All Topics / General Property / Questions for anyone that knows wholesaling

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  • Profile photo of Norman.p.nNorman.p.n
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    @norman-p-n
    Join Date: 2021
    Post Count: 0

    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 :)

     

    Profile photo of HomeBuyerLouisianaHomeBuyerLouisiana
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    @homebuyerlouisiana
    Join Date: 2020
    Post Count: 17

    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.

    HomeBuyerLouisiana | Home Buyer Louisiana
    https://homebuyerlouisiana.com

    Aussie entrepreneur investing in New Orleans houses

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    what is wholesaling?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    what is wholesaling?

    I had a cheap yacht which hit a reef & sank,  does that count?

    Profile photo of CashHouseBuyerCashHouseBuyer
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    @cashhousebuyer
    Join Date: 2021
    Post Count: 0

    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
    https://www.nolacashhousebuyer.com/

    Property Flipper and Landlord

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    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
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

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

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