Looking for advice wholesale

[Samson Hall]

I'm in swfl and looking to invest in real estate straight out of high school, I'm creating a LLC to sign documents legally. First I want to build capital through wholesale to start my first house hack. I've got a couple leads in Tampa, and found some comps for them as well. I'd be more then willing to do a small bird dog fee in return for just viewing the process of wholesale. If anyone has advice or would like to take me up on the offer be free to message or comment. Thank you!

[Kai Kopsch]

@Samson Hall, congratulations on starting real estate investing at a young age! There is no need to create an LLC right away; save your money and invest in yourself! Yes, your education, and don't fall for online classes on wholesaling. This is the toughest way to start in Real estate, with over 95% of people failing. An easier way of starting is to get your real estate license and work a few years for a Borker team and get paid right away.

[Samson Hall]

Quote from @Kai Kopsch:

@Samson Hall, congratulations on starting real estate investing at a young age! There is no need to create an LLC right away; save your money and invest in yourself! Yes, your education, and don't fall for online classes on wholesaling. This is the toughest way to start in Real estate, with over 95% of people failing. An easier way of starting is to get your real estate license and work a few years for a Borker team and get paid right away.

Thank you! That was originally my plan, however legislation in Florida is creating hard times for realtors. I’ve spoken to 3 multi million dollar realtors in the area, all of them told me it that they certainly don’t recommend it right now. 

As to the reason I want to create an LLC is because I can't sign documents as a minor (17), however under an LLC I'm able to.

[Kai Kopsch]

Quote from @Samson Hall:

Quote from @Kai Kopsch:

@Samson Hall, congratulations on starting real estate investing at a young age! There is no need to create an LLC right away; save your money and invest in yourself! Yes, your education, and don't fall for online classes on wholesaling. This is the toughest way to start in Real estate, with over 95% of people failing. An easier way of starting is to get your real estate license and work a few years for a Borker team and get paid right away.

Thank you! That was originally my plan, however legislation in Florida is creating hard times for realtors. I’ve spoken to 3 multi million dollar realtors in the area, all of them told me it that they certainly don’t recommend it right now. 

As to the reason I want to create an LLC is because I can't sign documents as a minor (17), however under an LLC I'm able to.

If I had heeded all the advice from those cautioning against becoming a realtor, I would never have owned any real estate. 🏠🔑 The problem with wholesaling is some restrictions that unlicensed wholesalers need to be aware of. Like many other states, wholesalers in Florida cannot represent a buyer or seller in any real estate transactions if they do not have a real estate license. 

Wholesaling is an exit strategy for REI, and to do it right, you need a marketing budget of $10K+/monthly and the cash to buy the property if something goes wrong. As a wholesaler, you sign a contract with the seller that you buy the property. If your plan is just to sell the contract to someone else, it is contacting a real estate transaction without the license. Selling or leasing real estate without a license can be a felony in some states.

Getting an RE license doesn't break the bank, and you get paid for education if you work for a team. To be clear, you don't need a license to get started, but it's ten times more likely to get a paid job in RE having one. 

[Samson Hall]

Quote from @Kai Kopsch:

Quote from @Samson Hall:

Quote from @Kai Kopsch:

@Samson Hall, congratulations on starting real estate investing at a young age! There is no need to create an LLC right away; save your money and invest in yourself! Yes, your education, and don't fall for online classes on wholesaling. This is the toughest way to start in Real estate, with over 95% of people failing. An easier way of starting is to get your real estate license and work a few years for a Borker team and get paid right away.

Thank you! That was originally my plan, however legislation in Florida is creating hard times for realtors. I’ve spoken to 3 multi million dollar realtors in the area, all of them told me it that they certainly don’t recommend it right now. 

As to the reason I want to create an LLC is because I can't sign documents as a minor (17), however under an LLC I'm able to.

If I had heeded all the advice from those cautioning against becoming a realtor, I would never have owned any real estate. 🏠🔑 The problem with wholesaling is some restrictions that unlicensed wholesalers need to be aware of. Like many other states, wholesalers in Florida cannot represent a buyer or seller in any real estate transactions if they do not have a real estate license. 

Wholesaling is an exit strategy for REI, but it is only for a few big businesses. To do it right, you need a marketing budget of 15K+ monthly and the money to buy the property if something goes wrong. Getting an RE license doesn't break the bank, and you get paid for education if you work for a team. To be clear, you don't need a license to get started, but it's ten times more likely to get a paid job in RE having one.

Okay, thank you for the insight! Any books you might recommend for becoming a broker?

[Kai Kopsch]

Gary Keller's "how-to" guide  "The Millionaire Real Estate Agent Guide" By the way, Keller Williams has an excellent education to get started. My wife got her RE license 5 years ago. She first worked for a Keller Williams team as the transaction coordinator, got all the free RE education classes weekly, and got hourly paid. She worked there for a year, got hired by a builder, and sold hundreds of homes since then, making more money a month than she got paid yearly in her previous job.