I am a new wholesaler and right now i am builgin my list of buyers in the Philly area and looking for sellers.
This forum has a lot of information so i m soaking everything.
- my questions at the moment that every beginner wholesaler ask: how do i find buyers and sellers? so i am reading all i can on it. If you have any take on the matter, please share.
If you want to wholesale, maybe find ONE buyer that really is in the market for deals, learn what he does, what he buys, and try to find deals for him/her. That way, when you have a couple deals under your belt, you will be able to really start growing the relationship to other buyers.
As a newbie, how do you know what is a good deal? Are you sure you can calculate the repairs/ARV without forgetting anything? Why go through the motions of putting a property under contract if there you're not sure it will sell?
Trying to create a "network" of buyers and sellers that works is hard. IMHO. Many try, and they end up marketing crappy deals that no one wants. And then, because you are doing a massive marketing strategy, you end up receiving little to no feedback on what is wrong, and why you can't sell this properties.
Another option is to find a experienced wholesaler and help him until you learn the trade on your own.
As per finding deals, there are many many ways. Your best success will be doing what no one else is doing (or a limited amount of people). For example, you will read that direct mail is THE way to do it, and at this point, I'd rather pay someone to do direct mail than to do it on my own.
Some of the things that you talked about were very valuable.
As I am starting, i am learning everything i can. As of now, I do not know what is a good deal or how to calculate repairs or ARV but i believe it will come in time.
Through trial and error, i notice what is working and what is not. But more and more i realize that connecting and networking with other people involved in my community will be key.
Dfntly right about finding another experienced wholesaler (or even a real estate investor mentor) will be really valuable.
Yes what @Rafael Floresta said. I just started out wholesaling in philly and i have one buyer that buys my deals. I know what he wants exactly and thats key.