Noob with a question for those who have actually done a deal

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I apologize if my title sounds rude. I know a lot of us are on here because we are new and want to learn (me included). However, I think this question can only be answered properly by those who have actually done a successful or unsuccessful deal:

Wholesaling seems very enticing for me, because it requires very minimal costs. Earnest money and maybe $150 for an LLC, and the most I have to invest anyway is about $3,000. However, I have heard from many people that wholsaling is one of the hardest niches in real estate to get into. I have heard that you have to have the same knowledge has a rehabber, a landlord, and a real estate agent. You not only have to be able to find deals, but you have to be able to accurately measure the rehab costs and then be able to market the property. On top of that, you have to also be able to get a better price than rehabbers and land lords. This is all learnable and definitely possible, yes, but is it actually realistic for someone just getting into real estate investing?

Do you guys think my time would be better spent saving up cash and house hacking a multi-family to get at least some kind of experience? I currently rent an apartment (as in I pay to live in it, not the other way around), I've never even purchased a home for myself, let alone made an effort to invest. This is all new to me, and so far people with experience have told me all of the above. What's your opinion? I really would like to hear from those that have done a real wholesale deal, not those who are planning on it. I hope that doesnt come off as rude at all.

[Josh Caldwell]

Don't over complicate the problem.  There are a lot of people who will tell you all about building a buyers list, getting rehab estimates, etc.  That is mostly true, but also irrelevant. 

Wholesaling is the act of buying (better if you just control it with a contract but that is more advanced) a house and selling if for a higher price.  It is that simple  all you need to do is to spot and tie up the bargain.  I will give you two examples from my group this week.  

One is a piece of crap house in a not very good neighborhood. The seller wants out, copper already gone and one of the locals just filled his garage with debris. He needs $5,000 to pay the back taxes and walk away My guy Jay got it under contract and put the deal up at our REIA meeting last night at $9800. He got a buyer last night, they are signing the contract tonight. How complicated was that deal?

Also this week. Candace from my group got a house that I was too busy to look at.  The lady wants out because she has a municipal lein of 11k and credit cards of 38k that she wants to pay off.  All total she will let house with a value of 190k got for 170k, not a great deal but there is meat on the bone here.  The meat comes from the spread in the first part of the deal and there is a second lot of 1/2 acre attached to the deed.  Candace already has a buyer for the lot at 50k cash (her handyman) all she needs to do is to get a buyer for the main house. Even at her contract price of 170k she still makes money.  That deal had two parts but it still wasnt complicated, it was a wholesale. 

Now go find a bargain and sell it to someone who wants a bargain. 

To your success

Josh