Wholesaling
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Wholesale Inc. Training Course (5k) - Is is worth it?
I want to get started with wholesaling properties in PA. Should I take Wholesale Inc. 5k / 90 day class? Does anyone have same contracts used by wholesalers? I would assume I need two contracts 1) for the original selling 2) the contract to reassign the contract. What's the best way to build buyers list while staying honest? Looking for some help...5k on training would be a good start on other items needed to kick this off but if the training is worth it i'm all for it.
@Account Closed thank you for your review of WI. Very insightful and I can see the value in being a taught a well refined process.
Originally posted by @Account Closed:
Hi all,
Wanted to keep this short but this is my comprehensive review. Some people on this thread are knocking wholesaling and comparing to MLM, more deals for me :)
1. Define your goals and your why - why do you want to wholesale? Are you going to commit to it even when it's tough and you are losing money or not making any money or breaking even? Do you care about helping people or just making money or have you found a way to fuse the two together in harmony? For me I decided to do real estate to escape the 9-5 with the goal of building a massive rental portfolio. Plus, all deals are found through marketing to sellers and wholesaling is the beginning of any good RE deal so I can cherry pick my wholesale deals and get the best deals on rentals. Wholesaling is a cash machine if you know how it works and how to systematize it. I also love helping people and that's what wholesaling is all about. The more you give, the more you get.
2. If you are committed and ready to start wholesaling, why reinvent the wheel? I work a 9-5 job as a data analyst and I don't have time to create my own wholesaling model. I joined Sean Terry's course in January 2018 for $500 and it was a good introduction, but there's not much of a community aspect to it IMO. I joined their FB group and never got any help with my questions. I joined WI in June and found the community incredibly kind, giving, friendly, helpful, and genuine. I really got my marketing going in July and already I have 4 deals under contract. I am working on closing one next week and another one 2 weeks later for a total of $7,000, so I have more than paid for the course and broke even on my marketing at that point. With the 2 other deals I should make another $10-$12k so then I'm profitable. Successful people learn from models and BP in and of itself is a community of people trying to learn the best models for how to do things, so WI takes it to the next level and provides 1 on 1 coaching to get you to your goals faster. There are no shortcuts as someone mentioned above, but there are proven and successful models you can follow to cut the learning curve and take more action faster to get your 1st deal or more deals done using proven systems. Wholesaling is probably one of the easiest niches of real estate to get into, it's very simple (even I can do it).
3. Access to the best discount on ListSource available - I will save over the course of my wholesaling career many times over the $5,500 for the program on ListSource ALONE - WI has an exclusive discount for $0.03 a record. You will pay $0.15 a record on your own.
4. Access to discounts from mail vendor - more savings that will pay for the course in my wholesaling career. Exclusive Modern Postcard discount. The give you the mail piece. Time is money, why would you create your own mail piece? It's not the highest and best use of your time.
5. Character building - The 4 Spiritual Laws of Prosperity is the 1st book you must read in WI and it builds a foundation for the why behind your business, your goals on the principle of tithing. Once I started tithing, the deals came in, say what you want, but all WI successful wholesalers will back me up. 1 on 1 coaching during the course to help you overcome psychological barriers to success.
6. Coaching – weekly coaching calls with the coaches to ask as many questions as you want. Amazing community forum where you can ask any other questions between calls and get access to other successful wholesalers resources asap. Semiannual events to get to know others from WI from around the country and learn new techniques to drive your business forward.
7. Baby steps to your first deal – you will learn the lists, the frequency to send, they will give you the mail piece, and show you how to do everything step by step. Anyone can do this. If you want to master direct mail I these guys are killing it doing over $1MM a year in deals consistently all over the country.
8. Lead management – baby steps to setup your database, callrail, and other tools to manage your leads. Profit first is the goal and getting to your 1st deal is #1 priority here.
9. Building a huge cash buyer list – the more cash buyers the better. The more cash buyers the bigger your assignment and the faster you can sell your contract. Baby steps on how to build your cash buyer list and sell the contract.
