Anyone open to mentoring a new wholesaler?

Question

Hello!

I am new to Wholesaling and Real Estate in general. I am looking to learn as much as I can and from as many people as I can. I know that there are many people open to mentoring and guiding new investors so I am taking a shot in the dark to see if anyone would take a chance on teaching me. I am open to book suggestions, podcasts, YouTube videos, articles, ANYTHING! I am excited to learn and continue my investing journey while meeting like-minded people. Thank you all for your time!

Joe Gonzalez · Answer

Congrats on making the decision to wholesale real estate, I started back in 2017 and it completely changed my life.

Here are a few tips for someone who is new:

- Wholesaling is a sales and marketing business, study both religiously.

- You get what you put in, dont treat this as just a hobby.

- Read, Read, Read. I recommend "Secrets of the Millionaire Mind by T Harv Eker" & "The Compound Effect by Darren Hardy" for those starting out.

- Have integrity. Never lock up a house just to get something under contract. Only a lazy investor doesn't know how to do their numbers, strictly make offers that you know make sense as an investment.

- You're in the rejection business, get used to the word no. Most sellers don't have to sell below market value so many will pass on your offer and that's okay. You are looking for a seller that values their time and convenience and is willing to trade some equity in return.

- Stay consistent - if you can master the art of consistently showing up then you will win the game of wholesaling.

Feel free to reach out if you need anything!

Nathan Gesner · Answer

I recommend you build a strong foundational understanding of real estate investing.

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

3. As you read these books, watch the biggerpockets podcasts. This will help clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. Biggerpockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.

6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

Bryant Brislin · Answer

@Alfredo Cervantes happy to talk some time

Eliott Elias · Answer

Happy to help in anyways I can. Feel free to shoot me a DM

Jerryll Noorden · Answer

Don't start off the bat looking for help, a mentor or guidance.

Figure it out. This advise sounds harsh, but it is the figuring out part that will make you a great "think-outside-the-box" wholesaler.

Too often do I see people starting anything with "I need help". you are conditioning your mind that you can't do it. You need help to do it. Do the opposite, and you will be surprised how far you'll go!

David Mount · Answer

Podcast rec: Wholesaling Inc

I personally started wholesaling before I owned my own property and ended up losing a lot of money (paid for an expensive mentorship and thousands in marketing $$). I was too green.

Switched to becoming a real estate agent first, then owning my own property.

What are a few things you've learned so far? You're probably further along than I was when I started wholesaling (I was ~23 or 24 years old).

Anyone open to mentoring a new wholesaler?

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