Wholesaling Questions: A Beginner's Curiosities and Concerns

[Blake Bartholomae]

Hello, BP Community!

My name is Blake. I am a happily married NCO in the Arkansas National Guard that specializes in Air Traffic Control and a Commercial Airline student on the civilian side, currently in possession of a Commercial SEL license. For the past three years, I've spent much of my free time preparing for my real estate adventure. Recently, I've had a medical pause on my school that's given me almost 6 months to focus on almost anything! With my almost 3 years of 6-figure success in car sales prior to my aviation journey, I see no better time than now to dive in and solidify my first deal! With BRRRR being my ultimate goal [and finances not currently an option for it, aviation school isn't cheap!], the assignment aspect of wholesaling appeals to me.

So, let's get started!

The reason for my post today is to clarify some uncertainties that are holding me up.  To start, I'll pitch my plan in a single paragraph.  I've created a digital project workspace with a massive TDL that includes contract creation, finances [such as bank accounts, budgeting, and tax prep], marketing/branding [deciding on selling as myself vs. creating a company], and CRM/Outreach.  In this plan, I've noticed that when executing steps, a few things stop me, and below I'm going to post these questions regardless of answers I may already have, simply because I want the chance to hear from YOU about them!

Feel free to answer one, none, or all. Any and all advice is appreciated.

1.  "What important things do I need to keep in mind when working with an LLC associated with wholesaling?" - I've never had an LLC. While research is fantastic, it only gets me so far before I just need to do it. So, before I pull the trigger and go apply, I'm seeking any tips or insights that may help me make the right choices!

2.  "What are some tried-and-true pitches you have when utilizing face-to-face marketing?" - This mostly pertains to the acquisition of buyers, however, I suppose sellers also apply.  I've seen many strategies and even have a few of my own that transfer well from car sales, however, if you have anything that works for you, please share!

3. "Is the success of real estate wholesaling affected negatively under the primary focus being a good moral compass?" - This is my largest question and let me explain.  There are many stereotypes I've picked up on about wholesaling in general, not just in real estate.  Being a firm believer in Christ, I placed customer satisfaction at the top of my list, even if it meant losing a few hundred on a deal. Treat them well, word spreads.  The reason this question is brought up is because the fundamental core of wholesaling comes from finding great deals and offering low to maximize profit margins.  So, I am not necessarily looking for validation here, more so hearing about how to maximize transparency and set expectations when working a real estate deal in wholesale so that I can exercise these strategies to create a positive framework for my business that sets the tone for how I want working with me to be perceived.

4. "What/who are some great resources that may can assist in the compilation of the first deal?" - Obvious the first deal is a little anxiety inducing, but hey, being comfortable never helped anyone grow.  A huge advantage for me would be learning about additional assets, like this forum for example, that I may be able to rely on when I find my first seller and it's time to move.  With the first deal, it's important I have enough of an understanding of the process to make moves, but just as much if not more humility from anyone observing to further expand my knowledge and be open to criticism and critique, while not sabotaging the time or integrity of the deal in the process.

5. "What softwares/platforms are commonly utilized during the deal?" - We live in a digital age, and I love automation and convenience!  In my research, there's a lot of suggestions on platforms for finances, CRM, calendars, and marketing, but not quite as much on what wholesalers use during the deal for the exchange of contracts.  Outside of options I've found that may work for me such as Eversign or Docusign, are there any out there that I've missed?  Maybe even niched platforms I didn't find that were built specifically for wholesaling?

Thank you so much for reading, and I look forward to making connections with many of you as this journey of mine blossoms into the reality I'm chasing for my wife and me!

Blake Bartholomae