New to Real Estate · Hopatcong, NJ · Member since 2019 · 11 posts · 0 votes
Hey everyone, I’m a Real Estate newbie and I have been reading and researching for quite some time now and am ready to take real estate investing head on. My goal is to start with wholesaling and use the capital from that to invest in other forms or real estate while continuing to wholesale. I was wondering where everyone wholesales and if there are any areas that are good or bad for wholesaling? From what I understand it’s not necessarily about the best deal you can make but finding the seller who is most eager to sell. With that being said, would I be able to create wholesale deals all over the country wherever the opportunities present themselves or do most people stay within the area of where they live? (Northern New Jersey for myself) Thanks for the help!
Hey @John Loscalzo there is a concept called virtual wholesaling but I haven’t done it. If you are able to implement the skills needed to be a Pro at wholesaling virtually. You maybe able to make it work. They are marketing; estimating repairs; contracting; appraisals; and negotiating. Can you complete all of these skills virtually? If so you may want to explore virtual wholesaling.
Last, the best advice I can give you is to spend 80% of your time marketing for deals. Good luck!!
Hey @John Loscalzo there is a concept called virtual wholesaling but I haven’t done it. If you are able to implement the skills needed to be a Pro at wholesaling virtually. You maybe able to make it work. They are marketing; estimating repairs; contracting; appraisals; and negotiating. Can you complete all of these skills virtually? If so you may want to explore virtual wholesaling.
Last, the best advice I can give you is to spend 80% of your time marketing for deals. Good luck!!
Wholesaling is very difficult locally, so I would start there. You need to be good at finding leads, selling yourself, estimating repairs/costs, then selling that deal to someone else for more money. You need to know all the costs, and what the end buyer needs to pay to make it worth their time. You also need a good title company and attorney (assuming you are wholesaling in an attorney state). Once you have all that down, you can start making money doing it. There are some great wholesalers out there, I'm sure one will be by shortly to offer their advice (which I would take).
@John Loscalzo I think it's always best to do business locally as you know you are more familiar with your market. To be honest, my team closes most of our deals over the phone.. locally.
However, we still need to be well acquainted with the area, neighborhood, comps & go out there for repairs. Unless you can build a relationship with other wholesalers/investors you trust out of state who can do that for you... wouldn't recommend.
@John Loscalzo get to know your market, by networking at the local REIAs. Only individuals local to you, can tell you about your market. People invest in good & "bad" areas all the time in every market. Bad area is based on your tolerance and bank account.