My philosophy is, if your offer doesn't embarrass you, it's too high!

Hi Biggerpockets,I have identified a handful of markets (Youngstown Ohio, Elmira New York, Rochester New York, and Syracuse New York) that seem to be a right fit for my investing philosophy.

If you lose one tenant and you own 5 properties, you are only out 20% of your returns.That may be breaking things down too simply for some, but it is how my particular philosophy works.

Your philosophy and mine are a lot closer than you would expect.However there are many new investors that think they can get started without making the effort.Good ulck in finding a group that fits you vision. you might try setting up keyword alerts for "Gaithersburg" and make collegues with other local investors.

If you've read through all of that, I will do my best to answer your original question, although I've never wholesaled anything myself -> Step 1 - Market to find motivated sellers - search for threads such as Driving for dollars, Direct Mail, yellow lettersStep 2 - Determine fair offer price - search for threads such as 70% rule, rehab costs, after repair value, talking to motivated sellersStep 3 - Make offer, get house under contractStep 4 - Find/Communicate with end buyer - Determine fair final sale price - search for threads such as buyers lists, there are differing philosophies on buyers lists.Step 5 - Close - search for threads such as double closeWithin each of these steps there seem to be numerous, near endless, rabbit holes of information that you must learn. 

I like their philosophy and approach.

@Anks Desai  it is obviously an investment philosophy decision on whether you want to buy a property that has negative cash flow. 

I'd recommend comparing several different experienced sponsors who have a "strong track record through different market cycles" and see which one best aligns with your investing goals/philosophy.

However My new life philosophy is to cut expenses on the things that are not important to me, like housing expense.

I understand this is strictly my philosophy and others are right in theirs, makes me feel better and not as intensive while working a full time job.How about multifamily out there?