New guy in NC interested in wholesaling the "right way."

[Luis Toledo]

Hello BP,

I live in Durham, NC and am just getting started. Four weeks ago I decided that I needed to make extra money in order to get out of (consumer) debt and build a better future for my family. My parents flipped a few houses while I was growing up and I knew that it was one way to go but I didn't really start to understand the OPM part of this business until just recently.

My short term goal is to start a wholesaling business that locks up flip properties at 50-60% of ARV and wholesales them to investors at 65-75%. I don't have much in the way of startup capital, so my plan is to start out driving for dollars and bidding on short sales and REOs off the MLS. I'm currently working on putting together proof of funds for a couple of properties I've seen on the MLS.

As far as education goes, I've listened to all of the house flipping HQ podcasts and have started on the BP podcasts. I also started attending local TREIA meetings to meet and learn from other investors. I'd love to hear about other free or cheap sources of education.

My challenges right now are estimating repairs/rehab costs and filling the sales funnel.

[Michael Jobe]

@Luis Toledo

Welcome to the party! You've definitely found the best online community for real estate investing knowledge, networking, etc. It sounds like you've got a decent grasp on what you're aspiring to do with wholesaling. Check out the forum post titled "The Truth About Wholesaling" for lots of good info on doing it the right way as you mentioned. I'd also recommend getting J Scott's book on estimating rehab costs. It's available either here, on Amazon.com, or on his website, 123flip.com. The TREIA meetings are very good for networking so consider joining. The membership will pay for itself in no time.

Again, welcome to BP and best wishes with your current & future endeavors!