First timer here

[Roberto Vasquez]

Hello all. Well I have been thinking heavily about giving it a go at wholesaling. I get the general gist of it but also know it’s a little more complicated than the videos make it out to be. I was wondering if anyone here can offer some guidance. Tips or tricks that would help make transactions go smoother. Or just help this whole journey I’m about to embark on go as smooth as possible 

[Abass Aden]

Welcome! Wholesaling is definitely a learning process, but here are a few tips to help:

1. Build a reliable list of cash buyers.

2. Research the areas you want to focus on.

3. Get comfortable with contracts and paperwork.

4. Focus on negotiating great deals with sellers.

5. Stay organized and keep track of your leads.

6. Attend meetups (that’s where I made friends with other wholesalers and learned from them).

Good luck, and take it one step at a time!

[Roberto Vasquez]

thank you. I appreciate it

Quote from @Abass Aden:

Welcome! Wholesaling is definitely a learning process, but here are a few tips to help:

1. Build a reliable list of cash buyers.

2. Research the areas you want to focus on.

3. Get comfortable with contracts and paperwork.

4. Focus on negotiating great deals with sellers.

5. Stay organized and keep track of your leads.

6. Attend meetups (that’s where I made friends with other wholesalers and learned from them).

Good luck, and take it one step at a time!

[Don Konipol]

Quote from @Roberto Vasquez:

Hello all. Well I have been thinking heavily about giving it a go at wholesaling. I get the general gist of it but also know it’s a little more complicated than the videos make it out to be. I was wondering if anyone here can offer some guidance. Tips or tricks that would help make transactions go smoother. Or just help this whole journey I’m about to embark on go as smooth as possible 

My list would be in this order

1. Determine local/state laws regarding wholesaling and determine if (1) you need to be licensed in the jurisdiction you’re considering and (2) if you’ll be able to operate profitably while remaining legally compliant

2. Research competition  and determine their profitability and how much they spend on marketing, how many employees they need, and how much time the wholesaler needs to devote to the business.  Then determine if you have and are willing to risk the necessary capital, time, and commitment.

3. Determine the attributes of experience, knowledge, and capital needed to be successful, and evaluate how you stack up 

4. Think through each aspect of a potential transaction, and how you will respond to the inevitable hiccups, problems, frustrations, and disappointments that occur in every start up business. 

5. Create a realistic pro forma profit and loss statement to determine if this business has the potential to pay any more than you could make working a “no risk” job. 

6. Totally disregard anything told to you by anyone wanting to sell you a course, mentorship, workshop, system, etc.  If a real estate “guru” ever tells the truth it’s only by accident 

[Roberto Vasquez]

Thank you so much for the advise. It’s truly appreciated 

[John O'Leary]

I recommend working for someone while you sharpen your skills. See what they do right, and find areas you can improve upon then make the jump. It's sales and marketing. Best of luck!