Wholesaling.. Where do I start?

[Caleb Allan]

Hi, I'm very new to (REI) and am interested in wholesaling opportunities, but where do I start? W

Where to look? Who to contact? The right deals? 

Any information, advice, or tips you have would be a great deal of help. 

Thank you, 

Caleb.

[Michael Lee]

Hello and welcome to BP! A couple of things, besides learning, is to form either some type of corporation or an LLC. Taling with an attorney and CPA should properly advise you. I do not know which type of wholesaling you are going to do, either buy and sell or transfer property, will make a difference in how you might be treated. A couple of the next things you might consider is having an experienced and local Team full of professionals that will help you, and decide on where you will office.

Remember that marketing is very important and so are lenders.  Right now, because of the low inventory, you may have your toughest competition from cash buyers that can typically close quicker.  The best place to go, besides your own neighberhood, is to go where there is a bunch of activity.  By activity I mean where the sales are happening.  Know the neighberhood you select well and know where it's best locations are.  You might either walk from door to door or "drive for dollars".

Find/Get a local Team that is full of experienced Team members that will return your phone calls promptly.  The primary Team members are Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handymen.  Always remember to do the math anaysis and try to look at the properties before you make an offer or at least have a clause in the sales contract that allows you some time (usually about 15 days) to inspect the property and possibly back out of the deal without a penalty that will hurt you.

I am 59 years old and I found BP about a year ago and I still have not decided what I am going to do.  I also went to college, which is not mandatory, and I got a business degree that emphasized real estate. Since I was in Texas and planned on staying there I found out that I was qualified to take a test and become a real estate broker so I took the test and got my license even though I never did that full time.  I kept that license for about 30 years.  

Regardless of what I had, I felt more comfortable in the construction business.  I have been in the construction-related business since I was 17 including those college years.  My father has been in buying and selling real estate business for about 40 years and he has taught me a little bit.  If you think that I could help you with anything please contact me through BP at any time.  Good luck to you!