Transitioning from wholesaling to first flip

Wholesaler · Charleston WV · Member since 2026 · 243 posts · 132 votes

1w

Man, that's awesome. Good to see you here. Good to see you working through the challenges.

I recommend, personally, doing a lot more wholesale deals than just a couple before you do your own. That's not saying you can't do it, but I'd really dig deep on becoming the source of the deal before I'd move on.

If you are going to do another flip, the first thing that I do is go find somebody who's already flipping, maybe one of the buyers you sold to already. I'd see if I could partner with them on the deal first and watch them throughout the whole process.

A flip is no joke, and one bad deal can wipe you out of this business a lot faster than a bad wholesale deal can.

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Micah BolchPro Member
OP
San Antonio TX · Member since 2026 · 26 posts · 9 votes
1w
Travis,
Thank you for the advice! I need people like you helping me stay on track so your advice is much appreciated. You're right about that I tend to jump too fast into things. It's already a battle finding motivated sellers off market using a phone, laptop, & Google sheets. I partnered with an attorney/ investor who is a heavy hitters here in SA TX. I plan on bringing him the next few deals so that I can learn his process. He does title work and a whole bunch of other real estate related issues that normally would cost thousands. This will give me time to get my ducks in a row before moving to the next phase and even when i'm at that point I still can wholesale when needed. How long have you been in the business? I'd love to hear a bit about what you're doing to market to motivated sellers. Your advice is much appreciated. I'm doing cold calling on a driving for dollar list but out of every 100 people I call I only get about 5 conversations. I started about a month ago and i've only made 13 offers. I came close on a couple. I know i'm one call away.
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Nicholas FloydBusiness Member

NY · Member since 2026 · 213 posts · 83 votes

1w

You’re already approaching it the right way by focusing on the numbers and building your team before jumping into the first flip. One thing I’d add is to get your financing options lined up before you find the deal, not after.

Depending on your credit profile and business structure, there may be options outside of hard money such as business lines of credit or 0% APR business credit that can help cover things like rehab, carrying costs, materials, or reserves. That can give you more flexibility without putting all of the pressure on one lender.

I’d also keep that rehab contingency and extra holding time you mentioned. On a first flip, having more room for error is usually better than stretching the numbers just to make the deal work.

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Micah BolchPro Member
OP
San Antonio TX · Member since 2026 · 26 posts · 9 votes
1w
Nicholas,
Thank you for your advice. I need all the help I can get so thanks for taking time to share your experience with me. You're so right about getting my ducks in order before jumping to the next phase. I'm using Facebook to gain credibility to attract private money or a equity partner. I spent some time at the library reading about just that. I made a post yesterday that acted like a net to draw out a distressed seller. It worked I got a call from one of my friends who was 17 months behind on her mortgage and has an hoa lien. My post was about hoa liens or hoa problems. It worked flawlessly. The way i'm going to attract an equity partner is when i've got a few wholesalers under my belt i'm putting together a credibility book with my past flips letters from investors i've worked with. The LLC paperwork and maybe a letter from my attorney and bank. Sort of as a reference to the validity of my LLC. In the meantime i'll plan on wholesaling for the next couple years stacking up and when the time is right i'll buy and hold and fix and flip. Guys like you are helping get the wisdom I need to be an absolute machine. That's why I posted here. Thanks for taking time out of your day to offer advice. I appreciate you.
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Nicholas FloydBusiness Member
NY · Member since 2026 · 213 posts · 83 votes
3d
@Micah Bolch

That’s a solid plan. I like that you’re focused on building the track record first instead of rushing into a flip before you’re ready. Every wholesale deal, relationship, and successful transaction you complete gives you more credibility when it’s time to approach private lenders or equity partners.

Also, as your LLC and credit profile get stronger, you may have additional options like business lines of credit or 0% APR business credit that can help supplement private money without giving up equity. Keep stacking experience, doing your due diligence, and building that credibility book. You’re definitely moving in the right direction.
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Micah BolchPro Member

OP

San Antonio TX · Member since 2026 · 26 posts · 9 votes

1w

Thank you Regene. I'm following the link now.

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Ashley RigsbeePro Member

Customer Success & Onboarding Specialist at BiggerPockets · Charlotte, NC · Member since 2023 · 80 posts · 31 votes

1w

Love the “right, not fast” approach! Sounds like you’re doing the right prep before jumping into your own deals. Having the contractor and conservative underwriting locked in beforehand seems like a smart place to start. Best of luck with the transition from wholesaling to principal investing! Definitely keep us posted in the forums on how things go.

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Micah BolchPro Member
OP
San Antonio TX · Member since 2026 · 26 posts · 9 votes
6d
Hey @AshleyRigsbee,

Appreciate that! Yeah, "right, not fast" is my motto right now. I learned the hard way back in 2006 — I was the turtle getting laughed at while the rabbits watched YouTube. Slow, overlooked, but I never stopped calling. That season taught me to do the boring prep work no one sees.

Transitioning from wholesaling to principal is exactly why I'm tightening the buy box so much — between 410 & 1604, 3/2 min, $50-100k rehab, pier & beam AND slab now. If it doesn't fit that box, I don't touch it. And underwriting like I'm protecting my future private lenders, not just my own cash — calling insurance on stuff like knob & tube before I even make an offer.

I walked a 1950 "cosmetic only" yesterday that was full active K&T in the attic. 3 years ago I would have assigned it. Now I price it as a full rewire. That's the shift.

I'll definitely keep posting the wins and the lessons here. Thanks for the encouragement — means a lot while I'm in the dark part of the come-up.
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Diana KhanPro Member

Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 479 posts · 174 votes

6d

Quote from @Micah Bolch:

Hey BP,

Long-time lurker, getting more active. I've done a couple wholesale / bird dog deals here in Texas and now I'm intentionally making the jump to doing my own deals as principal. Trying to do this right, not fast.

