It took me a day and a half but finally done reading every post on this marathon of a thread (Sleep, what's that). I'm new to BP of a few days now and very new to real estate investing. I also have chosen to use "wholesaling" as my means to an entry into investing and for some of the same reasons as was mentioned. When I first began reading this thread, I was also saying to myself that man I may have taken the wrong turn here and will never get off of home-plate with such a bad and dirty name (wholesaler) attached to me. It did start of as seeming to be a continued bash on the name and someone saying why wholesalers are the worst! But as I read on, I did understand what you @Will Barnard were trying to and DID accomplish with this thread. I will be back to this as a reference again I'm sure! A big thumbs UP!
As a result of the thread, some really good points were made by many folks @Henry M. to name just a few. Please everyone else I didn't leave you out because the input was not good. I just can't remember them all but honorable mention to each and everyone because you made the thread what it is!
So from 2010 when this thread began to 2014 I would imagine that the thinking is still the same. Which is like anything that we do in life worthwhile, wholesaling can be tough, doing it right makes it a bit easier.
-Know your markets
-Know your buyers (their wants)
-Know the basics of this business as a whole. Some strategies show themselves the more you know and can recognize situations
-Know how to valuate what you think are your deals (not just CMA's, but CMA's that draws from relevant data - ACTIVE, SOLD, EXPIRED, CANCELED, PENDING, etc.)
-Know your buyers (their wants)
-Know how to determine ARV
-Know how to estimate repairs (not so much for the buyer as they will do their own due diligence) so that you can at least be in or around the right ballpark
-Singles, Doubles and I would say Triples (if you have good wheels) are where you are at. But if you get a pitch in your wheel house, then you have a green light to aim for the fences!
-Know your buyers (their wants)
I may have missed some. I wanted to do this list all from memory to be sure I got the grasp of what it means to be a good wholesaler. Oh here's one that I might have forgotten. Know who your buyers are!
Thanks again all for this thread. As a newbie I can tell you that it was most eye opening and regardless of what was once thought about it.. ENCOURAGING!
Best to you all. The ones that are actually making it happen, continued success. To us that are just trying to get there. Remember, the Pros were once in the Minor leagues too! They got called up and so can we. We may strike out every now and again, we may even set the league record for it. But all we need to do is to keep swinging. Bunt if we have too. The key to the game is to get on base, move that runner around into scoring position, then come on home. AND, if we get up to the plate enough times, we will eventually see a pitch we like and can handle. Guess what that is!
OK, sorry got carried away with the baseball stuff but just wanted to end it fun and keeping with the thread!
-Marvin Dean
