Questions for anyone that knows wholesaling

Viewing 6 posts - 1 through 6 (of 6 total)

Norman.p.n
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@norman-p-n
Join Date: 2021
Post Count: 0
April 10, 2021 - 12:06 am
Hi Hi I am a Uni student in NSW and I recently head of wholesaling as an investment opportunity.
For people who are already in the game would you recommend someone who is just starting and reading books to try and find a mentor before doing anything on their own to first learn how to gain experience or would it be fine for them to start on their own and start building their own knowledge.Also would you recommend them getting a job first and having savings before starting anything just in case of emergency?
P.S if anyone knows any good mentor please reply it would be a big help.Thank you in advance :)
HomeBuyerLouisiana
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@homebuyerlouisiana
Join Date: 2020
Post Count: 17
April 11, 2021 - 3:18 am
Hey Norman, I am from Sydney originally and now live in New Orleans. I have done a lot of wholesaling in New Orleans and have always wondered if it would work in Australia. I have my doubts as the market is so hot and even tear downs sell easily on the market. There isn’t the same level of ongoing property taxes, code violations that create distressed sales. I don’t want to discourage you as I could be wrong. If you are seeking a mentor find someone doing it in Australia as the methodology will be different there.
- This reply was modified 3 years, 7 months ago by HomeBuyerLouisiana.
HomeBuyerLouisiana | Home Buyer Louisiana
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Aussie entrepreneur investing in New Orleans houses
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
April 11, 2021 - 11:34 am
what is wholesaling?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Scott No Mates
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@scott-no-mates
Join Date: 2005
Post Count: 3,856
April 18, 2021 - 12:16 pm
Terryw wrote:
what is wholesaling?
I had a cheap yacht which hit a reef & sank, does that count?
CashHouseBuyer
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@cashhousebuyer
Join Date: 2021
Post Count: 0
April 21, 2021 - 2:03 am
Took me a second to get that Scott :) Wholesaling is finding an off market real estate deal and getting a contract to purchase it but instead of closing the deal yourself you assign the rights to buy the house to a different buyer for a fee.
CashHouseBuyer | NOLA Cash House Buyer
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Property Flipper and Landlord
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
April 21, 2021 - 8:01 am
That would result in stamp duty in most instances. You would need to resell about 10% higher to make it worthwhile.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au