10. Scaling up – they will show you how to hire your virtual assistant and start building your team once you are consistently doing deals each month.
There is no magic sauce to wholesaling but I honestly believe the $5,500 I spent cut at least 2 years off my learning curve, especially since I work full time. I didn’t sell my computer, it’s actually not worth anything (it's 11 years old). But I did put everything on credit cards believing that this works, and it did. You can listen to the podcasts enough to probably get some deals done and there are some people in WI who have done that. I think that’s amazing. Some people need a little more coaching and help than others, I think I fall into that category.
I don’t know of anyone who bought the course and didn’t succeed, I think paying $5,500 is a gut check and no one wants to throw away that kind of money. I’m 29 years old and I plan on making a lot of money wholesaling while helping a lot of people so to me the $5,500 isn’t that much for what I got in return. This is real, tangible, step by step coaching to doing deals and making real money. I am still not even done with my first mailing to 9,000 tax delinquents and I get leads coming in every week that I am converting to contracts and selling those contracts. The only way I’ve been able to do this is through the systems I was taught to setup that take all the guesswork out of wholesaling. Each week I get faster and faster at doing each thing. I probably spend 20+ hours wholesaling in addition to my 40 hour a week job, but I am very driven, so it’s up to you. Listen to the podcast and see if you want to surround yourself with these guys and be sure to listen to the newbie wholesaler episodes so that you can begin to see that success for yourself. Some of us believe we can’t achieve success or do this for some reason and that prevents us from being successful. More of this is mental than anything else – it’s 80% mental and 20% mechanics.
There is an entire page on the WI website with testimonials from real people. The same people that are on the coaching calls an who have started to lead some of the weekly calls for beginners. I'm not getting paid to say any of this, I actually just hope people here consider WI because it has changed my life, personally. My wife and I have 5 rental properties which I love, but I am cash-poor and as I mentioned earlier, the marketing I'm doing with wholesaling is getting me access to the best possible deals in my market, so it kills 2 birds.
If you want to talk more on the phone please DM me but I think I covered everything here in detail.
PS
I didn’t even mention TTP: Talk to People. This course is $3,000 when bought with the $5,500 version of the full course and shows you how to take your lists from ListSource and skip trace these people with the best and cheapest skip tracing source $0.18 a lead and to cold call motivated sellers on your timeline. Just go to wholesalinginc.com/ttp if you want to hear about that, I am still ramping that part of my business up, but I have been focused on mastering direct mail in the meantime until I have more time to start cold calling. If you want to spend less and do cold calling I'd recommend TTP as it'll probably get you a deal faster if you are determined and have enough time to cold call every single day.
Jake, I enjoyed reading your update. It’s been a few months since those deals were tied up and expected to be closed. How did they go? Have you closed any additional deals?
The concept of wholesaling is 1+1=2 (simple). The problem is the thousands you need to spend on direct mail or google ads. Youll likely spend $2000-5000 before you get a deal. The other issue for newbies is not knowing how to value repairs or after repIr values. Non of this will be taught in a course because its localized. You need MLS access and get trained on appraisals. For repairs you need to get LOTS of quotes from local contractors. Whatever else your being sold is fluff.
@Phil Z. - You're right about some things, for sure. Those are major issues (learning repairs, understanding ARV, etc) that truly do come with experience and expertise. But there are plenty of things that can be taught. Processes, mindset, how to talk to people, how to negotiate deals, how to find buyers, and much more.
Just because something is simple, doesn't mean easy. Cooking a steak is simple - throw meat on a fire until its brown enough. But to make a great steak takes more finesse, practice, and learning.
Taking a class to take time off your learning curve is not a bad idea. The idea of cost vs. benefit is important, but the idea that NO wholesaling class could be helpful seems downright wrong to me. I teach a local wholesaling course (which admittedly, cost quite a bit less than this one), and I know first hand a lot of those people have gotten great benefits from the class. I just think that trashing the whole IDEA of a wholesaling class having value is taking it a bit too far.
