New investor looking for guidance

[Gustavo Ortega II]

What’s going on guys, hope everyone is doing well during this time. I’m new here and looking into getting my feet wet in wholesaling and then moving into getting some rental properties under my belt. Any connections, advice, tips, and guidance will be greatly appreciated.

I’ve done research as to know how the wholesaling process works, I’m just struggling with how to find sellers, buyers, and how to write up a proper contract to protect everyone’s interests.

Looking forward to hearing from everyone and thanks in advance for the help!

[Don Konipol]

@Gustavo Ortega II

Hi Gustavo. Welcome to BP

First , understand that wholesaling is a business, or a job, NOT investing. As in any business you need to utilize marketing, sales, distribution, advertising, p.r., etc. Also, the rule that within one year 90% of businesses fail is especially true of wholesaling real property.

Here are the facts that the people pushing mentorships, courses, books and sponsorships concerned with wholesaling fail to mention

1. Well established wholesaling companies, which are your would be competitors are spending $10,000 or more per month to acquire leads

2. The knowledge and experience necessary to consistently close wholesale deals, as well as the judgement needed for repair estimating, negotiating ,etc., is far beyond the ability of the novice

3. Driving for dollars, door hangars, postcards, etc., don’t cut it in a competitive on line world. Those marketing methods are not efficient, and the return on investment is about minimum wage.

4. The effort necessary and time necessary to reach profitability, as in any business, is significantly greater than most people anticipate.

If you have some money to invest, you’d be better off, from a time, return and learning mode, to purchase an investment property and self manage. If capital and or credit is a problem, you’d be best off getting a job, full or even part time, in a real estate area.

If you still think wholesaling is for you, then search as many threads as possible concerning real estate wholesaling on BP. Your questions will be answered in many previous posts. Good luck!