Jerry Norton is a guy who has tons of content about wholesaling, I really enjoy his stuff. There are some guys with lots of experience who post on here too.
There is a variety of wholesalers from big groups to individuals just starting out. Its a very low barrier to entry in most states, although some are working to require RE licensing and putting other legislation in place. At the very basic, they work to get a property under contract with a long option period and then assign that contract to an end buyer for a fee. In short they are doing the marketing and hard work like "driving for dollars" and "door knocking" for distressed assets and sellers. You've likely heard of some and didn't know it.
Think We Buy Ugly Houses.
Networth is another big group, you can sign up with them and get deals in your email daily. They provide the deals, help with contractors and even lending. I am not advocating for them, they are just one I know of. Joining your area Real Estate Investment Assn (REIA) is a great way to meet lots of groups and individual wholesalers who have deals. There are also Facebook groups in your area with lots of deals being posted.
I recently completed my first "wholesale" land flip on a property just outside of Hallettsville. I put a 6 ac of 100% floodplain and overgrown property under contract with a seller who inherited the property, had never seen it and just wanted to get rid of the surface rights while retaining the active O&G lease rights. I brought him a buyer and earned a nice fee. Great thing about an assignment fee is its ordinary income, not subject to short term gains.
I am actively marketing for land, SFR, mobile homes and small mobile home parks and apartment complexes. Its a lot of data processing and cold calling. If I see a distressed home, I take a map screenshot, a pic of the home and then look up the owner and try get in touch. My goal is to assign contracts to more experienced end buyers so that I can learn from them and use the funds from that to buy the ones that make sense for me to keep.
I recently started building a team to handle parts I don't like and to help us scale. There are now four of us and we are actively learning new ways to generate leads in the San Antonio and surrounding markets. We've done four deals to date. One we kept for ourselves to use for short/mid term RV stays with Nueces River access. One we purchased with investors and sold it for twice what we paid and split the profits, the wholesale deal above and we have one in escrow that I am going to need to get help from experienced guys due to the curative title work needed.
If anyone wants to know more shoot me an email at figtreehomessa@gmail.com, I am always willing to talk about this stuff. It's a blast.
