I think i am failing

[Heaven Boswell]

Hello,

       I am Heaven and one of my dreams is to start a real estate wholesale company that is honest and sraight forward. So far since last september  I have done only 1 deal. I have put many houses under contract since then, but have not sold any. I have run out of money and I fear I am drowning. This is putting me in a state of depression so much so that I really feel like doing nothing at all most days. So I need help and advice about how to do this thing right and bring in the money to actually keep me going. I have gone to several leaders of very successful groups that are doing well and they want me to pay to join the group or they just do not want to mentor me at all. I find this very frustrating. So any help/advice would be greatly appreciated! Thank you for your time.

[John Chapman]

I'm sorry but the advice you have received above is generally nice, but misguided.  I am in your market so I will give you my two cents.  The simple truth is that you are failing, and what you are doing is really going to hurt you in the long if you don't stop doing it.  

Our market is nuclear hot, which means that if you have anything even resembling a deal (and it doesn't even have to be one), it will sell in a heartbeat.   Your statement that you "have put many houses under contract since then, but have not sold any," means that you are not locking down real deals.  (The only other alternative is that you are somehow failing to market the properties, but in this era of Craigslist, bandit signs, etc, I'm skeptical this is the case).  

The fact that you are locking down deals  you cannot sell is destroying your reputation in two ways.  First, you are backing out of deals, which kills your reputation on the sell side.  Second, you are offering junk to investors, which kills your reputation on the buy side (meaning no one will take you seriously).  As big as DFW, it is still a small market, and word will get around.

I don't think you are trying to do anything underhanded, but the results you are sharing are why there is such a strong (and often negative) emotional response to wholesalers in general. It is not a matter of putting more money or effort into your endeavor. It is not an issue of getting a better buyer's list. It is not an issue of paying some guru to "train" you. You need to reassess how you are evaluating deals (ARV, repairs, etc.) Do something to get more experience in real estate so you can recognize deals. (Maybe get your license or jv with someone on a rehab.)

I'm not trying to be mean but rather provide the blunt feedback that you need to hear.