NEWBIE TO WHOLESALING LOOKING FOR MENTOR IN JACKSONVILLE FL

[Terrence Rivers]

Hey BP,

My name is Terrence I have been investing in real estate (rentals) for about 7 years. I love being a landlord but I would like to start wholesaling to help with my down payment to expand my portfolio. I been on BP reading articles on how to start get started but just haven't pulled the trigger on a deal yet. I was looking for someone in Jacksonville Florida that wouldn't mine taking on a mentee or can just give me some advice on how to start in my area. Any comments or advice would be greatly welcome.  

[Joey Hamaoui]

Hi @Terrence Rivers I hope you have not been discouraged from taking action.

There is a lot of debate whether or not "wholesaling" is legal with strong support for both positions. What @John Thedford wrote is accurate and I encourage you to read statute 475 and take advice from an attorney before you get started.

That being said as long as you do it properly by:

1. Not advertising the property as for sale but only the contract.

2. Only advertise your offerings to people you know.

3. Work with a title company or attorney who is familiar with wholesaling.

You should be ok.

I work here in the Jacksonville, FL market and there are plenty of wholesalers here who do a great job of providing value to agents and our buyers by providing discount properties (or contracts).

The biggest tip I could give is that you will face 100 "you can't do that"s in this business but at the end of the day fear is the only thing that can hold you back.

Good luck!