Wholesaling Questions for Starters

[Andrew Low]

How have you gotten started in Wholesaling? What did you need to get started? What did you need to get your first property under contract before finding an investor to assign it to?

Thank you for your time and your replies.

[Jim Pellerin]

Here's a an overview that I recommend for anyone getting started. Not the fastest and most financially beneficial but the easiest way to get started and ease your way into it.

1. Decide on an area you want to work in. Pick an active area where theres lots of wholesaling. This will expose you to other wholesalers and lots of buyers.

2. Build a buyers list. A good way to do that is go into a Facebook group "wholesaling in Orlando" for example. Read about a months of posts looking for cash buyers and see who's replying to properties for sale. Reach out to people who look like buyers. Ask if you can add them to your list and get their email. This is tedious and takes a bit of time. I found about 100 people in just 1 weekend. That's a good start.

3. Find acquisition wholesalers to partner with. Stay away from people that are sending out big list blasts. Chances are your buyers are already on there and most of the deals on these lists are not that good. Search in FB groups the same way as above. Check out Craigslist, FB marketplace, Zillow, FSBO sites, etc. Most acquisition wholesalers don't like to partner but keep looking. Its called co-wholesaling or JV-ing. And some wont want to split their fees and tell you to just add yours on the deal. This drives the price up and hurts the deal.

4. You can start looking for your own deals at the same time. I wrote a post on how to do that on this forum. This will take awhile. 

You probably have to look at 100 deals, analylize 25, offer on 10, close 1. This is a job and you need to be putting in the time. Some wholesalers make about10 to 20 offers a day.

Hope that helps.