentoring with? If i may ask?

Originally posted by @Dawn Ivey :

@Manuel Jaime - Thank you Manuel! You're right, we signed up for this lol. What marketing strategies have worked best for you?

I have multiple running, but one that has worked more than I expected it too is making a sticker magnet and placing on the side of my car. That alone has got me multiple leads, which I did not expect it too. Make it bold, straight to the point, and put a picture of yourself. Keep in mind, I do drive a lot so maybe that is why.

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That's Jamel Gibbs course. Cool. You are going to be fine. I'm saying as the deals start coming and you start talking to buyers, you will see how it flows. I will just share one word of advise...Course or no course. Solidify your Cash or End Buyers. Get to know who they are, and what they are looking for. Deals you will get. Cash buyers are VITAL to have a rapport with, as you will be doing more business with them..so you want to have that established. Buyers whom you have a good rapport with, will make your life easier in the wholesaling game. 

Reasons : 

A) They know the numbers they use to evaluate a rehabs. If you are dealing with a buyer who has extensive fix and flip experience. You can get a wealth of knowledge ( COST OF REHAB NUMBERS ) from them. Helping you evaluate your deals better, and your MAO. DEALS GET LOST here all the time, for not knowing the numbers and how to actually asses construction costs. FACTS !!!

B) Learn their buying criteria. Each EXPERIENCED buyer, knows what they want and where they want it. That info makes it that much easier to know whom to go to when a deal that fits their criteria comes up. Knowing their price range and locations. Some will buy anywhere, at any price. Others will only buy in specific areas, at specific prices.      

C) How many deals do they buy? Or flips do they do per year? Knowing this lets you know , how much they can handle and if you need to shop your deal else wheres..

D) What kind of buyer are they ? Do they buy to hold? Are they flippers? Or are they fix and flippers? There's a difference. Flippers basically buy your deal and flip it forward to their own buyers for fast cash. Fix and flip buyers, do just that. They buy, fix, and flip it retail. Buy and hold buyers, can or will buy deals that make sense to them, and will pay up to 90% of market value or simply do the BRRR method . But they hold the properties that make sense for them, for passive income purposes. You need to identify and really get to know the type of buyers you are dealing with. Only helps you expedite your assignments faster.

E) REMEMBER some buyers do not want to see you make a lot of money on just 1 deal... They do not want to see the wholesaler make just as much, if not more than them. Best of luck...we are always here.                                           

@Dawn Ivey

Good idea reaching out in BP! Gather all of the free information you can before paying for a course. There’s so much good info here! Find a local real estate meet up and you’ll find some more experienced wholesalers who might be willing to do some mentoring or at least give you some practical locality specific tips of the trade. You got this!