All Forum Posts by: Joe Gonzalez

Hey Allison,

Wholesaling real estate is a great way to get started in the industry. It requires a lot of the same skills that you need to be an agent (prospecting, great communication, etc) 

I only had $1,500 to my name when I did my first deal and made $24,000.

Once you start making more money then you can save a good amount to fix your credit & purchase your own home.

Hope that helps!

Hey Joshua,

In this situation I would speak to my realtor and explain that I would be assigning the agreement, explain the reasons why and pay them a flat fee from your assignment spread (since a 3% commission of the gross purchase price is probably not feasible).

As far as the Earnest money deposit goes - when making your assignment of contract make sure to include language that specifies that any and all monies used to get deal under contract will be returned to you (the assignor).

Best of luck. 

Hey Will,

Focus on educating yourself on sales & negotiations - 2 books I recommend are Never split the difference & Way of the Wolf

Learn how to run comps, real estate terms, how to make an offer (the fundamentals).

Once you feel confident begin marketing to homeowners.

Stay focused, stay hungry

Hey Cade,

Having hard money lending companies in your back pocket is always a smart idea! 

Keep in mind that as a wholesaler you are only assigning the contract so the hard money lender is typically for the end buyer.

Also, don't let the assignment of contract part intimidate you - just make sure you work with an investor friendly title company. 

Stay focused, stay hungry.

Hey Kody,

Welcome to the world of wholesaling! I am a full-time wholesaler doing multiple deals every single month.

Cash buyers are easy to find, doing something as simple as posting your deal here on the bigger pockets market place can get you deal purchased. When starting off you must be focused on mastering your fundamentals in wholesaling and your script - once you feel you are ready you begin your marketing.

Always be of service to the homeowner AND always keep the end buyer in mind when making offers - too many wholesalers only look at their own profits.

Best of luck. 

Hey Stephanie,

Wholesaling real estate can definitely change your life.

Although you are not necessarily a real estate investor you are definitely an investor - every month you will be investing into your education and into your marketing. 

If done right, wholesaling is a strategy to obtain heavy cash flow - from there you can choose to invest into rentals, different businesses, etc.

I am a HUGE proponent of wholesaling real estate, it has helped me obtain my dream life at a relatively young age.

Best of luck. 

 

Hey Kerim,

Congratulations on finding out about wholesaling at such a young age. I have no doubt you will do great things.

The reality is wholesaling with no money will be very difficult - my best advice is to get a part time job so you may make some money and also learn real world skills that will help you grow in business (I highly suggest a sales job).

As you're working this job, save your money and learn learn learn everything on wholesaling from biggerpockets and youtube. 

Once you have saved 2-5k you will have money to invest into marketing and the education to execute well.

Stay focused, stay hungry. 

Hey Makari,

A duplex can still be comped like a traditional single family home. Keep in mind that as a wholesaler you are in the business of finding motivated sellers, understanding this principle will save you a lot of frustration. 

Hey there Giuliano!

Look up a real estate purchase & sell agreement here on bigger pockets or find the formal contract (made for real estate transactions by your state's real estate commission) on google. Other than that @Andrew Mankowski gave you some solid advice about driving for dollars - drive for dollars and every time you gather 50 properties send out 50 handwritten mailers.

Best of luck

Hey Brady,

Congrats on looking into wholesaling, it is definitely life changing.

My advice is to invest time into your education first - (YouTube, books, Facebook groups, etc.) 

Once you feel ready, you can start marketing. When I first started I was doing a lot of cold calling since it's one of the most inexpensive marketing channels, once I got my first deal ( I made $24,000) I started investing into other channels that cost a bit more but allowed me to do just a little less hustling on the phones.