Wholesaling

[Tony T.]

First time posting to this site and I hope this is the correct place to post. Basically I’ve been trying to buy properties with the intention to flip and have had little to no luck. I’ve tried at auctions multiple times only to be outbid by the banks (I’m guessing). Also, started working with a friend/realtor and made many cash offers directly to banks holding inventory of properties, not yet listed, with zero results. After reading through some of the forums it sounds like my experience is not unique. I’m new to the concept of buying Wholesaling however it seems this maybe an avenue to investigate further. Did some research on Craigslist and found many listings for wholesale properties. My question to all this being what are some of the potential pitfalls and things I should be watching out for in dealing with Wholesalers? Also, what type percentages should I be looking for, I keep seeing 70/30, does this still hold for Wholesalers? Any help would be greatly appreciated, lastly really enjoy reading through the forums.