But as someone who started his career wholesaling houses to make a buck, I despair when I hear from people all the time that they want to start a wholesaling property business but haven’t yet done a deal. You know, the one you’ve read every eBook available online in pursuit of starting but still haven’t done so much as put together a spreadsheet of contacts who have money, buy properties, or may know someone who does both, much less pick up the phone and call those folks to find out what kind of properties they’ll buy so you can line them up. These questions are designed to help users decide if they are better suited for retail or commercial ventures, rental properties, house flipping, or wholesaling.
Are you even building your buyer’s list? If you’re not building this important component of your book of business, in my opinion, you’re just not committed to the reality of doing business, but only the idea of it. Building your buyers list should be a high priority. Armed with the information from a few serious buyers–typically as a wholesaler your buyers will be landlords who plan to rent the house or rehabbers who plan to fix it up and resell it–you’re ready to go make money in the middle when you find and tie du an bau bang up those deals. Do we have to keep saving money to be wealthy? If you use the information you read here, you will have some idea of what the advantages and disadvantages are.
The two parties meet somewhere in the middle, one party concedes to the other, more counteroffers are made, or the deal is taken off the table or rejected outright. There is more competition today than there were two or three years from now. You will also know which of the two is the better choice to make. You’ll be surprised how many will tell you about their “buddy John” or “boss Sandra” who buys properties too and get their contact information to add to your database.