whats the best way to learn wholesaling?

Question

Looking to learn how to wholesale me and my partner have full time jobs

and we need that extra push and guidance is there any way to find the right

way to wholesaling without paying someone ? Are there any honest people left in wholesaling?

that can help? I am in Houston

Paul Timmins · Answer

@Darwin Molina

Welcome.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses,  The Book on Estimating ReHab Costs  http://www.biggerpockets.com/flippingbook

Couple good reads

• 9 Reasons You Couldn't Find A Buyer For Your Wholesale      Deal
• Don't Start Wholesaling Until You Read This: Wholesale      Advice from a Fix and Flipper
• How to Start Wholesaling: Getting Past The Education and      Into the Field

Ultimate Guide to wholesaling

https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Trey Watson · Answer

@Darwin Molina Biggerpockets is probably the best free place to learn about wholesaling. Even if you pay for subscription, it will more than payoff after 1 deal.

The best thing I can say about wholesaling is it is numbers game. Find a marketing method, work to perfect it and stay consistent with it. Letters, signs, reach out to r/e agents, other wholesalers, find something or a couple of things that interest you and stick with them.

Chris Boyd · Answer

Read everything on BP concerning Wholesaling. Listen to all the podcasts! Start there.

Austin Davis · Answer

Another good way to get your feet wet is start analyzing deals in your area. Go on listsource.com and look at recent transactions (3-6 months), and look at absentee purchases. Break it down by zip code. List source will give you a count, you won't have to pay for this.This will explain it in more detailThis will give you a good idea of what neighborhoods are hot in your market. Start analyzing deals in your area. Just to get a basic idea of how things look. Also, you might consider looking on youtube at the different guru types and look at their motivate seller calls. It will give you a basic idea of how the conversations go (this is probably the part that scares alot of new investors). Also, you might consider looking around on the market place forums, you'll find posts for people looking for virtual brird dogs. They take care of the marketing expenes, you handle lead calls and such. Its a good way of getting some experience in it. You might be able to approach a local wholesaler or investor, offer to bird dog for them. I would be careful with this last one , especially if working with another wholesaler. If youre working with a wholesaler, I would be wary of investing any signifgant amount of money into the venture- if youre going to invest more than just some gas money you'd be better of trying to start wholesaling yourself.

Mike Hill · Answer

1. TAKE ACTION. Yes, you should always be learning.. BP is a great resource (as are podcasts, books, etc)... but don't wait to "know" before you decide to "do." It's very easy to get caught up in information overload or analysis paralysis. The fact that you know what wholesaling even is and you're on BP tells me that you have enough to get started.. you'll learn as you go.

2. Attend your local REIA - can't stress the importance here. You will learn a ton, meet people that you can do deals with (i.e. buyers), form your "power" team (attorney's, Realtors, Title company, private lenders, etc), and most importantly immerse yourself in the RE world, build your social capital, be inspired, and rewire your brain for success in real estate.

3. Pick one initial strategy to focus on exclusively (at least in the beginning.. and given that you have a full time job), and focus on it CONSISTENTLY. You need to stick with it and form routines that make it habitual. This could be making 10 phone calls on REO's per day, or putting out 30 bandit signs a day on Thursday - Sunday.

Most people ask me for THE BEST strategy, and when one doesn't work, they switch a week later. When sending direct mail for example, I send to the same list each month for about 8 months. Most of my results do not come until at least the 4th or 5th month. To the contrary, most people send once, and then claim it does not work.

I've said on the forum before... it's analogous to fitness in two ways:

1. Many people look for THE BEST "diet," and when they don't see results after a week or two or three, they become Internet junkies and switch from the low-fat diet to the low-carb diet, to paleo, to ketogenic, to vegan... and ultimately get frustrated and give up. Whereas, they don't necessarily need THE BEST diet, they just need to do some initial research, then choose and stick with one for at least 8 weeks or so, AND THEN reassess and make adjustments as necessary

2. Consistency... who will make more results in a gym... the person who lifts weights for 5 hours, 10 random times... or the person who only has 10 minutes a day but goes for a 10 minute jog, every single day, 7 days a week for six months?

Analogies are not perfect but hope you get the idea. Good luck and remember... action is more important than anything else. Take the leap of faith and I promise you can figure it out along the way.

Naeem Kapasi · Answer

I have actually not started yet, but will start very soon when I move to Houston. So for now I'm just studying REI. I'm analyzing deals and getting to know my market :)

Naeem Kapasi · Answer

I'd check out the Ultimate Beginners Guide at www.biggerpockets.com/ubg, you'll learn a lot about many niches within REI, including wholesale.

Jacquelyn Sarpong · Answer

I'm a newbie too and i got some good feed back from Tom Krol. He said to hire a virtual assistant.  Listen to the YouTube video he has on hiring an assistant to do most of the work so that you're not doing everything and focus on your business itself.

Jacquelyn Sarpong · Answer

Hey how are you investing all the way from Norway?

Jacquelyn Sarpong · Answer

in addition,  I'm learning everything on biggerpockets, YouTube videos and a lot of Internet searching.  Try going to the local reia meetings and also try meetup.com. see what you guys can find there.  I'm "self teaching" for the 3 months... until i can find a mentor.  Meanwhile,  I'm setting systems in place.  Hope that helps.

whats the best way to learn wholesaling?

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