Its 2015!...... Should I Wholesale?

[Christopher Johnson]

Hello my fellow Biggerpockets family,

Kris here and i am currently in Atlanta. Ok, so i have been educating myself on real estate investing for a little over a while now. I know the different types of investing and have chosen my niche, which is of course (wholesaling), being the reason of choice strictly from financial lacking. I understand the different types of investing and making profits without having to spend any of your own money. I am fully prepared to endure and work as hard as i have to. I am not making excuses, however there is a huge difference between hard work and smart work. Obviously i don't know the market the way i should, but before i dive in... i want to know if wholesaling is totally washed out. I mean its 2015, doesn't seem like their are many new individual wholesalers left, maybe that might be a good thing but what i don't know is, before i put the amount of time i am about to devote towards finding distressed houses, filing lease options, assigning contracts, etc... is there still business out there to be done. Does wholesaling happen on a daily basis, it seems like the only real opportunity i have at any profit is primarily from off market houses. Again maybe i'm suffering from beginners fear, i want to put in the work, just not if its not there. Hopefully someone understands, seems like the market is already flooded with bigger businesses already doing what i will be doing which would leave me without. 

[Justin Fernandez]

Hey guys and welcome aboard. Like any other company, it's been done before. There are McDonald's and burger kings out there, but you still see mom and pop burger shacks, right?

How long they stay is ultimately up to them. What differentiates them, what makes people go to their burger shop and not others? What makes them successful?

This concept can be applied to wholesaling. How do you plmake money in this game? Let me tell you from experience from someone who still lives paycheck to paycheck, wholesaling costs money. You can leave that thought out right now. I feel every dollar I spend. 

There is a reward waiting at the end of the road(that's the hope at least), but wholesaling is another job. It takes startup capital and the biggest one of them all is time. How are you going to generate leads, qualify, contract, and then find buyers, qualify them, and then find the next deal? You have to work both sides of the transaction meaning double variables. 

If you're afraid that it can't be done, then it won't be. 

You may have knowledge in what to do, but how will you do it? 

You say you don't have capital and that's the issue, I say you don't have heart, at least not yet. But you'll have to figure out why you're pulling the trigger, then how you're going to do it. 

Wholesaling is easily said the hardest thing to do right in the RE world. 

You have to learn it all from the seller's and the buyer's perspective, not just bits and pieces. It's a thinking person's game. Don't forget you're the most expendable one in the equation, why? You don't have money in the deal, you don't have authority in the deal, but you have to control it all. 

You can't do something you're finicky about. Even more so in the RE world and you're lowest on the totem pole and you want to do the hardest thing. On average, successful wholesalers end up wholesaling after being a rehabber, landlord, RE agent but rarely do they start as one. 

Don't get discouraged by this, I didn't when someone told me this and continues to tell me this. (Search bigger pockets on wholesaling and see what comes up every time). You can be successful you just have to get your heart right and mind ready first.