This BOTHERS me STILL

This BOTHERS me STILL

Investor · Allentown, PA · Member since 2012 · 73 posts · 18 votes

I know in this business you are supposed to be thick skinned but you are also human sometimes. I have been in this business for about 3 years so maybe I should be over it but sometimes I still get the feeling like I am something "dirty" Or "illegal".

Someone who wholesales like me can't help to feel that way sometimes. You have realtors who feel like you are doing their job and they want you to do this while having a license. Then you have attorneys who are supposed to know their stuff still tell you that you are almost "brokering w/o license". And this is supposed to be someone who works for me. He was only one of these pre paid legal services guys so I am canceling that.

Then you have certain people out there who look at you like you are a predator or vulture because you are taking advantage of people and "stealing" their houses. I never force anyone to sign anything they don't want to sign. I know the investor way of looking at this is "helping" desperate sellers but that's not the way other people see it.

You also got other investors jealous and I just saw a guy this morning take down a few of my signs and put his on the same spot. What a punk! I never do that to other guys. We can all eat from this without cutting each other's throats.

Just this morning I get the town pissed off about my signs and leaving a nasty message like I am some type of hardnosed criminal. I probably have no more than 5 signs in this town and this is a major concern to them? The politicians can have their hundreds of signs out for months and that's ok. Isn't it stated in our constitution that NO ONE IS ABOVE THE LAW!

Look I know this is all the nature of this business but sometimes I just wonder if there's a better way of making a descent living. It bothers me thinking this way because I am one of the lucky few that through hard work, has made profits in this cut-throat business. I come from nothing and everything I got in life I had to earn it.

Sorry to sound like a whiner but things haven’t gone too good lately and this morning was the icing. I don't want to feel this way about my business and company because I want to expand and really brand my company. But this type of stuff plays with your head and sometimes you rather be more in the shadows I guess.

Anyways I am just venting and thanks to all for listing (or reading)...

0Reply
12 views

Most Popular Reply

Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
14y

We live in times when the profit motive and the free market is being questioned. We had times like this before - specifically 1932 - 1980. With the Reagan/Thatcher years perceptions changed and profit was no longer a dirty word. Unfortunately, the public opinion has shifted again back to an anti free market bias.

Private Mortgage Financing Partners, LLC
See this reply in the discussion

18 Replies

Jump to latestLatest
  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    14y

    We live in times when the profit motive and the free market is being questioned. We had times like this before - specifically 1932 - 1980. With the Reagan/Thatcher years perceptions changed and profit was no longer a dirty word. Unfortunately, the public opinion has shifted again back to an anti free market bias.

    Private Mortgage Financing Partners, LLC
  • Real Estate Investor · Lake Forest, CA · Member since 2011 · 49 posts · 21 votes
    14y

    It's much easier for some people to tear you down rather than try to understand what you are doing. You SCARE them because you have gotten past the barriers they perceive.

  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
    14y

    Here's my advice...

    Treat your customers (your buyers and sellers) the way you want to be treated as a customer. Treat your vendors the way you want to be treated as a vendor. Treat your support team the way you want to be treated when you are supporting other investors.

    If you do that, those that matter will think nothing but good things about you -- and the rest of the people on the outside really don't matter, do they?

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    14y

    Nothing in life is easy as you ahve learned. By the way, congrats on your success, don't let others tear you down.

    To reiterate what Jason stated, do unto others and the rest of them can kiss your rear. Why should you care what other negative people say. (although we all understand names do hurt unlike the saying goes)

  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    14y

    Martin if you have successfully wholesaled for 3 years then have you built up enough capital to transition to owning your own properties??

    Usually there is a progression from bird dogging,to wholesaling,to owning your own property for buy and holds,and possibly doing some flips as well.

    If you are just wholesaling enough to get by then you might eventually burn out.

    People think my job as a commercial broker is easy.I work extremely hard for my money.Yes the pay checks are nice but nobody hands it to me.The perception by many people who aren't successful or made bad choices in life is that things should be handed to them.

    They look at what a person has but not all the work that went into achieving it.

  • Investor · Statewide, MO · Member since 2011 · 824 posts · 428 votes
    14y

    A couple of thoughts:

    I have been on both sides of this type of transaction. I bought a mobile home for my mom and when she passed away 2 years later, I ended up losing over 60% of the money I put into it. That being said, I was lucky to liquidate it and held no hard feelings towards the guy that bought it. In fact, I wish it was something a wholesaler could've taken off my hands. It brought some much needed closure to me.

