Whenever I'm around other real estate investing professionals, this topic always comes up and there's really no right answer for it.
Most of us started off doing fix and flip, but very common is the fact that our first deals always came with surprises because you don't have enough knowledge.
To become good with wholesaling, these are things that came up in our conversations and hopefully help our readers become successful:
1. Understand the area and understand the holding costs that you might get such as realtor fees, utilities, insurance, etc.
2. Either you're doing fix/hold or fix/flip, you must know the cost of repairs of the area. Different areas might have different labor costs, and inpection fees.
3. Buy the property at the right price.
For beginning wholesalers, when is it really a "Wholesale" price? Well, this comes with knowing the area and also finding out from other cash buyers what they were paying for similar properites. You can always look it up on Zillow and do your comparibles of similar homes sales within the past 3 months and try to gain more insight. To be honest, It isn't until my third deal that I had until I realized that the price I paid wasn't really wholesale price, it was just undermarket price.
My advice is to use contingencies to get out of the deal if you're a beginning investor so that if you did realize that it was a bad deal, you can either re-negotiate the price with the seller or exit out of the deal without losing your earnest money.