Originally posted by @Account Closed:
It depends on if you want to try to learn everything through your own experience or combine the experience of several individuals who are millionaire RE investors into a 90 day course. I just joined Wholesaling Inc. on 6/11/18 so I will update my post once I get through the course. So far, it's been great, but listen to Wholesaling Inc podcast and hear for yourself, visit the website, do your research and compare programs. You can schedule a call to ask all of your questions but here are the requirements:
1. Be able to spend 15-20 hours a week working on your business
2. Have $800-$1200 a month in funds available for marketing
3. Listen to instruction and follow right away
What I love:
Everything provided to you - scripts, contracts, exclusive and best price for ListSource ($0.03 per record, you'll pay 3-4x that if you are on your own), exclusive discounts on direct mail marketing, database, how to build cash buyers list
Wholesaling Inc is a community, not just a coaching program, which sets it apart from other programs.
Hi Jake,
I wanted to check in and see how the course turned out for you. I’m pondering taking it to fast-track my progress to making my first deal. I have an Excel spreadsheet set up, so I can compare and contrast coaching programs before making a decision. I’d love to hear your thoughts since you’ve completed the program by this time.
@Milian Bonillo I’m in the same boat as well I want to join the program but 5k is risky
Hi @Taryn Lewis same here. Check out all of Tom Krol’s Podcast first. That way you’ll probably feel a lot better about joining the training course.
#4 Wholesaling Contributor
- Wholesaler
- Austin TX
@Yolanda Eiland Its not just the 5k that you have to have, you have to have the monthly marketing budget to send out direct mail. The reason most people start their real estate investing careers in the wholesale arena is because they dont have the money to start wit buy and holds or flips. Personally I feel like 5k plus $800-$1200 per month for marketing is a lot of money for a new person with limited resources to spend. Just my opinion.
#4 Wholesaling Contributor
- Wholesaler
- Austin TX
@Yolanda Eiland Ive listened to several of the podcasts as well and theres a lot of good info there.
#4 Wholesaling Contributor
- Wholesaler
- Austin TX
@Yolanda Eiland I agree! I think there are lots of other ways that are much cheaper than a 5k class! There are mentors that will split deals or charge a couple hundred dollars to help you get started. 5k would be much better spent on marketing if the person had someone to help them find the right people to market to. But thats just me. Im sure there are lots of people who have spent the 5k and are happy with their decision.
Originally posted by @Jonathan. McGee:
What I gathered from this fourm is the the people who has done it or know someone who has been a part of wholesaling INC found it to be worth the investment. The negative reviews are from people who hasn't been through the program. So I'm going to try it out. And post up my experience.
What has been your experience
@Account Closed I am considering the $5K course through WI but am hesitant to throw down that kind of money when I may need it for marketing costs. I would love to hear an update from you since you had mentioned you had a few contracts in process - how did those work out? It does seem like the $5K could pay for itself after the first few deals. I guess I am just trying to get the courage up to take the next step and move out of this "analysis paralysis" I find myself in! Looking forward to hearing an update from you. Thanks!
Originally posted by @Taryn Lewis:
@Milian Bonillo I’m in the same boat as well I want to join the program but 5k is risky
Taryn, have you looked into a variety of programs? There’s a lot of info and it’s tempting to choose a program right away, especially if feeling excited to get started! I’m holding off until I do a couple of more calls with different coaches. Once I complete my calls, I put info for each program into my spreadsheet and compare to see which is the best fit. I’ll be making a decision and getting started with a program this month.
@Eric FrischMost people who sell “educational materials” be it real estate, stock investing, FX trading or whatever all to often make their money from selling these materials as opposed to doing what they teach.
More often than not they’re repackaging information you could easily find for free on the internet and selling it.