    I have bought a few places from sellers that needed to sell and took care of their need to be rid of a property.

    The inconsistent enforcement of bandit signs is absolute garbage. Been to that show too. If you've done a bunch of deals, that's great. You're doing a lot of things right. Keep that in mind. Best of fortunes moving forward.

  • Investor · Allentown, PA · Member since 2012 · 73 posts · 18 votes
    14y

    Thanks to all! Excellent advise all around and very encouraging.

    @joel- I done more than 3 deals but would like to stick with wholesaling and actually create a system that allows me to do it without having to do everything. You also need capital to buy and hold and that's something that's a work in progress. Yes eventually I want to have a system for all real estate strategies.

    @ Ed O- Glad to see that you were helped by an investor and did not feel like you were taken advantage. Agree with everything else you said.

    The bottom line is that all you guys are right and I will let no one person or organization tear me down. I came too far and I am only just getting started. Life is not easy so why should this be. BRING IT ON!

  • Investor · Rancho Cucamonga, CA · Member since 2008 · 1k+ posts · 684 votes
    14y

    Why do you have a misconception this business is easy? Like any business it isn't. If it was easier, we'd have a lot more competition and less margin. I look at the struggles as a positives. If you an experienced wholesaler is having all this adversary, imagine what your competition has to overcome to make things happen!

    You can do as much as you believe you can.

  • Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
    14y
    Originally posted by Ed O.:
    That being said, I was lucky to liquidate it and held no hard feelings towards the guy that bought it. In fact, I wish it was something a wholesaler could've taken off my hands. It brought some much needed closure to me.

    I have bought a few places from sellers that needed to sell and took care of their need to be rid of a property.

    I really like Ed's take (along with everyone else's on this thread). Have you thought about the people you actually purchased from? Or just the knuckleheads who are looking on the outside in and assuming you're taking advantage of folks. No one knows for sure that they would never sell their $100k house for $60k unless they're in a situation where the house is so stressful they can't sleep, can't enjoy their family or even enjoy their life. We don't put people into these situations. And we're usually one of the few folks left around to help them out when they need it. No need to apologize for making a profit while doing it.

    I suggest that you also think about allowing real estate to catapult you into something (perhaps) more meaningful like charitable work. My passion is mentoring inner city kids. And my investing allows me to mentor them in ways that so many others can't. And the youth mentoring also gives my job as a real estate investor a whole new meaning. I can not only talk to and show these kids how to avoid the perils of bad decision making but I can also introduce them to the foreign (to many of them) concepts of investing, entrepreneurship and wealth creation and help change their lives as well as the quality of life of their family.

    So try 'giving' as a second career and perhaps it will make you feel more well rounded as well as appreciated.

  • Real Estate Investor · Santa Barbara, CA · Member since 2012 · 10 posts · 0 votes
    14y

    Martin: Hang in there, this is just one of those days when you forgot the satisfied sellers and buyers and let the stupid and uninformed take over your mind! You need to let go of how others understand real estate transactions. Because most people, even plenty of lawyers, a fair of share of escrow/title people and the biggest percentage of agents don't know much about real estate transactions other than the few they are taught to do as part of their job. They say all kinds of things about the illegality of things, but usually can't quote you a law or code to back it up.

    Wholesaling is especially hard, I think, to stay clear, because it appears to others that you are making money out of nothing and people aren't shy about saying it. But what they can't know is what it takes to make money out of nothing: the drive, the effort, the thinking, the learning (and that it actually costs money).

    Now that being said, you have someone on your legal team saying you are "almost brokering without a license"....are you? Do you need a new attorney? Or do you need to look at the process that makes him say that? You say you put out signs that are illegal but other people do it. I suggest not putting yourself in a position where your defense for an illegal activity is that everyone else does it.

    If you've ever been a motivated seller, and I have!, you would know what a service it is that you can buy someone's problem property and get it off their hands and minds. Some sellers may act resentful and are disappointed in the values, but if you do what you say you will do, it's a SERVICE. Unfortunately, not everyone treats their service providers well.

