All Forum Posts by: Barry Pekin

@Jarin Bryant,

Wholesaling high-priced commercial property that a seasoned investor owns is unlikely in the classic sense of how you would wholesale a residential property. While I think Steve comes across a little adversarial, some of his points are valid. Why would an active investor, who's almost certainly very active in the commercial REI community, want or need to go through a wholesaler and let you tie up his property when you're not in a serious position to complete the purchase yourself.

Before you get caught up in the excitement of possibly making a huge home run on this, I suggest you get advice from other local commercial investors and get their advice - even if you have to be very vague about the deal at first.

@Jordan Goulet,

Pick something and go for it.  If there were a best location, everyone who wanted to do virtual wholesaling would flock there.  And then, it would no longer be the best place to go.

There are a number of tutorials online that show how to pick an area based on the amount of activity, but I say pick some place that makes sense to you, and go for it.

@Jordan Goulet

Can you be more specific?  What are you asking?

@Jordan Goulet,

Let's say it's worth $500k, and you get it under contract for $250k with very little repairs needed.  You think you can sell that to a buyer for a profit?  Of course you can.  Now focus on finding a half-million dollar property you can get for half price.  It's certainly possible, but it's also the harder part of the equation.

@Charles Graham,

That's what the title company is for.  They hold the money until closing or the contact is otherwise terminated.

@Keilon Candley,

Get involved in the local REI community. Attend meetups, network online, etc. Look around at rehabs being done and go introduce yourself. Look for records of local cash purchases.

@Anthony Vargas,

I completely agree!  Sounds like you've been paying attention to Wholesaling, Inc!

@Collin Sherburne

Such a wide open statement.  Someone could write a book trying to respond.

So start there.  I suggest reading, "If you can't wholesale after this... I've got nothing for you."

There are also countless podcasts, YouTube videos, etc.

Learn all you can, then look to fill any blanks you have left over.

Understand you need to be prepared for the long haul.  Consistency will get you where you want to go.

 Honestly, the more the merrier.  You might one day totally be surprised who you might need on your team.

Your team is people you know with diverse skill sets who are willing to lend a hand now and again. Realtors, lenders, HML, other wholesalers, rehabbers, landlords, mentors, county staffers, ... you name it.

 Honestly, I would learn what you can, first.  See how comfortable you are with the process and the details, and your progress in taking action.  A good mentor can help fill in the gaps and also be a motivation for you to take action.