Wholesaling in San Diego County: What are the facts?

Wholesaling in San Diego County: What are the facts?

Rental Property Investor · San Diego, CA · Member since 2018 · 13 posts · 3 votes

Hi everyone. I am new to the wholesaling side of the real estate industry but have some basic knowledge of commercial real estate as my family owns several commercial properties in the San Diego area and does pretty well. However, I am looking to augment my current income as a software sales rep (S.A.A.S). I make decent money but am interested in Real Estate and want to gradually make it my full time occupation (not sure if this will be in wholesaling on residential side or commercial but feel as though wholesaling would be a good way to get my first taste of the real estate industry). 

That being said, I am trying to get straightforward, reputable & honest information when it comes to the facts about getting started in wholesaling and what it takes to be successful and am finding so much contradictory information that I don't know what to make of it. 

I have put in a lot of time and effort into learning what it takes to accurately and ethically quote buyers and sellers on properties for assignments of contracts from seller to buyer (I know a lot of real estate agents feel that this walking a very thin line & many believe it's even illegal-also not sure what to make of that). This includes putting in the time to learn how to run accurate comps for ARV, MAO, rehab costs, closing costs, flipper's profit, wholesaler's profit etc. but time and again I find that a lot of the information I am getting from various "gurus" isn't as helpful or clear as I would like it to be or their pie in the sky promises are just so ridiculous that I can't take them seriously.

I'm well educated, professional and know I can be successful in real estate but it just seems that there's so much misinformation out there that makes it an absolute headache to weed out the fakes from the pros. 

Any kind of guidance or information would be most appreciated. 

Best, 

Tony 

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Investor · Saint Johns, FL · Member since 2015 · 141 posts · 100 votes
8y

@Anthony Dray there are some good meet ups in San Diego and North County as well (SDCIA, NSDREI). Even though I am not in the wholesaling business, I can tell you that it is VERY competitive out there. Lot of hustle and money spent on marketing. I hope you can meet someone who's having success. So far I was unable to find a 'wholesale' deal that made sense to me. Please do not be one of those guys who underestimates repairs and overestimates ARV...plenty of those out there already...:) Good luck!

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  • Reno, NV · Member since 2016 · 58 posts · 26 votes
    8y

    Find your local real estate investor meetings. There you will find people who are active in your area and can meet cash buyers. A lot of agents see it as a grey area.. so I would be selective about which agents you approach, of course make connections but also get a feel for whether they are indeed 'investor friendly'. Otherwise, if they are not much informed on the strategies involved with creative real estate investing, why bother? I think it is great that you have put in the time to play with the numbers, that is probably the most important skill. Just remember you are a problem solver for a seller, and your role to a cash buyer is to bring them value - a good deal.

  • Investor · Saint Johns, FL · Member since 2015 · 141 posts · 100 votes
    8y

    @Anthony Dray there are some good meet ups in San Diego and North County as well (SDCIA, NSDREI). Even though I am not in the wholesaling business, I can tell you that it is VERY competitive out there. Lot of hustle and money spent on marketing. I hope you can meet someone who's having success. So far I was unable to find a 'wholesale' deal that made sense to me. Please do not be one of those guys who underestimates repairs and overestimates ARV...plenty of those out there already...:) Good luck!

  • Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
    8y

    How do you plan to market for deals? Have you spoken to anyone actively wholesaling in this market? 

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