wholesaling with no money down

[Damion Hopkinson]

How can i start wholesaling properties with no or little money

[Braden C.]

This is why almost all wholesalers fail, they try and find a way to get started with no money. If you want a long-term sustainable business then you should approach it as one. Develop a business plan, have the start-up capital that you need, deal honestly and fairly and then you MIGHT have a chance of longevity.

Sit down and plan out how you can successfully start this business. Map out what you think it will take for you to get started and how you can get to that point. Plan a budget and stick to it, your end goal will be starting your own business.

Check the credentials of those who are telling you that you can do it with no money. They're either gurus who don't actually wholesale deals (which is almost all of them) or they're people who only have a couple of deals under their belt and feel like after a few deals they know everything.

In my opinion you need a minimum of 4-6 month of living expenses and $5-$10k of operating capital. Remember, your initial expenses are going to be much higher as you get started because you will have a lot to learn. As you develop your strategy and begin to focus on what works for you, your costs will drop.

One last thing because this always bugs me, don't focus on your buyers list, it's a waste of time. Your job is to focus on deals, period. If you have 10 buyers who only want a 3/2 block home are you going to pass up a 1/1 condo that you can put under contract for 50% of what you can wholesale it for? One of my best "hits" last year came from a county about 2 hours from me. I had NO buyers but after looking at the comps I knew it was a great deal. 12 Hours after I started marketing the property I had a $20k flip. Remember, I had NO buyers but I had a great deal. That's all that matters. If you have a deal, the buyers will come. It has to be a real deal though. Successful wholesalers know what a real deal is.