  • Investor · Allentown, PA · Member since 2012 · 73 posts · 18 votes
    14y

    @Ibrahim- You sound like a good model and yes that's something that I could see myself doing. I sponsored a child through Worldvision and I am always generous with my money. I bought and remodeled my mother's living room. All this thanks to real estate.

    @Kristine- You make some good points I will just touch on a few. The attorney is somewhat that probably doesn't understands the totality of this business, he was just someone that answered a few questions for me that sided on the negative side. My full time attorney never mentioned anything negative to me about what I did and I trust him more.

    THe whole sign thing is like this..some towns care more than others that's about it.

    And yes some sellers have been very happy with my service even giving me their testimonial . I just been having some bad days lately. Thanks!

  • Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
    14y

    Let's face it, a wholesaler is very close to the line of brokering without a license. So depending on how you conduct your business you might deserve that comment.
    I have other thoughts about the bandit signs. If it is illegal and you do it, then you have no right to complain. Don't care if other people do it worse.

    Why not get a license and become a realtor? You obviously have the skills to find properties and to convince people to sell them. It is next to impossible to find Realtors who really know how to help investors find deals. You could have a very nice business as a Realtor working with investors.

  • Real Estate Investor · Santa Barbara, CA · Member since 2012 · 10 posts · 0 votes
    14y

    Eric has a point about wholesaling perceptions. I haven't done a double close or assignment since maybe 2005 because I'll pay whatever it takes to close on it before I re-sell it. This frustrates some of my regular buyers, who know I have always have props in the pipeline but won't tell them what it is until I own it. Things got a LOT easier for me when I stopped having to make the stars align. Seriously, I've pad 5 points and 18% plus fees to close on a deal to re-sell it to the best and highest buyer a few months later. But if the spread is 50K, it's worth it.

    Eric is also right about investors needing good agents to find them deals. Oh but why be an agent when you can be a principal? 3%-10% of purchase price just won't do it for me.

  • Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
    14y

    All I can say is run for Politial Office and then place your Bandit signs all over...

    Something like...

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    14y

    Hi Martin – I had to learn a very simple fact early on in my career. Think of the ladder. Imagine that you are a few rungs up the ladder. There are people on the ground level that are trying to be on the same level that you are. They have two choices.

    Number one-to do some of the same things that you have done and join you on the same rung of the ladder.

    Number two – try to knock you down a rung or two to again join you on the same level.

    As others have said, if you are comfortable being in your skin and don't have to be embarrassed when you look in the mirror each morning, you are probably fine. Rich

  • Investor · Allentown, PA · Member since 2012 · 73 posts · 18 votes
    14y

    @Eric- While I respect your opinion, the reason for not being an agent is very simple. 1) I don't want to pay a fee to 2 brokers on most transactions (assuming I am splitting commission) for letting me use office space and marketing. I can take care of that and keep the profit for my own company. Besides the service I provide, is different than that of an agent. 2) I am not crazy about having open houses or spending my weekend driving around folks. That's not what a true entrepreneur does. Again we are talking 2 different types of businesses. Having said that, I would never rule it out for investing purposes.

    @Michael- Absolutely hilarious. You are the man!

    @Rich- Well said, inspiring example.

  • Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
    14y

    I wasn't recommending you act like a normal Realtor. I was saying be different.
    Cater to investors and do exactly what you do know. Find cheap houses for them. You are finding houses now that aren't listed with a realtor so keep doing what you are doing and you won't have to split with a listing agent. You are the listing and the buying agent. Think of how much easier it would be dealing with suspicious sellers who don't know what a wholesaler does but they know what a Realtor does.
    Don't get hung up on sharing fees. That is short sighted. Kind of like Joe the plumber who was unemployed but more concerned about the taxes he would pay if he made $100K than about the $100K he would be making.
    If being a realtor legitimizes you and brings in alot more revenue, be happy to split it if you come out ahead.
    I don't think it is 2 types of businesses. I think they are very similar, that is exactly why realtors always think you are stepping on their toes.

    Be creative, that is what a true entrepreneur does! The obvious alternative to wholesaling is buying the houses yourself and being an investor. I figured you had already considered that. I was just trying to give you some other options since you are unhappy with what you are doing.

  • Investor · Los Angeles, CA · Member since 2011 · 242 posts · 61 votes
    14y

    Don't let these people get you down just keep pulling in the money.

    Hilarious Michael!

Join the conversationCreate a free account to reply, vote on answers and follow this thread.