Tampa Bay cop, but a rookie in wholesaling...

Tampa Bay cop, but a rookie in wholesaling...

New Port Richey, FL · Member since 2013 · 36 posts · 9 votes

Hello everyone, my name is Sean. I'm a sheriff's deputy in the Tampa Bay region and well, we haven't seen a pay raise in six years. I have always had an interest in real estate and often deal with citizens who are investors. I have always had a calling in helping others which is why I became a cop. I am very interested in becoming a honest and hard working wholesaler to provide me with a side business while still helping others. Being a cop, I obviously drive around in various neighborhoods and see properties in being unkept. Every day I meet people who are desperately needing to sell their house due to divorce, relocating and various other reasons. I strongly feel my dedication to helping others and my strong ethical and moral beliefs would allow me to become a great wholesaler with some advice and experience. I am not looking to make any more than $1500-$5000 per deal as I want to make sure buyers understand I know my role and that is to help the sellers and buyers alike. Thank you in advance for any advice or kind words.

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  • Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
    13y

    Welcome aboard. I know a former Sheriff who does very well as an investor by utilizing his training from the force.

    My one piece of advice is to not limit your wholesale fee, it could be $1 or it could be $100,000 that depends on the value you get the property for and what it is worth to the buyer. There is no set commission and there shouldn't be.

  • Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
    13y

    Sean,

    Welcome to BP you can learn a lot by asking questions on BP.

    Joe Gore

    Dallas, Texas

  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    13y

    Welcome to BP @Sean Gibson Thanks for your service!

    Be sure to check out Ultimate Free Beginners Guide There are lots of threads on wholesaling. a popular one is "the Truth about Wholesaling"

  • New Port Richey, FL · Member since 2013 · 36 posts · 9 votes
    13y

    Thank you all for the greetings. I am basing my "assignment fee" on the local market I am focusing on. I read all 12 pages of The Truth About Wholesaling" and saw stories from investors who smudged at wholesalers messing with the numbers, trying to score a bigger payday. I will not be a part of that as I'm perfectly fine making (at most) $5000, if I know I helped a seller and made a name for myself by passing a great profit margin onto the buyer. If I only charge $5000 while the investors make more than 30%, than I'm perfectly fine with that as I'm sure they would keep me in mind for the future. If a margin isn't as nice, then a $1500 check for me is still better than fighting people high on bath salts for two weeks making slightly less.

  • Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
    13y

    Sean,

    Bath salt is not as bad as Kush.

    Joe Gore

    Dallas, Texas

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    13y

    Welcome to BP Nation Sean, I am glad my wholesaling thread was helpful to you. Good luck and let us know when you have questions.

  • Lenny LongoPro Member
    Real Estate Broker · Ellenton, FL · Member since 2010 · 101 posts · 23 votes
    13y

    Welcome @Sean Gibson -- Thank you for your service. If you ever have any questions that I can help you with, feel free to ask. I currently do a few flips and buy/hold, however, I am just getting started in wholesaling as well.

    Good luck and welcome Sean!

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    13y

    Sean

    Welcome over 30 yrs in Law Enforcement including a sworn deputy.

    Find 3 different local REIA club meeting go there to meet people other wholesalers rehabbers who will be your cash buyers. Get their criteria you will have all the cash buyers you need.

    A buddy of mine does wholesaling sometimes he makes 1K on a deal that is simply 2 phone calls. You will do well because you are helping people.

    Paul

  • Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
    13y

    @Sean Gibson I do not agree with that mindset but I cannot fault for it either and understand exactly. That was me two years ago when I got started, then I realized that if I wanted to do this full time I had to run it as a business and things changed dramatically.

    I charge what a property is worth, not what I think a fair fee is. A rehabber doesn't sell a house under market because they made the margin they wanted and don't want to seem "greedy". They sell at what the market dictates it is worth. Anyone who suggests doing otherwise to a wholesaler is misleading them.

    Best of luck to you on your journey!

  • Investor · Las Vegas, NV · Member since 2012 · 289 posts · 74 votes
    13y
    Congratulations, you have come to the right arena to sharpen your sills. Stay engaged and u will prosper. You chose a great career in LE, I did 28 in Las Vegas.
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