Is it possible to become wealthy wholesaling?

Bird Dogs, Wholesaling
1

I am currently in my second last year of high school and really interested in eventually starting a full time real estate business after I graduate university and get some experience in the field. However, Im not completely sure yet what type of investing Id like to do. I have two questions regarding wholesaling/flipping properties:

  1. Is it possible to make big money ($250,000 plus for example) putting houses under contract and flipping them to other investors if you do it well and spend alot of time on it, or is it generally too hard to find that many deals and better for part timers or people just starting out in real estate?

  2. Assuming it IS possible to do that many deals and make alot of money, do you need to have alot of capital to do this? For example, if I have 10-15 properties under contract at once would I need to have a massive amount of capital in the bank? If so, approximately how much assuming they were $80, 000 or so homes. Say I had $30, 000 in the bank but tied the money up in a rehab project of my own on the side, would i have to put on hold putting houses under contract?

Any help would be appreciatted. Thanks in advance.

2

I would consider bird dogging as a good entry into rei until you can start handling the deals yourself.

3

Thanks for the response. In my post I was more refering to down the road when I will probably have done bird dogging for awhile already and am ready to start a big business. Basically Im trying to get a feel of what to aim for.

4

I think its def. possible to create wealth wholesaling and rehabing a house or two everynow and then! You said you want to make 250k per year? Well lets just stop to imagine that you wholesale about 20 houses a year and make $10k on each one! That would equal $200k right there for wholesaling just about 2 houses a month! Ok now lets imagine that you rehabed 2 properties and made 25k profit on each! So with your 20 wholesales, and 2 rehabs you would make $250k! Thats a very do-able thing. I think the most important key to it would be finding those deals. If a deal is good enough, almost any rehaber would want it IMO and wouldnt care how much your going to make from them! Everyone would win! Good luck.