Looking for a Wholesaling Mentor

[Hugh Hurst]

Hello! New to the real estate investing world here and looking to start with wholesaling. My goals for wholesaling are to 1. Learn the real estate business by taking action, 2. Develop a network of real estate investors/professionals, and 3. Build up the capital to begin the BRRRR strategy to ultimately replace my W2 income with passive income.

About me - I’m an immigrant to the US originally from Australia. I’ve lived in the US for about 9 years, about 7 in St Louis. I have a good W2 job that has significant opportunity but at the cost of increased hours. I’m a new dad with a 9 month old son at home who I want to be able to spend a lot of time with whilst he grows up. Currently in my early 30’s with a strong corporate finance background, but no good network of real estate pros or investors. 

I’m looking for a local mentor who can help me learn the ropes of Wholesaling and help guide me through the process. Does anybody have any good suggestions for who would be a good mentor for me, or where I could find one?

Thanks!

[Bryce Jamison]

Wholesaling is a bit of a paradox. It's what many new investors want to jump into because they have lots of time and low capital. You need to know where to find and how to get undervalued properties under contract and have loads of buyers lined up for all the different property types and locations you acquire. The problem is when you're just starting out you don't have these things. The people who know where and how to find these deals and know buyers willing to buy them are the ones with tons of experience and enough capital to where they don't need to wholesale. Obviously newbies can do it, but I'd guess 95+% stop before ever making a deal. I'm by no means trying to discourage you! I just want to share what I've observed.

If you're serious you need to start meeting as many buyers as you can at meetups, through BP, and word of mouth / self advertising. You'll also need to convince these buyers you're a real player because we've all had numerous people give us their wholesaler pitch then never hear from the again. You'll also need to be ready for weeks, or months, of hard work and phone calls before you ever make your first deal.

I also don't often see people have much luck getting a mentor by broadly asking for one in the forums. Put yourself in the shoes of the ideal person you want to help you. What would make them want to reach out to you to help you?

Build these relationships organically. If you want something, give something. See what the investors you want to help you need and start providing it. Maybe you can mow their properties lawns, or clean some gutters. Maybe you can help draft leases, or help them find off market deals.

The point I'm trying to make is don't ask for something for nothing. Provide value and have a mentality of wanting to help others and people will naturally flock to you and want to help you succeed.