Virtual Wholesaling: Can I do it all at home?

Question

HEY GUYS AND GALS!! I NEED ADVICE ... IM NOW HOME BOUND BECAUSE OF A SICK PARENT

AND A SLEW OF BILLS. HAD A FRIEND MENTIONED MY REAL ESTATE INVESTMENT

WHOLESALING BUSINESS CAN BE ALL...DONE AT HOME WITH LITTLE TO NO

DRIVING OR EVEN SEEING THE HOME OWNERS OR BUYERS!!

WHATS THE STEPS I CAN GO ABOUT AND DO THIS BECAUSE THIS WOULD TURN MINE AND MY FAMILIES LIFE AROUND!!

DO I NEED A VIRTUAL ASSISTANT AND HOW DO I OBTAIN THEM WITH LITTLE TO NO FUNDS??

Jean Norton · Answer

I agree with Jon, if you need immediate cash, get a job.  However, I can say I successfully wholesale across the country - and I didn't have to take a course on virtual wholesaling to figure it out.

There are TONS of internet tools to allow you to do research on properties, communicate visually with sellers, etc.  The extra step I take is solicit the help of local wholesalers in the area.  I will often pay a local person $2500 to bring me a buyer and have done this several times, even if the local person is my real estate agent.

Jon Holdman · Answer

Have a read in the wholesaling forum:

http://www.biggerpockets.com/forums/93-wholesaling

I think wholesaling in general is oversold as a way to make some quick bucks with little time and money of your own.  It sounds easy.  That makes it a good choice for someone selling courses.  They can describe it easily and convince you to spend $1,000 or $10,000 on their training based on that simple description.  They succeed (they have your money) even if you don't.

Wholesaling is neither quick nor easy, nor can it be done with no money of your own.  If you do the work - i.e., marketing to buyers and sellers and putting together the deal  - you can have success.  But it will take work and knowledge and some amount of money.  From your post, I get the impression you need money right now, don't have any money, and are unable to leave your house.  I'm highly skeptical wholesaling will quickly produce the cash you're looking for.

Ibrahim Hughes · Answer

Please STOP shouting as that's what typing in all caps denotes.

Chris Chico has a course on virtual wholesaling.

NOTE: I am not endorsing him as I have never purchased or used his products.

Randy F. · Answer

Nothing beats face time. To be truly effective you need to get in front of investors, RE agents, and sellers in order to build decent working relationships. They need to be comfortable with you before they will even take you seriously. Professionals will know right quick if you know what you're doing or not. What to say, what not to say... It all matters. Face time allows you to at least sell yourself as someone who has enough basic knowledge that, combined with some professionalism and tempered enthusiasm, guves them cause to give you some of their time and attention and a shot to see what you can do.

All the best to you and your family. Taking are of aging parents is huge... and it says much about your character! Im sure you will be blessed with success, especially if you soak up all you can from the experts around BP and apply yourself fully. What a GREAT resource this is. Thanks so much BPers!! You are appreciated!!

Kyle Weimer · Answer

Hey there,

The short answer is YES, you can absolutely sell a bunch of houses from the comfort of your own home in front of the TV watching the Price is Right!!

The bad news is that it isn't as simple as some would make you to believe.
There are systems and pieces of the puzzle that need to be put in place to make your machine run smoothly. If smoothly is possible? Well, sometimes it is.

I do nearly all of my wholesale deals from about 2000 miles away.
For someone starting out I would recommend a local education first by either partnering with someone or interning with a wholesaler or Rehabber to learn the ropes. Preferably a Rehabber as these are the folks you want to sell a lot of property to and you must know what makes them tick.
When you do venture cross country to do your business investors will expect you to know exactly what your doing and you must come off as an expert or success may be hard to come by. I hope this helps in someway. 
P.S. Rob Swanson is an expert Investor that will have some insight into your virtual dilemma. Let Google do the walking

JImarcus Blanding · Answer

I agree with Jon, wholesaling is definitely note as easy as some of the guru's make it seem; however, Jean Norton provided an excellent reply on doing it in other area and how.

My 2 cents is that from what I am experiencing now with 2 wholesale deals I'm trying to wrap up, Jon is correct on you do have to have some skin in the game(marketing, putting deal together, etc.) so while you may not actually use your money to purchase the property and flip it for quick sell you still have to put in a lil skin. 
An idea: speak and try to network with some local investors who do not have time to look for certain type of deals and offer to find them deals based on their qualifications for a commission on the deals they actually close on. May or may not work but its an idea to earn you some cash.

I have a pdf file that simplifies wholesaling for starter if you would like it, shoot me an email and I will send it to you. Hope this helps.

Virtual Wholesaling: Can I do it all at home?

Most Popular Reply