Looking for a Hampton roads vb va wholesaler

[Chris Gladstone]

I am looking to learn more about whole sale in Virginia Beach VA Hampton Roads Area. I am local to Virginia Beach. Me and the wife have one rental property currently. I am looking to us any income gained to save for another property.

[Patti Robertson]

Go to the wholesaling education track right here in BP for tons of FREE education.

I disagree a tad with some of the advice given above. As someone who has wholesaled hundreds of properties, I would not lie or hide my strategy with a seller.  If you have no intention of closing on the contract, be up front about that, and put an “option” clause in you contract.  Here’s an example of our option clause.  I make a big deal about leaving it in but crossing it out if we know we will close on the house (which is 99% of the time for us), because most other investors try to put crazy contingencies in.

Everyone always thinks they want to start with wholesaling because they perceive it as low risk and easy money.  While it is the lowest financial entry, I’d say it has the highest risk of lawsuit.  It is also, by far, the hardest of the three investing strategies - rental, rehab, wholesale - to get traction in IMO.  Rentals are by far the easiest entry into investing.  Even though our prices are crazy and competition is high, with a 30 year loan, you can still by with cashflow in our market.  If money is the issue, it is easier to find someone in your sphere who will lend you money to do a flip. The competition for wholesaling is very high.  We have huge wholesale operations in our market who are spending $10,000-$60,000/month on advertising for the deals who have been doing it for many years.  This doesn’t mean you won’t get them, but it means you are competing against pros.  

My advice for new wanna be wholesalers is always to divide your time in half and focus half of your time on wholesaling, and half on finding private money.  I guarantee you will find a personal source of private money who wants to earn 6-8% return backed by a first position in real estate faster than you will find a needle in the haystack with enough room for both you and  the next guy in line to make money.