Get your mind out of the burbs and into the gutter! Many, if not most, new investors, who haven't spent much, if any, time in the hood, are the same way I was when I was just getting started, apprehensive, if not, fearful. (Apologies, if I'm not culturally licensed to use the term, hood. It's what I'm used to calling the older, inner-city neighborhoods.)

The natural tendency is to look for deals in the suburbs. It ain't gonna happen. When I talk with new investors who say, no war zones or not these zip codes, I say, call me back in a couple years when you've found your first deal. The "spreads" or profit margins simply aren't there. The deals in the burbs are usually proportionate to the repairs required, where the deals in the "rougher" areas have disproportionately higher profit margins.

For our puposes, the inner-cities or older, lower-end neighborhoods are where you wholesale. I have come to learn that whether or not a neighborhood or individual house is "nice" is all perception, anyway. I now see beauty in all structures. A good wholesaler looks beyond the filth, stench and decay. A good wholesaler sees a house just like a good rehabber, for what it could be, not for what it currently is.

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