Rhode Island Wholesaling

[Jake Slye]

I'm currently trying to kick start my real estate investment career, and have been evaluating potential rental properties to invest in. Through my evaluations I'm finding cash is my biggest obstacle in order to close on a property.

I'm trying to find "side gigs" to help me make more cash in order to start and build my portfolio. I have been reading up a lot on wholesaling and see that it is a great way to learn about the market and make some cash. I was hoping someone could give me some insight on where to begin my research on wholesaling, and where I can find information on the laws pertaining to wholesaling in Rhode Island.

Would also appreciate anyone who is willing to take the time to share their wholesaling experience within Rhode Island & if anyone has any better ideas for a "side gig" to help me reach my investment goals.

Thanks in advanced!

[Anthony Thompson]

@Jake Slye I've done wholesaling in RI since the mid 2000s so could probably help you with your basic questions.

To be honest, learning about wholesaling is one of the main reasons Bigger Pockets exists, so you should be able to find a ton of resources on wholesaling in general right here on BP.

There's very little that's state-specific about wholesaling, though obviously closing practices vary from state to state in general. For example, in RI we generally use attorneys to do closing rather than title companies.

As far as what side gig I'd recommend, I think the main criterion would be something you can stick with.

Wholesaling can work but it requires a lot of effort, consistently over time. It can also cost money (for marketing), though you can reduce the amount of money if you're willing to spend more time (e.g., driving for dollars instead of using a list broker).

If you have a side gig you enjoy doing and can make you some money, you could try out wholesaling but may find it's more effective for you to do your side gig instead of plugging away at wholesaling.

Wholesaling can be good but it is work and it can take at least 3-6 months of consistent marketing effort to pay off, especially in this environment where there are so many others marketing to the same owners.