help me find a wholesaling/rehab mentor plz!!
Mission, TX · Member since 2016 · 7 posts · 4 votes
hi guys, as you know im new to real estate business, im looking for someone local to the Mcallen that knows the ins and outs of the business, someone that can teach me and maybe help me a lil with some good tips.
Let me know if u find somone. I'm in Harlingen looking for the same.
Let me know if u find somone. I'm in Harlingen looking for the same.
OK, ill do, by any chance did you go to the 3 day seminar in Mcallen last weekend?
Perhaps I can help guys.
Well, this should bring the leaches out!
Aaaaaall Aboard! The circus train is about to leave, all clowns toward the front, misinformed newbies to the rear, predators in the locomotive, Aaaaall Aboard! :)
Bill, I don't know if you are implicating me with your statement or was it intended as something else? Would you please explain.
Thank you!
Nothing personal David, Wholesaling is a runaway circus train, that usually derails into illegal, unethical and unaccepted practice not to mention bringing about tortious conduct for civil liability.
Not saying you teach such tactics used customarily by gurus, but those that do have a special place on BP and in the real estate community that is not held in high esteem.
My post in this thread sums it up for new "teaching" members:
https://www.biggerpockets.com/forums/79/topics/200...
Good luck :)
wholesaling is illegal and unethical? (not necessarily) what about if you try to help all the paties involve all the time, and solve a problem for the sellers? for example by buying a house that they just cant pay because they have another mortage, and it would be a huge relife for them not to pay another mortage (im talking about probates, divorces and out of state owners). of course im gonna make my money!! and the rehabber is gonna make his money......... ill say everybody will be happy .... what do you guys think?
now is it illegal to assign a contract? or how can it become illegal, by doing which kind of practices? i hear you can not market the house because you are selling or assinging the contract, because what your selling is the contract not the house, and youll need a real estate license to market the house, is that true?
Thank you for your reply Bill!
First I would like to say Thank You for your service for our country. I am truly grateful for that!
I'm not an educator, teacher or a guru. Miguel was asking for some local help and I'm just someone in Miguel's home town that raised my hand to offer some help. I have an alert set up for my local area on Bigger Pockets and his post popped up.
Please don't assume that I teach and or include me in the group of new or veteran "teaching" members. I do not have any products or programs that I am pitching or offering to the public. You can see from my few posts and limited participation on Bigger Pockets that I'm not out soliciting. Miguel or anyone for that matter doesn't need me, an education company or a guru to learn the business, but he was asking for some local help and I offered.
Please feel free to reach out to him and offer your services. I can see you are most definitely qualified and would have a tremendous amount of knowledge to share with him. I myself should spend more time on Bigger Pockets learning more about the business from you as well as many others.
I commend you on your expertise and contributions, but take offense to your original statement or how you delivered it.
My dad who is deceased used to say "It's not what you say, but how you say it"! It might not be his original quote, but it certainly has been something I believe in. Your last comment said that it was nothing personal, and I will accept that.
I am not trying to start anything with you and respect your knowledge and contributions. Quite honestly, your post have me intrigued enough to research all your comments and past posts to make sure that I am in compliance legally and being ethical too. I appreciate your desire to watch over and guide the community.
Thank you!
FYI... Wholesaling is neither illegal nor unethical.
We help people save their credit, save face, and help the community by beautifying the neighborhood, at the same time.
There's no cost to them at all. Only peace-of-mind and relief.
We also help the unemployment rate in the communities by providing work hiring contractors, realtors, and other trade in the communities.
You really should contact me if you or anyone else reading this wants to partner up with me. In helping as many communities throughout the US. WIN-WIN-SITUATION
I have many contacts to make things happen. We will share the profit, in writing.
Either way I hope you succeed in all your endeavors.
Well, this should bring the leaches out!
Aaaaaall Aboard! The circus train is about to leave, all clowns toward the front, misinformed newbies to the rear, predators in the locomotive, Aaaaall Aboard! :)
Well, I guess I'd rather have the predators in the locomotive than anywhere near the caboose.
Jokes aside, though, I'm curious to know if you believe there are EVER circumstances where wholesalers are operating within the limits of the law(s)?
I am not a wholesaler, nor do I ever intend/want to be; but I see your posts about wholesalers quite frequently and I'm very interested in hearing your thoughts on the matter.
Hi @Miguel Manzano and @Jesus De Leon,
I've been in wholesaling for awhile. Securing deals above board and ethically is a big deal to me and how I believe any solid business should be run. I value being able to sleep at night:)
Although I'm unable to offer you direct names of qualified mentors in your area I can tell you what I've found works well when searching out and forming a valuable mentoring relationship.
