What Do You Guys Think About Virtual Wholesaling?

Question

Louis Davis · Answer

@Raheem Jamaal Being a virtual wholesaler and knowing others, it's all in gathering the facts. I live in Vegas and wholesale properties in California, Tennessee and Georgia. I have to gather as much info as I can to determine the ARV, condition and rehab cost. It is best to start off in your own backyard so you can pick up the patterns in the markets. Once you have mastered your own market, then you should feel comfortable enough to network with other investors in other cities and states to conduct business.

Hope this helps,

Louis

Kurush Italia · Answer

HI @Raheem Jamaal,

I like seeing the drive and high goals for yourself. Virtual wholesaling is not for the faint of heart but with proper research and guidance it's definitely possible. I too have started while working a full time job. It's def quite hectic but super rewarding when you wholesale your first property.

To build up to 5 deals/month is not going to happen overnight. I would sit down and think about how much money you have available to invest into wholesaling on a consistent monthly basis for the next 6 months. People think wholesaling is free but it's free if you have time (cold calling, door knocking, driving for dollars). Since I have a full time job I looked into paid marketing like direct mail.

I was on the sidelines all of last year trying to figure out what I wanted to do in real estate because there are so many avenues to choose from. If you are set in virtual wholesaling and really want a step by step way of getting there then I would recommend spending some money and getting a mentor that will give you even more laser focus. If you or anyone needs recommendations on a mentor please PM me.

There are a lot of components that go into wholesaling which isn't impossible but if you end up doing 1 thing wrong (like mailing a bad list) it can set you back even longer. Just be wary of people telling you it cannot be done. It can be done. Like @Sean Walton says I would take a hard look at places that are only an hour away to you. If you are from VA I would look there first. I know for a fact it can be done in Richmond. Remember grass is always greener on the other side. Gluck :)

John Thedford · Answer

There is a lot of misinformation, some illegal, promoted. You want to broker real estate without a license and call it by another name..ok--I get it. Sounds more respectable than unlicensed broker. If you choose to operate in Florida forget it unless you are a licensee. See 475. Those that choose to broker real estate without a license end up like this guy did:

https://www.myfloridalicense.com/sto/unlicensedact...

He had contracts on the properties but Florida realized all the game players and scammers were skirting laws so they wrote the statutes to put an end to that. The only way around the law is to OWN IT and then sell it or become licensed in this state. IMO it is a shame there are so many people victimized by FRAUDS claiming they are providing a "service", are "transparent", and other BS. They don't. "Wholesaling" is the art of screwing sellers out of equity without them realizing it, all the while the FRAUDS are telling the sellers how they are doing them a favor.

Marcus Spurlock · Answer

I virtual wholesale. My first deal was virtual and I'm still a newbie. There is a lot of extra work involved but with the right planning, team on the ground, time on your hands, and right market it can be rewarding. I have since closed deals in the city I live in also and it is a big difference. Feel free to PM me. I'm more than willing to let you in on my strategy.

James Green · Answer

@Raheem Jamaal why the fascination with virtual wholesaling? Your market is not that expensive as areas of California. Have you done any deals in Fredericksburg? You have a ton of opportunity where you live.

Sean Walton · Answer

@Kurush Italia is doing it maybe he can weigh in. It can be done but I would double check that it isn't possible within 1 hour drive of where you are first.

Check listsource to see if there are a lot of cash buyers (Absentee owners 100% equity purchased within the last 6 months) free to view # of properties that meet your criteria for any list parameters you generate. 10 cash sales in a city with about 40,000 SFRs is probably workable as long as it isn't a place where people are buying a lot of 2nd homes

Dalia S. · Answer

I'm in Ireland and I don't know any market in US but I still believe virtual wholesaling will work for me and I'm working on building the sysytem/process.  I'm starting with one market and learning about it by networking, research and attending REI meetings every time I visit the US (twice a year). This way I can meet local contractors, investors, etc who can be the part of my team and when needed help me with ARV, rehab/repairs costs, take pictures of the property, etc. Everything else can be done online, over the phone and email.  I think the most important thing is to network.

What Do You Guys Think About Virtual Wholesaling?

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