All Forum Posts by: Brionne Moss

Anyone can be profitable in wholesaling. It's just hard work, as any other area of real estate niche. As far as "killing two birds" it would be a whole new learning curve especially if you are new to REI in general. Go to some of your local REIAs/Meetups and meet some seasoned investors, maybe you can partner with someone, or even better, develop a mentoring relationship.

As far as determining equity, you can get that info from a real estate agent, OR when you are pulling your list for marketing, you can filter by percentage of equity. 

Hi @Stephen Manago,

I highly suggest you do a bit more reading on the forums regardless of what kind of real estate you are trying to do. 

One point to note, whether you are wholesaling, fix n flipping or buy and hold would determine whether or not you are actually financing your deals. Do you plan to do anything other than wholesaling? If so, you should really have knowledge on how you will pay for he house, whether it's a Hard Money Lender, Private Lender, Cash reserve etc.

On another note, you mentioned little to no equity. This is saying a lot as you are touching a lot of areas of real estate with this statement. (Let's assume you are wholesaling) Most wholesalers do at a minimum 30-50% equity. Without it, you have to be knowledgeable of other "creative financing" in order to pull a deal. Have you heard of Subject To? Lease Option? 

Just so you don't get yourself in trouble, I suggest you find a niche and learn as much. About it as possible. You are off to a good start because BP is an amazing resource. Wish you well!

Welcome @Mark Jimenez!

I'm in the same boat as you. One in the way but just trying to get started in wholesaling. I wish you the best. Maybe I'll see you at a local meetup one of these days.

Hi @David Grimm,

I'm pretty new at wholesaling so my answer is based off reading, but here's my go at it. 

So based off of your example, you've already put the house under contract with the seller and have already found a buyer of interest. You would then need a separate contract with the buyer. There are several contracts for use that can be found on BP fileplace. Many choose to go with that 1-2 page contract since it is much more comprehensive. You also can choose the official state contract you can get from a local realtor. 

In this contract, it pretty much states the buyer is completely taking over the contract you made with seller. You have the option to request a non refundable deposit (1 or 2k), with the option of refund only if something goes wrong that is out of the buyers control. Other than that it's pretty much a security blanket. The buyer should make the check out to the title company. Some wholesalers request it and some don't. It's up to you.

Now depending on your state, you would either have an investor friendly title company or attorney familiar with the wholesaling process already on standby. You will go to them to begin the closing process. In most cases, the wholesaler has the buyer pay for all fees including title expenses, closing costs etc. This means you aren't coming out of pocket at all. If all goes smoothly, the  title company ends out the necessary documents to the buyer and seller and proceeds with closing. You are not required to be there. You should then see your check in the mail shortly.

Hope this helps!

Awesome note @Kim Handelman. Definitely inspiring me to jump into my first wholesale. Or at least get started. 

Great Information @Jackie Lange!

Keep trucking @Cornelius Charles. I have been following your forum posts and have good faith that things will pick up. Thanks for continuously posting. 

Thanks @Account Closed. That's an interesting perspective based off what I read. I'll keep that in mind.

That definitely helps. 

Hello BP Fam!

Starting out as a new wholesaler, I'm interested to know of any known pros and cons as far choosing the pricing of homes to wholesale. Since my city is so large, the price range of homes is quite broad. Considering I'm just getting started, should I try to stick to the lower hundreds or is there an issue if I look into higher priced such as 500k plus homes. Even around my neighborhood, homes start at 200k and go up to a million.

Thanks for any feedback in advance!

Top of the Morning BP'ers!

I am just getting started in wholesaling and I have a few questions about Business Cards.

- Do you think it is necessary to have two separate business cards for your buyers and sellers in relevance to wholesaling?

I pose the question because I planned on getting a website that specifically catered towards sellers and thought it would be good to put that website address on the business card. Then I figured, if it cater to sellers, why would I want to have that web address on my buyers card. Or should I just have one website that caters towards buyers and sellers? 

Let me know your thoughts.