Starting out in Wholesaling

Wholesaling
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Starting out in Wholesaling

Matt Buroni
Lender · Raleigh, NC · Member since 2017 · 35 posts · 20 votes

Hello, 

I am 22 years old and have just graduated college. I have been researching REI for a few years now. I have relatively no money (about 1,000-2,000 or so). I want to start investing now and learn as much as I can as quickly as I can. I figured the best way for me to start out would be wholesaling as I won't have to actually own the property and this way my risk is minimized greatly. Also I understand that I will not be needing much money to start out.

I am curious if this is a good way to get started in REI and also, what is the first thing I should do to get started? Where should I look for distressed properties? Where will I find potential buyers? Where will I find the necessary paperwork to close a deal or assign the contract to a potential buyer? Any information at all will be of help.

Thanks for taking the time to help!

-Matt

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  • Jose Castillo
    Flipper/Rehabber · Springfield, MA · Member since 2016 · 641 posts · 204 votes
    9y
    You can find buyers at your local REIA meeting. I would start by learning as much as you can about wholesaling properties, off market properties. The money you have, I would buy business cards and let the world know you are looking to buy houses or you can invest it in books. Spend 90% of your time looking for deals. I know guys who went out and got websites, company logos, all this cool stuff but still haven't got a deal under their belt. You can drive around and look for vacant properties or properties that look like their not being taken care of. Tall grass, broken windows, etc. you can go door knocking as well. Call Craigslist ads that are for sale by owners and start looking for some deals. Try talking to 3-5 people a day. Practice your questionary form and after you memorize it, learn how to negotiate like a pro!
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  • Chris Grenier
    Flipper/Rehabber · Orlando, FL · Member since 2016 · 311 posts · 150 votes
    9y

    Find someone in the area who is doing well and learn the game by working with them. 

    Asking those questions and reading replies will only keep you going in circles without watching it in action. 

    2Reply
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