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Updated 6 months ago,
How to do wholesaling RIGHT? In Maryland/East Coast and Nationwide.
There are a lot of complaints about bad wholesalers who do things wrong. We all know how frustrating it is to deal with inept, crooked and ill motivated people in any type of the business. I want to start this thread to get ideas, opinions and valuable tips on how to do it RIGHT.
Lately I have been reading on this subject ,extensively , and trying to learn as much as I could. I am already doing the marketing (placed bandit signs, launching FB ad next week, selected databases to purchase the list of properties that fall under high equity, vacant and other criteria, to be skip traced and cold called and etc.).
I started my journey by reading Wholesaling 101: How to Wholesale for Beginners thread by Chris Piper (https://www.biggerpockets.com/forums/12/topics/862964-wholesaling-101-how-to-wholesale-for-beginners) , which I think is great in terms of being FREE and STRAIGHT TO THE POINT, coming from someone who was actually doing it. But I don't know how outdated or still useful most of his insights are.
I checked on current legislation (thank you @Russell Brazil for heads up on MD 2023 Bill and MD 2024 Law), watched videos such as How to Wholesale RE Step by Step (see https://www.youtube.com/watch?v=JFnUABPy-A8) , found this link/article from Jan. 2024 on how to do wholesaling in MD (https://www.realestateskills.com/blog/wholesaling-real-estate-legal-maryland) , read current articles and stubs (see https://ark7.com/blog/learn/cities/maryland-real-estate-wholesaling-guide/#), watched this linked YT video which covers 50 states and explains where wholesaling is legal and where it's not (https://www.youtube.com/watch?v=O_GRRivs-94) , found out about a lot of gurus that charge tens of thousands of dollars, went to seminars, met and spoke to people who were burned and decided not to pay anyone to get information that I can gather freely from various sources, including this one.
Now I want to hear from successful wholesalers who are operating in current market (preferably in MD/East Coast, but also those who do wholesaling remotely in all states where there are motivated sellers and buyers): how did you start? What works in current market? What realistically can be achieved if one starts lean and mean, with couple of thousands of dollars to invest in marketing and pick up as things move forward? What works now? What you do now that delivers results, closes deals and makes buyers/investors happy? What are the best strategies you would advise to newbies and wish you knew when you started?
Let this thread to be a place for constructive, productive conversations, networking and working together to make some money and bring some positive light to this frowned upon industry in RE world.
Thank you all for your insights, opinions, comments!!