Find a new job!

[Jeffrey K.]

I am tired of rookies coming on this site and talking about wholesaling and wasting seller's time by locking property without a means or plan to close other than I'm going to flip it but need to get my "buyer's list together," Can we all take some time to think of some other jobs these people can try out? If someone comes in talking about going into real estate and starting as a wholesaler we can point them to this thread.

My vote goes to Realtor. I already hate almost all of them and it would be a great job for someone who knows little to nothing about real estate investing. Life makes sense when cashflow = Gross-PITI

Sorry just needed to vent after some tool sent me an email about a CASH COW and asked me to be on his buyers list....

[Jon Holdman]

Wholesaling is often held out as a "good starting point" or a quick way to make some cash. It sounds so simple. Find a seller, find a buyer, collect a fee. It also sounds just like brokering. The simple fact we discuss techniques, like assigning a purchase contract, double closing, transactional funding, etc shows the lengths wholesalers have to go to JUST to avoid the dreaded listing agreement.

So, one vote for Jeffrey that these folks would be just as well to get a license and get a job as an agent. Yeah, you lose the chance to get a house for $100K and flip it for $150K and make a huge paycheck because the real estate agent code of ethics prevents such things. But you get a support structure behind you, you get access to the MLS, and you can apply all the same marketing techniques (well, maybe not bandit signs). You have no worries about assigning contracts or transactional funding. You don't have to worry about whether or not you should do an inspection or title search. If your good at it you make money, if not, you don't.

More broadly, if you're desperate to make some quick cash, there are three things you can do. One is to look at what you can cut - cable TV, cell phones, eating out, going to clubs, whatever. Most of us could survive on far less than we spend.

Second is to sell something. If you have something laying around you don't use, sell it. You won't get squat for it, despite the hopes of craigs list posters who say "we bought this bedroom suite for $5000 and its in great shape, only $4500." But its a way to generate some cash. If you have an expensive asset with a loan, like a $40K SUV with a $800 payment, you can kill two birds with one stone by selling that money pit and buying a junker.

Third, look at your own skills and what you enjoy doing. Wholesalingk is appealing in part becuase its held up as "real estate investing" (its not, IMHO, its a job or a business that happens to involve real estate) and that its quick and easy to do with no cash. We know the reality is that its not easy or quick and that trying to do it with no cash is just about impossible.

But most folks have SOME skills in SOME area that could be put to work. Can you write or make web pages? Post on elance or similar sites. Can you do taxes? Get training and do taxes. That's very busy at certain times of year. Tutor students. Pet set. Open you eyes, look around and just notice what people are doing.

If all else fails, just get a second job. Any job. A job at Home Depot is about as much of a real estate job as wholesaling, and has a much better prospect of getting paid.