What's the BEST advice for a rookie Wholesaler?

Question

I am beginning my wholesaling journey in the Tulsa County area and am looking to build some meaningful and long lasting relationships along the way. I came to this community of BiggerPockets for that purpose. I would love to connect with fellow Real Estate professionals in this industry and local professionals in the area to assist with expansion of our portfolios and build something that lasts for communities and generations to come! Lord willing, I've once again found myself in the right place. Looking forward to hearing from you guys and making more dreams become reality as we work together to build a brighter future.

Rainer P. Warner III

Jeff Fisher · Answer

Rainer, welcome in. The Tulsa part matters less than picking a small lane and working it consistently. What worked for me early was choosing a few zip codes I could actually learn, then building one motivated list at a time. Absentee owners or tax delinquent are good starts in a county like Tulsa. Skip trace the list before you start outreach and pay attention to how many usable numbers you get per owner, because one bad number per lead kills your call time. Then work that same list more than once. Most of my replies came on the second or third touch, not the first. Buyers are easier to find once you have a real deal with real numbers, so I would not spend months building a buyers list first. Learn your zips, work a list all the way through, and let the buyer conversations come from an actual property you can talk about. Consistency on a small list beats starting a new strategy every week.

James Jones · Answer

Rainer, here is the buyer side of it. I run 236 single-family rentals in Memphis, and I buy under $100K with an ARV of $180K to $265K, 3BR or more, Section 8 rent of $1,395 to $1,950. When a wholesaler sends me a deal, I need the full picture in one message: address, asking price, beds and baths, square footage, current or projected rent, photos, ARV, and a repair estimate. If any of that is missing, I pass. About 9 of 10 wholesaler deals do not work at my numbers, so do not take it personally when a buyer passes — the price has to work for the buyer too. And one rule of mine: I never put earnest money down. Build your list of buyers first, learn what they buy, and bring them deals that fit.

Uchendu Goodluck · Answer

Rainer, my biggest advice would be to spend as much time understanding buyers as you spend looking for properties.

One mistake I think many new wholesalers make is focusing entirely on finding deals before establishing who they're actually finding those deals for.

I'd approach it differently:

1. Build relationships with active buyers first. Talk to landlords, BRRRR investors, fix-and-flip operators, and rehabbers. Find out what they're currently buying, where they're buying, their price ranges, rehab tolerance, and what makes them walk away from a property.

2. Learn one market deeply. Instead of trying to cover an entire state or multiple markets immediately, understand a few specific neighborhoods. Learn the property types, realistic rents, resale values, common property issues, and what local investors actually want.

3. Get good at screening properties. Don't just send an address and call it a deal. Present the price, bedrooms, bathrooms, occupancy, and known condition issues upfront. If a property is boarded, burned, or has water damage, make that clear. A buyer should be able to quickly decide whether it's worth investigating.

4. Protect your reputation. Never exaggerate ARVs, hide defects, invent repair estimates, or promise numbers you haven't verified. A deal that doesn't work is better than losing a relationship over misleading information.

5. Understand the transaction itself. Learn your local wholesaling laws, contract requirements, assignment rules, title process, and disclosure obligations. Make sure you have the legal right to market or assign any interest you're offering.

I'm building my own sourcing business around these principles, currently focusing on distressed and off-market single-family properties in Memphis, particularly 38109, 38118, and 38127.

Something I've come to appreciate is that your value isn't simply having access to properties. It's making it easier for an investor to determine whether an opportunity deserves their time.

I'd also encourage you to build relationships with contractors, title professionals, property managers, and investor-friendly agents. A strong network will eventually become just as valuable as your sourcing pipeline.

Wishing you success in Tulsa. I'd be glad to connect and exchange insights as we both grow in the business.

Best regards,

Uchendu

Chris Colton · Answer

Welcome, Rainer. I am still learning myself, and what helped me most was picking one small area to really learn, talking with sellers and other local investors in person, and getting clear on the numbers before I talk about price. The relationships came from showing up and following through. Good luck in Tulsa.

Lauren Cutchen · Answer

Learn your buyers' walk-away number before you fall in love with a property. As an agent who wholesales, I've watched more deals die from fuzzy ARVs than from cold outreach. One clean packet with real comps and real repairs beats ten "great deals" that only work on a napkin.

Judith Jonathan · Answer

Jeff's point about following up more than once is the one I would underline. When I support investors as a VA, the deals rarely come from sellers who said yes on the first call. They come from the sellers someone kept talking to over a few months.

Since you've already hit bad phone numbers, keep a simple sheet for each lead with the number you tried, whether it worked, the last contact date and the next date you plan to reach out, so a "not right now" never slips through the cracks. James's list of what a buyer needs in one message is worth saving too, so every deal you send is complete the first time.

John Leland · Answer

There is the every day "practice" side of wholesaling and there is the legal side. I'll focus on the legal for a bit since most people either don't know the legal side or avoid it. It is becoming more and more important to understand that you can't act as a real estate agent unless you are a real estate agent. That means you can't sell someone else's house for them. As a wholesaler you are selling the paperwork, not the house. Seemingly small difference but significant enough to get the bee under some bonnets buzzing. Laws vary by state and are being updated so getting current information is important. The second thing is I believe from experience, it's easier getting a house under contract than it is finding the correct buyer. You want to protect your flank and make sure somebody doesn't go around you and buy direct from the seller. And you have to understand true vales and what your buyers are looking for. Plan on it taking some time and spending some money if you aren't properly trained. Experienced Wholesalers I track say it takes them on average $2200 to secure a $20,000 wholesale fee. Be prepared for a slog or get trained to cut the amount of time necessary.

Rainer P. Warner III · Answer

Hey Jeff, thanks! After speaking with a few investors in the area I have already been able to exclude a few zip codes from my area of focus. I've also ran into reaching out to owners and coming across bad numbers during outreach haha.

That makes sense to remain consistent on a small list, develop those relationships and build from there. There's a lot of value in what you said and I thank you for that Jeff. I'm open to connecting.

Many Blessings,

Rainer

Rainer P. Warner III · Answer

James, I'll be honest, those are some of the goals that I have as I develop and grow as an investor. Seeing it from your perspective is a blessing and I appreciate you sharing this with me. Keeping it simple and satisfactory so it's a win for all parties involved. I'd love to connect with you and pick your brain a bit more when you have the time.

Many Blessings,

Rainer

Rainer P. Warner III · Answer

Uchendu, thank you for all of those points. You are absolutely right about focusing on understanding not only buyers but all of the intangibles that come with the investing aspect as a whole. The right relationships are key and with that being said, I'd love to connect. I appreciate you responding to this post.

Many Blessings,

Rainer

What's the BEST advice for a rookie Wholesaler?

What's the BEST advice for a rookie Wholesaler?

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