Wholesaling Success Market Dependent?

[Account Closed]

Anyone crushing it wholesaling in Northern/Central NJ?

[James Wise]

Originally posted by @Account Closed:

Anyone crushing it wholesaling in Northern/Central NJ?

 Well 1st thing I need to tell you all is that Wholesaling as it's taught is a myth. You need a license to Broker real estate. That's all wholesaling is, it's brokering real estate except instead of being up front & telling the distressed seller that you'll sell their property for X amount & take X amount as your commission / fee you are taught to lie to the seller & pretend you are going to buy the property while you secretly attempt to "assign" your contract.

It doesn't work. Nobody has any respect for wholesalers. Whenever a wholesaler contact me I simply get the information about the property & reach out to the owner myself cutting the wholesaler out of the deal entirely. If you do business above board as a licensed agent that won't happen to you. The only people making money wholesaling are the guys selling the education.

Now that we've got the above out of the way let me explain to you that the market is irrelevant. Connecting buyers and sellers is the job and your skill set is what makes or breaks the business, not the location. You need to have

• An in depth knowledge of the market.
• Marketing skills.
  
• Sales skills.
• Negotiation skills.
• Accurately estimate rehab costs.
• Understand how to much time it would cost to run a renovation on the properties you are presenting.