Wholesaling as an entry point into REI

[Johnathon Sesi]

Hi All, I’m a newb who is in the info/knowledge gathering phase of my REI career. So newb that I have 0 deals under my belt. I’m pumped to have come across BP, and I can’t wait to learn more and eventually contribute to this platform. Wholesaling, wholesaling, wholesaling is the most popular answer I’ve heard/seen as the best way to get rolling in this industry, especially for those with low funds. How many of you started your journey by wholesaling? Did it allow you to progress? Did it slow you down? P.s. Thanks a ton to the creators of and contributors to BP. You are the real MVPs.

[Jose Flores]

Hey @Johnathon Sesi I started with Wholesaling and think it’s hard work.  Most people are attracted to wholesaling because it’s a business model that provides high rewards with low risk.  But wholesalers are some of the hardest working people in real estate investing.  

Given that here are a few skills you need to master.  Remember, you are a Marketer NOT a Real Estate Investor when you are a Wholesaler.   First, learn the process which could be explained in these simple steps:

Step 1: Market to motivated sellers

Step 2: Sign purchase contract with the seller

Step 3: Find cash buyer

Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit

Step5: Close Transaction via Assignment or

Double Closing and Collect your check

Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.

Last, spend 80% of your time marketing.

Hope this helps. Good luck.