Sacramento / Elk Grove Wholesalers

[Robert Richards]

Hello BiggerPockets community!  Happy New Years!  I wish you all a prosperous year.  

My wife and I have decided to take the leap of faith this year to become real estate wholesalers in the Sacramento/Elk Grove area.  Neither of us have a real estate license but I have industry knowledge being a former loan officer for a large bank.  Our motivation is to have financial freedom so we can spend more time with our children and have more flexibility for possible missions trips with our church.  I also find a lot of value in this field through helping investors locate vacated/abandoned homes for them to rehab and revitalize our community. 

We are in process of searching out real estate meetups in the area to begin networking with investors and other like-minded people. My question is particularly directed at the BiggerPockets community in the Sacramento/Elk Grove area; of the many REI meetups in the area which have you had most 'success' with and why? We're also looking to set up a meeting with a real estate attorney to review our purchase agreement contracts; marketing strategies, etc. to ensure everything we are doing is permissible under law - so any recommendations of attorneys in the area would be helpful too.

[Wes Blackwell]

Hi @Robert Richards! Welcome to the Sacramento Bigger Pockets Forum!

My advice would be to attend them all. Even go so far as to attend all the meetups in Northern California within an hour or two's drive. As a wholesaler, the more investors you can pitch properties to the better. Introduce yourself as a wholesaler and learn what kind of properties they're looking to invest in. You'll want to get specifics such as price ranges, locations, amount of rehab required, etc. Then when properties come along that match that criteria, you can notify those investors.

One part of building your business is mastering your acquisition strategy for attaining more properties. Essentially, increasing the inventory you have to sell. The second part of your business is mastering your exit strategy for each property, and maximizing your profit. Having a large list of investors to market your properties to will increase your chances of a fast sale, and possibly even lead to a situation of multiple offers that increase the amount you can sell the property for, and hence, increase your profits.

The second thing you can do at these meetings is start asking for referrals for real estate attorneys. What's most important to you in hiring an attorney is knowing that they are fully experienced in the type of transactions you are completing, and nothing will represent this ability more than a stable of satisfied clients. While they might not be in attendance at the REIA meetings you'll go to, their other clients will be. And once you hear a name mentioned enough times, you'll have quickly found the perfect person for the job. Best of luck!