Ripping people off!

[Shanda Brown]

I am hoping to get some insight from the PROs about wholesaling. I am a newbie wholesaler, however, I am also looking to do a few buy and holds this year. The reason I need to find my niche in wholesaling is because doing these type of deals will be the funding source for my business (you can read more about it in my profile) as my vision is designed around youth in foster care.

Over the past month, I have been doing a lot of research on wholesaling and real estate in general and I am getting kind of a tainted view of wholesalers. This appears to be a business where if you aren't an ethical person you could cause people to lose a lot of dollars and I am just not with that! I want to be as knowledgeable in the business so that I can be certain the deals I offer are wins for the buyer, the seller and also myself.

I am well respected in the field of Social Work and plan to build the same level of trust within the real estate business. I also realize that the work I plan to do in real estate will indirectly or directly in some cases affect the many foster youth that I work with and am connected to which makes me want to be even more cautious in the wholesaling business.

Can any of you share your insights working with wholesalers? What has worked? What hasn't worked? I have focused all of my attention on marketing and finding leads right now but not sealing the deal! I went out to do a walk through of a property and afterwards my coach had me send him the photos and he basically informed me that the numbers wouldn't work if we offered anything over 45k, but I have no clue how that number was derived. I asked and he recommended a few sites that I don't have handy but I remember redfin was one of them.

Basically, I am asking how to be certain I am not damaging my name as a wholesaler but also not being ripped off in the process as well. Thanks in advance!