Wholesaling: Starting From Scratch

[Marcus Geiser]

On October 6th, 2020 after a long time not working and battling health issues I decided to brush myself off and get back in the game. I started by making the decision to flip houses, start by wholesaling, and repair/reestablish credit. 

As I start my journey I have had no income since March 2018. My wife has supported our family. I will be going back to work in the next few weeks. I have a zero budget for the most part and need to grind it out to create investment capital. As far as starting out goes I am starting from the bottom.  

Here are the steps I have taken over the last two weeks. 

1. Pulled credit file from all 3 bureau's 
2. Purchased BOA Secured Card
3. Paid $75 annual fee for Credit One Card
4. Went to GoDaddy and got Hosting and URL with a coupon code for $1.00 month with free domain, +$9.99 for domain secrecy to prevent telemarketing and such. Total Investment under $25.00
5. Used the site builder at GoDaddy to build my landing page (FREE). Auto-responds to me email. 
6. Added We Buy Houses Pages to 
   1. Facebook
   2. Instagram
   3. Twitter

I am now working out a plan for the next 3 months to build credit, save for a down payment, generate wholesale leads, and market deals. 

[Jonathan Greene]

Glad you are getting back to it after some health issues, but these are surface additions. Good ones to get set up, but as you may know, nothing that is going to bring in business when you are a new wholesaler. So, here are some questions to help you get started:

1. How will you close a deal if you don't find an end buyer? Do you have supplemental financing in place or a backer?

2. How are you going to build your buyers' list? Do you have any contacts in real estate? Do you know investors? Do you plan on attending local meetups online or in-person

3. What's your plans for seller leads without a spend? Driving for dollars? How will you skip trace? What special skills do you have in off-market negotiations that can help? Do you know ARVs or have an agent with access? Do you know repair costs?