Trying to get started in Wholesaling

[Andre F Samuels]

Good Evening,

I just wanted to introduce myself.

I am Andre,  a 23 year old novice real estate investor in Dayton, Ohio (& surrounding cities). I have wanted to get the ball rolling as a investor (wholesaling & multi-family) for about a year now but with out the proper knowledge and guidance deals never came through. But that is okay , because today is the day I take action.  I will get my first whole sale deal in the next 30 days !  I am claiming it ! This is the beginning of a very prosperous life for me !

I wish everyone reading this the best on there future endeavors as well !                                                                                                 If you have any advice on getting started in wholesaling or just simply want to connect PLEASE comment or message me

Thank You

[Charlie MacPherson]

I love the enthusiasm! 

However, please realize that wholesaling is another name for "unlicensed real estate brokering" and is illegal in nearly every state.

It is impossible for you to "give the seller value" while you are pretending that you are going to buy their property when your real intention is to assign the purchase contract to another buyer.  That's how wholesaling normally works.  You're stealing value from the seller, because your fees are normally FAR more than a standard 2.5% Realtor's commission. 

BTW, that's "Fraud in the Inducement" - convincing another to enter into a contract, when you don't have both the means (money$$$) or intent (you intend to assign) to fulfill.

Do people wholesale and get away with it every day?  Sure.  Right up until a pissed off family member figures out that you screwed Grandma out of $20,000 (or more) of her equity.  Good luck in front of a judge!

Instead of trying to screw the ignorant and desperate out of their real estate equity, how about making money honestly?

Maybe:

a: Get a real estate license and earn a commission.
b: Double-close on the property.  Buy it, fix it and re-sell it at a profit.

On option b, Everybody wins.  The town gets a (sometimes) delinquent wreck back on the tax roles. The neighbors see the neighborhood getting fixed up.  The seller dumps his wreck.  You fix it up and sell for a HUGE profit.  Everybody wins.

Best of luck in whatever you decide.