Profits from wholesaling

[James Appleton]

Greetings everyone,

My name is James. I’m a rookie real estate investor here in Mercer County NJ. I’ve just collected my first two big assignment fees via wholesaling. I’m looking to move on to fixing and flipping properties. Should I wait until I get a certain dollar amount or should I go for it?

Thanks in advance for any and all replies..

[Jim Kalish]

Hi @James Appleton.  Interesting question.  First you need to decide how you plan to buy.  Are you thinking of all cash or using private lenders?  If you have all cash, including rehab costs and contingency money, the sooner the better,  It's going to take a while to find something that works.  If you don't have enough to pay cash research private lenders and their requirements.  I'm a big believer in the BRRRRRR method, which you can read more about in BPs.  Using this method allows you to get into the action with less money out of pocket.  But again, do your math.  Remember the old saying, you make your profit when you buy, not when you sell.  That means you need to know all of your costs and after repair value before buying. But as long as you do your due diligence and believe you have the money you need waiting is never the answer.

Bet of luck