Wholesaling

[Haider Hamoudi]

Hey, I was wondering is there anyone in New Orleans or even Lousiana that does wholesaling? I'm looking to get started with it and im trying to see what contracts people use and how to even get the contracts set up. Thanks

[Braden Smith]

Hi @Haider Hamoudi

There are plenty of people who wholesale in the Greater New Orleans Area. If anything there are too many people doing it or trying to do it these days. The number of wholesalers in our area has just about quadrupled in the last 2 years due to all the national real estate investing gurus coming here non-stop for the last couple of years doing their seminars. They all tell everyone to start off wholesaling so this has created an overabundance of wholesalers. 

Our market has become saturated with investors of all kinds and it is becoming harder and harder to find good deals. It has gotten to the point where you just can't find a good deal on the MLS anymore and even many of the wholesale deals out there are not that good of deals anymore because everyone is trying to squeeze as much as they can out of every deal and/or jumping on a daisy chain where everyone is trying to get a piece of the action.

I'm not trying to discourage you, but be ready for some stiff competition out there! It's gotten to the point where potential sellers are getting 10, 12, 15 pieces of mail or more every month... I've seen picture of mail spread out across a table from a one month period with this many mailers hitting the same house and they are all sending the same thing or something similar. So if you plan to do any direct mail marketing, you need to think outside the box and do things differently.

As far as what contracts to use... contact David Birdsong at Gulf South Title. He is an investor friendly title attorney and the president of NOREIA.

Hope this info helps!

Regards,

Braden

[Haider Hamoudi]

Thank you very much for the information. I appreciate your help. I will definitly contact that attorney for help. Do you no of anyone here that mentors people? I'm looking for mentor somone that has actually been successful in this industry. 

Thanks

@Braden Smith

[Braden Smith]

I would check out NOREIA and attend their meetings.

See here:  http://neworleansreia.com/

[Haider Hamoudi]

Thanks. @Braden Smith