BPer's Unite! Let's Kick the Joker-Wholesalers Out!

[Wendell De Guzman]

I've noticed here on BP that there's quite a bit of complaining about "joker-wholesalers" or wholesaler-wannabees who sell overpriced (and definitely not wholesale) deals.

I cannot blame you BP Nation! These "joker-wholesalers" give real wholesalers like me a bad name. Here are the sins of these joker-wholesalers:

1. They overestimate the After Repair Value

2. They underestimate repairs

3. Because they are wrong with the above 2 numbers, they sell you overpriced deals

4. They get deals off the MLS and they sell them way above their listing price on the MLS

5. They sometimes even sell deals they have not put under contract (meaning they're doing something illegal).

What do you think is the reason why there's quite a bit of "joker-wholesalers" out there?

I think the reason is lack of education (or wrong education) and the greed of easy way to riches perpetrated by the "gurus".

I propose that BP starts a "Wholesaling University" - a free educational series for wholesalers (series of podcast perhaps?). We need educated wholesalers who understand that...

1. They need to leave enough "meat on the bone" - meaning, the rehabber will make $30K on a deal and the wholesaler makes $5K (not the other way around)

2. The key is finding great deals (because when the deal is great, selling it is easy)

and lastly, the key is developing LONG TERM RELATIONSHIP with the rehabbers, banks, and real estate agents working with you. (and when you build long term relationship, there is no room for GREED but WIN-WIN).

If you agree to kicking Joker-wholesalers out, respond to this below.
@Joshua Dorkin , is "Wholesaling University" or a free educational series on wholesaling done before on BP?