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Updated almost 9 years ago,
Noob with a question for those who have actually done a deal
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.