Tips for Wholesaling

[William Ward]

My name is William Ward and im a 14 year old boy and know the basics about wholesaleing but that is not enough for me. I would like to know as much as a can since im a beginner. Please comment tips, websites, and more.

[Jon Holdman]

William Ward, spend some time reading here in the Wholesaling forum.

Be sure to read this sticky thread:

The Truth About Wholesaling. Its a pretty good primer on what not to do.

Wholesaling is commissioned sales. You have to find a seller, find a buyer and get the two together, collecting a fee for your services. In many ways, wholesaling is exactly the same job as a real estate agent. Three ways that its not:
1) You actually have contracts to buy an sell with the seller and buyer. Those how you avoid (usually) doing unlicensed brokering.
2) You deal with both sides of the transaction where RE agents usually deal with either the buyer or seller only along with another agent who's representing the other side.
3) You don't get to use the MLS. So, you have to find both buyers and sellers.

Wholesaling is NOT a get rich quick process. It requires knowledge, a lot of work and no small amount of money. You need to understand real estate markets in your farm area, prices, how things are selling and what is selling, the rental market, the flipping market, the real estate transaction process and rehabbing costs. You need to spend a lot of time marketing for sellers and some time finding buyers. You will need to spend money marketing for sellers.

If you spend some time reading in the wholesaling forum you will get lots of ideas about all of these topics.