Wholesaling in Virginia Beach area?

Question

Hey everyone. I'm just getting into real estate. So far I'm learning and haven't gotten any deals done but eager to get going. I'm wondering if the Virginia Beach area a good place to get started wholesaling and what are some essential things for me to have before I get started?

Patti Robertson · Answer

IF you can get a property under contract for a price that leaves enough room for you and another investor to profit, you can sell it in Virginia Beach with your eyes closed.  It is finding those needles in the haystack that are the problem.  You will be competing with people who are spending significant amounts of money to get leads and have been investing for years.  In my opinion as someone who wholesales, rents, and rehabs in this market, renting is the easiest way to get started, then rehabbing, and finally wholesaling.  Most new investors want to start in wholesaling because they perceive that it is easy and they can do it without much money.  99% of them end up sizzling out because they put in so much time and without any success.  You can find a house that meets a decent rent ratio in less than 30 days almost always.  Just my opinion, for what it is worth.  LOL!

Patti Robertson · Answer

@Enriques Reyes - That’s every beginners plan, but the reality is in a year my guess is that only 1% of them have actually made any money in real estate.  IMHO it is easier to find the money to buy for rent or rehab than it is to find the needle in the haystack that has room enough for two investors to make money. I do all three strategies - and by far have spent the most money lead generating for houses to wholesale vs to rent or rehab.

Patti Robertson · Answer

It’s a great Idea!

Enriques Reyes · Answer

@Patti Robertson Thank you for your help

Enriques Reyes · Answer

Thanks a lot @Patti Robertson for your help. I just feel like it will be hard me to get loans at the stage I'm at. I've been in the Marines for a little under two years and I feel like it'll be hard for me to get a reasonably priced loan for a rental property.  I don't make very much right now. My plan was to wholesale to gain capital to put toward rental properties.

Enriques Reyes · Answer

@Patti Robertson I completely understand. I've been looking into rentals. I was thinking of house hacking and getting duplex or triplex, stay in one and rent the others. What do you think about going straight to multi family and house hacking?

Patti Robertson · Answer

Correct @Charles Mixer II.  That and our MLS allows “contract owner” listings so some just list them now which yields a higher price because of the visibility and frenzy of buyers.

Charles Mixer II · Answer

I have been looking around for lists to subscribe to for wholesalers in Virginia Beach for a while now. I haven't found any that are actively sending out deals in VB for a few months now. @Patti Robertson it seems maybe these wholesalers you are describing have it so good that they don't really need to advertise much they probably work directly with a handful of people.

Wholesaling in Virginia Beach area?

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