My advice in finding a mentor is this:
1. Set up a keyword alert for your specific area.
2. I'd then create a post on BiggerPockets saying where you are from, and that you're looking for advice on how to find an ethical mentor in your area.
^This will help promote you with other people who have keywords set up for your area. (But make sure you don't say, "I'm looking for a mentor in my area, any takers?" As that will get you kicked off for solicitation)
3. Then I'd be on the lookout for established wholesalers and investors in your area that pop up from your keywords.
4. Once you find a few that look interesting, take them out to coffee. Make sure you interview them and see if they're a good fit. (working with them is a mutual agreement)
5. If you like them, and they seem like a good fit, then ask if you were to find some deals, if you could bring the deals to them for them to buy and then offer a 60/40 split (they get 60%) if they'll agree to walk you through the process of closing on it/selling it. And state that you'd obviously do a lot of the leg work, you'd just need to be shown what to do.
6. Then offer, if they have any other needs in their business, that you're really hungry to get involved and to learn the business, so if they needed help answering phones, cleaning toilets or whatever, that you'd love an opportunity to work with them and help out.
7. Then actually do it, if they offer you something.
8. Begin looking for deals via free resources, (here's a good guide to get you in the right direction: https://www.biggerpockets.com/renewsblog/2014/04/2...). Also consider driving for dollars, posting signs at coffee shops, etc.
9. Learn how to run comps and analyze deals the best you can (search on the BP blog for 65% rule for wholesalers) and then when you think one might be a good deal, bring it to the investor who has agreed to purchase the property, and ask him to confirm your comps and give you feedback.
10. Then if he likes it, boom: you now have a real estate mentor and you just rinse and repeat moving forward.
It doesn't matter if you're new to the game or not, we all can gain from having someone help coach us to the next level. Hope this helps!
Well, take this challenge; call you state real estate department, speak to an examiner or investigator, run by them all that you do, wholesaling, that you use a sale contract and then assign them after you find a buyer, see what they tell you! Make sure you tell them you're in the business of doing this, not just one deal.
I'll teach wholesaling but with a bit of a twist, as to how to take title and then sell! Not your guru method.
Signing a purchase contract making a seller think you're buying when you have no intention of buying or performing as stated in the contract is unethical and without the intent to purchase and/or the ability to purchase you don't have a valid contract, Business Law 101!
Very true David, my mom said the same thing, it's not what you say but how you say it! That takes us to the marketing side of wholesalers, most seem to say things to a seller t make them believe they are buying, deceiving the seller or should I say lying!
If you do make it perfectly clear that you're finding another buyer, then you're brokering the deal, do you have a license to broker real estate, then it becomes illegal.
I think the longest thread on BP is "The Truth About Wholesaling" I have a few posts in that one but I didn't start it.
Brian Gibbons started a thread about wholesaling in Ohio, it includes a video of an attorney and with state regulators, the reasons given by the regulators are NOT state specific but business law followed in all states, intent and ability to contract! A member on BP is a past state real estate commission investigator from Ohio, his comments bear the same opinion.
Then we have the weasel clauses in the wholesaler's contract, be very careful of "partner approval" without a true business partner, or subject to things that are not customary in your area.
Of all the attorneys on BP, I've never seen any come to the support of wholesaling as it is promoted, none! My guess is that they have a deeper understanding of the law than the clowns and predators on the wholesale circus train and silence is not approval.
Do a quick read on "Tort Law" on the internet written by attorneys, any attorney, read the Black's Law site. Then understand what a seller might do in good faith thinking they sold their property to you, per the contract. I understand most wholesalers don't have a bucket to relieve themselves much less a window to through it out of, but civil law can ruin your life! And, civil matters can also open the door to criminal matters, lots of smart people in prison!
New to BP? Start reading, this isn't like other investor sites but it is getting overrun by newbies and some who are clueless giving advice.
Doing things wrong and justifying your actions isn't a community service, bank robbers generally spend the money they steal.
I try to learn something new everyday, if I'm not willing to listen I can't learn, if my ideas on a subject are set in stone only listening to what I want to hear, I'm not learning, neither can anyone else. You gain experience by learning and understand the reasons why something happens the way it is done, experience is just a past learning experience that is retained for future use.
Listening to what you want to hear doesn't expose you to the learning process, that's as useful as telling a swim suit model that she is beautiful.
Learn something the wrong way, most likely you'll never know assuming it is correct, you could go through life never knowing, then again you can find out in short order too. :)