Would love advice from folks who've made that jump, and specifically anyone active in San Antonio / Bexar County.

A couple things I'm working through:

1. Private capital - where did you find your first relationships?
I've got a few off-market opportunities coming from my existing lead flow (mostly tired landlords, pre-foreclosure, tax/title/probate tangles), but I'm realizing finding the deal was the easier part. For those of you who fund with private capital vs. hard money, how did you build those first few relationships? What did you bring to the table early on when you didn't have a long flip track record? Any mistakes to avoid when structuring that first one?

2. San Antonio / Bexar County - what are you seeing right now?
I'm local to San Antonio. From my side I'm seeing a lot more inventory sitting, more price drops, and landlords who are just burned out with non-paying tenants and deferred maintenance. Cash flow still pencils in some pockets, appreciation plays feel a lot tighter than 2 years ago.

If you're active here: What are you seeing on days on market, buyer demand, and rehab costs? Are you buying deeper to leave room for error?

3. First flip readiness check:
Got some great advice from another member about not pulling the trigger until I have: a contractor with at least two solid references who actually shows up, and underwriting that assumes 20% rehab overrun + 60 extra days of hold. I'm in that vetting stage now.

For those who've done your first flip in this market - what do you wish you had locked down before you closed? What almost got you?

Not looking to pitch anything, just trying to learn from people ahead of me on this path. If you're in San Antonio / Bexar County I'd love to connect and hear what you're seeing.

Thanks in advance.

@Micah Bolch, I saw your follow up about slowing things down and bringing your next few deals to the attorney/investor you’re working with. I think that’s a smart move. Since a lot of your leads involve things like title, probate, liens, and distressed owners, one thing I’d want completely clear before closing on my own flip is exactly what I’m buying and whether there are any legal or title issues that could follow the property.

I’ve worked with investors where the rehab itself wasn’t what complicated the deal. It was something in the contract, title, ownership, or another issue surrounding the property that had to be worked through. Getting those questions answered before taking ownership can be just as important as having the contractor and rehab budget ready.

I like your “right, not fast” approach, @Micah Bolch, especially after reading your replies and seeing that you’re willing to slow down when it makes sense. I’m a real estate attorney and investor, so I see a lot of these issues from that side of a deal.

[email protected]240-266-0291

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Micah BolchPro Member
OP
San Antonio TX · Member since 2026 · 26 posts · 9 votes
6d
Thanks so much for taking the time to share that, @Diana Khan ! You’re spot on—with so many of my off-market leads involving probate, title issues, or distressed sellers, the real 'rehab' often starts at the closing table long before any hammers hit drywall. Getting clear on clear title and clean contract structures early on is definitely a top priority for me.
Coming from both the legal and investor side, your perspective is super valuable. I’d love to connect here on BP to pick your brain on how you typically like to see deals structured. Thanks again for the feedback!"
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Michael GonzalesBusiness Member

Real Estate Agent · San Antonio · Member since 2018 · 25 posts · 12 votes

3d

HI @Micah Bolch - love that you are engaging the community, a lot of folks on here that can offer insight a lot of good insight has been shared. Couple things I might add:

1 [Private Capital]- Hard money is relatively easy to find, let me know if you need any recommendations on what my clients have used in the past and that make for a smooth closing (not all are created equal btw). For Private lending, I am starting to pool some capital to be able to do some private lending on deals. Definitely have some details that I am working on over the next couple months, but if you need <50k, give me a shout.

2 [The Current Market] - Couple things to really look for, not only do the comps pencil out with lower DOM (current in SA is something like 80-90 days), but is the area saturated, meaning when your realtor pulls comps, how many properties have sold within the last 3-6 months and how many active listings are there that are similar to yours. Some parts of town, the numbers might look good but there is a 2:1 or even 3:1 active listing count to sold properties - stay clear of those. I prefer areas where there is a 1:2 ratio

3 [First Flip Advice] - Quality contractors (let me know, I have a couple teams that work with me), lighter rehabs (less surprises), and would the property pencil for you if you decided to BRRR it (just as a backup plan that way the HM loan doesn't eat your profit).

Open for a message or phone call if you want to bounce any ideas around or need a sounding board, from one investor to another.

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Micah BolchPro Member

OP

San Antonio TX · Member since 2026 · 26 posts · 9 votes

3d

@ Michael Gonzalez - really appreciate you jumping in, this is exactly the insight I was hoping for.

On private capital - thank you. That <$50k gap is exactly what I'm mapping out. I'm not looking for someone to fund 100%, I'm coming in with skin in the game and want to structure the first one or two super clean and boring for a private partner. If you're open to it, I'd love to hear what you like to see in that first structure from your side - what made your best borrowers easy to say yes to? And yes, please send over a couple HM names your clients have had smooth closings with, I want to compare notes.
Market - that active-to-sold ratio is gold. I've been looking at DOM but not framing it that way. I've been seeing the same - more inventory sitting, more tired landlords. I've got a few pockets I'm tracking where the ratio looks closer to that 1:2 you mentioned vs the 2:1 / 3:1 traps. Would love to run a couple by you if you're open to a quick DM.
Flip advice - 100% on lighter rehabs for the first one. I'm vetting GCs right now - actually requiring 2 references who can confirm they showed up and finished. And love the BRRR backup test. That's now part of my underwriting checklist: if it doesn't at least break even as a hold, I pass.

Thanks again for offering to be a sounding board. I'll shoot you a DM and maybe we can hop on a 15 min call next week? Would love to stay connected locally.

Micah

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Transitioning from wholesaling to first flip - San Antonio / Bexar County

Transitioning from wholesaling to first flip - San Antonio / Bexar County

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