I am looking at getting started in REI and I from what I’ve seen so far I feel Wholesaling is the best way for me to start. I would like everyone’s opinion on wholesaling in today’s environment. Given the number of foreclosures and how soft the market is…is wholesaling still a viable means of getting started in the business? I guess the way I see it… if a wholesaler has a good deal, there will always be an investor to buy the property regardless of the condition of the market…but maybe that’s just wishful thinking.
I was also wondering how everyone went about building your contact list of potential buyers?
Great site…I’ve been lurking out here for about a month now and am looking forward to starting soon. Thanks !
As long as you can still sell below the market value enough to draw buyers its still viable.
Wholesaling success comes, in no small part, from contacts that you will establish once you have been seriously engaged in this business. It is not an area where someone brand new/part time is likely to thrive if they have never owned rental property, flipped property, or already worked in a related industry (lending, construction, etc…).
If the deal is right (that being a worthwhile endeavor to both you and the investor), it will always be viable.
That is true…but for such an opportunity to fall into the lap of a new investor probably tells me that there is a significant personal connection. Most great deals never make it onto the MLS, as many of us know. Being known as a player in the business prompts calls from lenders, brokers, and others in the buiness time after time after time… not disagreeing with you, just saying that there are SO many opportunities once your rep gets bigger and everybody knows what you do.
We’re still flipping in Houston and San Antonio. There are just less buyers than last year, but sellers are getting more motivated. Again, if you buy right and educate the seller on the market, wholesaling works in any market.
It’s actually easier now that the sellers know they can’t just stick a sign outside and have their home sell.
It all depends on how liquid you are.
I rarely buy from wholesalers, but don’t mind if the margins are there.