Trying to Build Capital

[Krystal Seabron]

Hi guys, I'm new to REI, in fact, I have no investing experience whatsoever. I've read a lot about it and have decided to try to build capital to buy and hold through wholesaling. I went to one of those real estate seminars and managed to make it out with my checking account still in tact. A lot of the information they were selling, I found for free.

I must say that since I don't really know what I'm doing, I'm a little terrified of the process. But, I won't know unless I try. I'm in Houston and I have read that I need a DBA, a separate phone number, a website I have to pay for monthly, bandit signs, and yellow letters to get started. Does all that sound right to you guys? Did anyone begin differently?

[Ryan Canfield]

@Krystal Seabron  Hi Krystal, from what I have personally heard and seen in the year or so that I've been investing is wholesaling is a very tough thing to get started in as well as be successful in.  I don't say that you scare or intimidate you.  Just my personal observations.

What made you decide that you want to start in real estate by wholesaling?

My wife and I started by house hacking and we've now done that over 2 properties.  We are now starting to thinking about other areas of real estate that we could get involved in.  The challenge with wholesaling from the start in my personal opinion only is, how are you going to know what is a good deal if you haven't previously looked at properties?  Do you have any experience estimating rehab costs?  Do you have money to bring to the table if needed? 

My personal suggestion is to get active on the Biggerpockets website, and read/listen/learn as much as you possibly can along with continuing to think of the best way for you to get involved in real estate.  Look at the other options for getting into it and if you keep coming back to wanting to wholesale, then dive into that channel and learn as much as you can about it then pursue it.