Investor · Indianapolis, IN · Member since 2015 · 4 posts · 15 votes
I want to get into wholesaling in Indianapolis. I've heard all the "gurus" talk about getting into wholesaling with no money no credit. I know it can be done from a buying standpoint, this is a business like anything else and it requires starter money.
What would you say is the absolute minimum one needs to get started? In other words, if you don't have at least blank, don't get started in wholesaling until you do.
Thank you for your help. I want to get started on the right foot and not become another wannabe that quits after two months
Real Estate Broker · Tucson, AZ · Member since 2012 · 410 posts · 337 votes
11y
You don't need any of your own money. Of course, just like anything else... money makes things easier.
Every home I've ever bought (with the exception of my personal residences) I've bought without the use of "Money" as you call it... other than EMD.
If you have money however, then you can accelerate your business if you place it in the right places. For example.. not waste it on useless direct mail, and instead use it to get educated on sales and the career you intend to embark on.
Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!
Real Estate Broker · Tucson, AZ · Member since 2012 · 410 posts · 337 votes
11y
You don't need any of your own money. Of course, just like anything else... money makes things easier.
Every home I've ever bought (with the exception of my personal residences) I've bought without the use of "Money" as you call it... other than EMD.
If you have money however, then you can accelerate your business if you place it in the right places. For example.. not waste it on useless direct mail, and instead use it to get educated on sales and the career you intend to embark on.
Investor · Indianapolis, IN · Member since 2015 · 4 posts · 15 votes
11y
Great advice guys. @Shawn I do currently listen to the flip to freedom podcast and it's wonderful. Also thank you for the extensive references.
@Karl Krentzel it's funny you mentioned sales. I just accepted a sales job that I start this Monday. I come from an engineering and math background so I think this will be a great transition while I work on wholesaling part time. This sales job has a specified niche (negotiated priced group benefits for retired teachers) and it comes with a script along with leads. This will be excellent training for me when I start talking with motivated sellers. My manager has instructed me in the way most experienced REIs communicate with sellers (build rapport/relationships, listen and get referrals)
Wholesaler · San Angelo, TX · Member since 2015 · 20 posts · 7 votes
11y
I just sold my first house for 10k profit and am about to have another contract signed. I have spent around 5-6 hours driving so about $40 in fuel. I have spent $30 on stamps, $1 yellow paper pad and $1 box of envelopes both from Dollar General. That's all out of pocket I have spent. I will make at least 10k on this next contract. I started this May 10th.
So for me it has cost less than $75 to make 20k in 6 weeks.