Wholesaling in NorthEast Ohio

[Frederick Parrott]

Hello BP, my name is Frederick. I’m in-between Akron and Cleveland and have no idea how to get started in wholesaling. I’ve started listening to the BP podcast today. Any advice is welcomed. Thanks!!!

[Jay Kennedy]

@Frederick Parrott 

Welcome! No matter what anyone else says, the most important part in wholesaling is getting your target property at the right price.

In my opinion that’s 65% of ACTUAL value or less. This eliminates so many problems for you at the get, because you will have absolutely no problem finding a cash buyer (or an equity based loan if you need to close on the property) at that price.

So, to get started, you have to wake up every morning with the intention of going out and buying a house at 65% actual value or less. Then, you proceed by taking focused action.

There are so many ways to find motivated sellers and distressed properties. A fast way to get started would be to call every single FSBO in the areas you're willing to drive to, and make them offers. Pull delinquent tax lists from your county and either find their numbers and call them, or knock on their doors. Call every person you know and tell them you're investing in real estate and looking to buy homes; so, if they or anyone they know are planning on selling to give you a call immediately.

It’s a little tough to talk to people and get rejected, but if you can handle it, it’s a quick way to get your first deal or two. You’re in control, and you’re getting experience talking to sellers.

After, when you get your first check, you’ll have some cash from your business to try other marketing methods if you’d like.

Good luck man 👍🏻