Wholesaling for a Beginner

Bird Dogs, Wholesaling
1

I’m a beginner in investing. I live in NYC. My questions are as follows:

Would wholesaling be a good way to begin investing as a beginner?
What books can I read to learn different techniques on wholesaling?
Are there other ways to meet investors other than joining a rei club?
My primary interests are in wholesaling, short-sales and rehabbing. What’s your opinion on short-sales and rehabbing? Are they higher risks?

Thanks,
Takeya

2

Takeya,

Ok, to answer your questions:

  1. Would wholesaling be a good way to begin investing as a beginner?

Not only would wholesaling be a good way to start out…I feel that it’s the best. You will not need to put up any money or credit, nor will you be forced to do too much at once. You can learn the entire deal process, make your money and move on to the next deal. Much less risk here.

  1. What books can I read to learn different techniques on wholesaling?

There are a ton of books available on the topic. Mike Perl has a great one, I know Steve Cook’s course is good.

  1. Are there other ways to meet investors other than joining a rei club?

Although I found a Real Estate Investing Club to be one of the best places, it’s not the only. Go to your local foreclosure auctions…place “Dummy Ads” in the newspaper…Places Ads On Craigslist, Backpage, & Google. Go through your property appraisor’s website and see who owns multiple properties, contact them. Call all of the “We Buy Houses” ads that you come across…Put up bandit signs. There’s tons of ways to get in contact with buyers for your wholesale deals!

  1. My primary interests are in wholesaling, short-sales and rehabbing. What’s your opinion on short-sales and rehabbing? Are they higher risks?

I would stick with just simple wholesale deals that you pick up from Pre-Foreclosure or Vacant Junk properties. These are your easy deals I know that “Short Sales” have been a big buzz word lately, but THEY ARE A REAL TIME WASTER. I’d rather be flipping a bunch of contracts than sitting on the phone with a bank. It’s up to you though…

If you’re interested in rehabbing, I’d start out doing a few wholesale deals first. You need to understand how a deal completely works, and what pro rehabbers are looking for. That way you’ll know what to look for in your rehabs.

Best of luck,

Rich