Advice for first time investor

[Alex Nicosia]

Hello all! 

Im just getting into wholesaling in the New Orleans area and I was wondering how you guys accurately get estimates on repair/rehab costs on properties. 

[Braden Smith]

Hi @Alex Nicosia. Welcome to BP! I'm a local real estate investor and licensed realtor here in New Orleans. You've come to the right place to learn anything and everything about real estate investing. Be sure to check out the "education" tab at the top. Lots of great resources there. A good place to start is with the free guides, such as "The Ultimate Beginner's Guide To Real Estate Investing". The bookstore has some great books and the podcast is full of valuable information.

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Check out this recent discussion on wholsaling in Louisiana: https://www.biggerpockets.com/forums/93/topics/661156-wholesaling-in-louisiana

To begin with wholesaling, you will need to first determine which type of seller you want to focus on and then decide which way you will attract those sellers. You will need to do some form of marketing and that usually depends on your individual situation. Do you have the time to do the legwork yourself, or do you have the money to pay someone else to do it?

There are two ways to go about marketing/advertising your business...

You can go a mile wide and an inch deep, which would be marketing large scale such as blanketing an entire neighborhood with direct mail, door hangers, etc. This can get very expensive, very quickly.

Or you can go a mile deep and an inch wide. This would be very targeted niche marketing focusing on one or two particular niches. This is typically the best route to go for small companies with limited marketing budgets.

Check out these posts on BP:

The Ultimate Beginner’s Guide to Real Estate Wholesaling

The Definitive Guide to Real Estate Wholesaling

A 60-Day Action Guide to Wholesaling Your First Property

The Newbie’s Guide to Wholesaling in 7 Simple Steps

The 8 Most Common Lies Newbies Believe About Wholesaling

Check out these books:

If You Can't Wholesale After This: I've Got Nothing For You

The Real Estate Wholesaling Bible: The Fastest, Easiest Way to Get Started in Real Estate Investing

The Art Of Wholesaling Properties: How to Buy and Sell Real Estate without Cash or Credit

Everything Wholesaling: The Ultimate Guide to Wholesaling Real Estate

Best of luck to you and happy investing!

PS - The easiest way to learn rehab costs is to pay a reputable contractor for an estimate. Be honest with them and tell them you are looking at a house to potentially buy, but need to know what you are looking at cost wise to renovate/rehab it.