Wholesaling Real Estate in the Expensive California Market
If you've ever thought your market's too high priced to actually do wholesaling real estate, well, think again. Oscar Covarrubias in the Central Valley of California, went from making $30,000 a year to making $40,000 in one single deal, doing three deals per month and now 15 per month. Without further ado let's jump right in to his journey.
Oscar's Journey into Real Estate
If there's one thing that Oscar wants you to know, it's that you can absolutely do wholesaling real estate in the expensive California market. He is living proof of it. Oscar is a successful real estate investor based in Fresno, California. He primarily focuses on fix and flip, wholesaling, and has recently ventured into the world of buying and holding properties and building a rental portfolio.
Oscar's journey into real estate investing didn't start from a place of financial abundance. In fact, he was earning a modest income of $30,000 a year before he discovered the potential of wholesaling real estate. Prior to that, he was involved in sales for a friend's company, where they sold manufactured e-liquid and attended various events around the country.
Although those events were often seen as big parties, Oscar was able to develop valuable skills in communication, building rapport, and establishing long-term client relationships. These skills would later prove to be invaluable in his real estate career.
So, why did Oscar choose to go into real estate investing? Like many people, it was always a dream of his. He stumbled upon an ad for an acquisition position and decided to give it a shot. Little did he know that this opportunity would completely change his life.
The First Wholesale Deal
Oscar recalls his first encounter with wholesaling real estate, where he was given the task of buying a property for 50% of its value. He initially doubted whether anyone would sell their house for such a low price, but soon realized that there were situations where sellers were willing to make a deal. This experience taught him the importance of building trust and solving problems that sellers were not equipped or motivated to solve themselves.
The first deal Oscar ever closed didn't bring him any profit, but it was a valuable learning experience. He had purchased a vacant property from another real estate investor who needed quick cash. Oscar managed to get the property under contract for $60,000, and although he had offers that could have fetched him more, he stuck to his word and honored the original agreement.
Launching His Real Estate Career
However, it was his second deal that truly launched his career as a real estate investor. He came across a property that had become a major headache for its owner, a woman who was facing eviction. With swift action and negotiation skills, Oscar convinced the sheriff to give him the opportunity to purchase the property and save the woman from losing her home. The deal was closed at $60,000, and Oscar made a profit of $40,000.
This success fueled Oscar's ambition and sparked a drive to do more deals. He continued to hustle and closed multiple deals each month, steadily increasing his income. However, he realized that he wanted more than just quick profits. Oscar aspired to build long-term wealth and provide for future generations, namely his son and his grandchildren.
To achieve this, Oscar decided to transition into buying and holding properties. He partnered with Fred, who had a portfolio of 30 rental properties in upstate New York. Together, they set their sights on expanding their rental portfolio and creating a sustainable real estate business.
Expanding His Real Estate Team
Joining a franchise called Joe Homebuyer was a pivotal moment for Oscar and Fred. They saw the value in adopting a proven blueprint and implementing structure in their business operations. This allowed them to leverage the benefits of off-market deals, which are often more profitable.
With their expanded team, which now includes virtual assistants, acquisition representatives, a disposition agent, and a social media specialist, Oscar and Fred have been able to scale their business and close an average of 12 to 13 deals per month. This success has allowed Oscar to fulfill his dream of not just financial freedom for himself, but also giving back to his community and loved ones.
Outside of work, Oscar values family above all else. He spends quality time with his loved ones, enjoys camping trips, and hosts regular barbecues and parties at his home. He believes that true wealth is not just measured in dollars but in the ability to create meaningful experiences and provide for those you care about.
Oscar's advice to aspiring wholesalers is simple but powerful: take action and never give up. Wholesaling real estate is not easy, and success requires consistent effort and determination. He emphasizes the importance of putting in the work every single day and not letting early successes cloud your focus. Remember, it's a journey, and the rewards are well worth the grind.
Oscar's story is an inspiring example of what is possible in the world of wholesaling real estate, even in an expensive market like California. By building trust, solving problems, and being willing to invest in marketing and team expansion, Oscar has transformed his life and created a path to long-term wealth. His journey serves as a reminder that with dedication and resilience, anyone can achieve financial freedom through real estate investing.
Remember, your success starts with taking action. Don't give up on your dreams of financial freedom. Learn from success stories like Oscar's and embark on your own journey to wholesaling real estate. The path may not always be easy, but the rewards await those who persevere.
About Samantha Ankney
Samantha has been a media specialist for DealMachine for 1.5 years. She produces, edits, writes, and publishes all media that is distributed to the DealMachine and Real Estate Investing community.