If so, how long have you been doing it and what is your average deal/per month? I want to know if it is realistic for me to do this full time. I have a little bit of money to hold me over for a couple of months and then I will be getting some real money to invest with. My plan is to join the local association, take some classes/seminar and get started with some mentoring. I want to make my first deal within a week or 2 and bring home some cash hopefully within the first month give or take a week or two. How long does it take to close a deal? Can it take a week or does it typically take 1-2 months. If I can average $3500+ per deal and get 1 deal per month I will be satisified to start off. I want to do this for a couple of months until I learn more and become confident in doing something else like a short sale/rehab etc.
Your question is very general. The deals per month depend on a lot of factors, including the market you live in, and your drive as an businessman. Yes, you should treat this like a business.
You get out of wholesaling what you put into it. Some might do 1 deal per month & make $10K a pop. Others may do several deals a month.
Some may want to have $ saved up before they do any business full-time. Others may want to take the risk & do it full time. You have to do what’s best for you.
BTW, once you do your 1st deal, it can be off to the races!
How much you make on a deal, depends on how much value you have created for the end investor that is the one taking the real risk.
I buy properties from 2 or 3 wholesalers that do it fulltime. There are some deals I paid out 2K some 10K, but closer to the 3-5K on a regular basis.
Now if the property is only 20K don’t expect a 10K fee.
So, basically if you avg 4K a deal and do just 1 a month, you have made 48K before taxes. The key is to go and find some solid end investors and work with them. Just like any company, you find out if there is “consumer interest” in your product. Meaning, get your buyers figured out first, then go find the properties they are interested in.
Thats EXACTLY what I want to do is treat this like a business. I want to be busy in some form or fashion whether I am in a meeting, driving around neighborhoods, learning online or reading a book. I would really like to do several deals per month so I can earn an income I can be satisfied with and invest a good chunk of it…
So who has any advice how I can start before I go to a class? I am reading a book on foreclosures right now that talks about wholesaling, short sales, etc…
I guess I could say that I wholesale real estate full time I have made around $150k this year doing it, I also do other aspects of real estate as well though. I own 35 rental units (single families, 2 units and 3 units). I am also a realtor but lately I have been my best buyer. With that said.
It is possible to start making money wholesaling in under a month
I would not quit your day job yet if you dont fully understand what you are doing.
If you can live off $3500 a month then I would imagine that within a few months of hard learning you could be wholesaling full time. At that number one good $10,000 deal will get you 3 months livning expenses (remember uncle sam though)
I wouldnt count on your local rei club if its anything like the ones that I have been to. Many people dont have the slightest idea how to wholesale.
A short wholesale lesson here
Connect the buyers with the houses for cash.
Thats all I have time for, best of luck