Hi. I've been on the fence about investing 5k into this course as well. I've listened to all podcasts and have done a lot a research about WI and do feel that they are offering a legit course that will help you grow quickly. 5k is still steep though. One thing that's burned into my mind while listening through the podcasts and reading is TAKE MASSIVE IMPERFECT ACTION! Don't wait to figure it all out. Jump in and advertise where you can for free. Talk to other REIs and let them know you're out there and what your goals are. Research and dig. As you keep fumbling through a call will come in that you can turn into an assignment. It may not be easy or pretty but you'll get there. Once you knock back a couple of deals maybe then you'll invest in the course and you'll find it easier to do so. Good luck to everyone and keep at it!!
@Milian Bonillo I was curious if you'd be willing to share any of the other courses that you've stumbled across? I'm on the fence about WI because I won't have much money left for marketing if I drop the 5k. So I'm interested in learning what my other options may be.
@Eric Frisch First off I would like to say to maybe rethink what market you wholesale in. Our company has found it is quite hard to break in and start wholesaling in a market as large as Philly. The competition is fierce and your competing against guys who are spending $30,000 or more a month on marketing. I would suggest finding a smaller market that is a 30-60 minute drive away and the competition is almost none. Regarding the training, I am a big proponent of just bootstrapping things in the beginning until you find some success. Specifically, when I first got started I went out and drove for dollars every Saturday over the course of 3 weekends. After the third Saturday I personally printed, signed, sealed and stamped ~120 letters that were sent off to the owners of distressed looking properties around town. I made $8,000 in assignments off that first mailer and used the money to start blasting out batches of mass direct mail. Continued to have success through scaling up and now do 4-5 wholesale deals each month.
So I was googling for the 2019 Wholesaling Inc. Summit event and saw this BP question in the results, had to jump in and give me feedback.
Yes! it is worth it many time over. I started wholesaling 3 years back. Learned most things on my own and through trial and error and left alot of money on the table. Took a long time however, I made it through the tough times and it only gets tougher as we grow.
Just the benefits of being with the Rhino Tribe alone is worth 10X more than the $5.5K course. Ask them about the discounts you'll get from using listsource.com. My list was so expensive and so hard to scale but the addresses went from .23 cents per address to .03 cents. You do the math. That alone is worth it for me. But ofcourse, you'll be part of a Go-Giver community and all we want to do is give give give. Skip tracing went from $1.25+ for me to .20 cents.
And their small group coaching calls>> Talk about you can ask them just about anything you struggle with and you'll get the answer you're looking for and then alot more.
Sure everything you an learn is on the internet. You can either take the long route or hire a group of people know what they're doing. Either way, wished I found Wholesaling Inc. 2 years before. I was a little hesitant at first but over all. IMO, worth the investment if you can afford it to get it.
Good luck!
Originally posted by @Tron Pham:
So I was googling for the 2019 Wholesaling Inc. Summit event and saw this BP question in the results, had to jump in and give me feedback.
Yes! it is worth it many time over. I started wholesaling 3 years back. Learned most things on my own and through trial and error and left alot of money on the table. Took a long time however, I made it through the tough times and it only gets tougher as we grow.
Just the benefits of being with the Rhino Tribe alone is worth 10X more than the $5.5K course. Ask them about the discounts you'll get from using listsource.com. My list was so expensive and so hard to scale but the addresses went from .23 cents per address to .03 cents. You do the math. That alone is worth it for me. But ofcourse, you'll be part of a Go-Giver community and all we want to do is give give give. Skip tracing went from $1.25+ for me to .20 cents.
And their small group coaching calls>> Talk about you can ask them just about anything you struggle with and you'll get the answer you're looking for and then alot more.
Sure everything you an learn is on the internet. You can either take the long route or hire a group of people know what they're doing. Either way, wished I found Wholesaling Inc. 2 years before. I was a little hesitant at first but over all. IMO, worth the investment if you can afford it to get it.
Good luck!
Fantastic points, Tron! People will always point out this information is free on the internet but what isn’t, is a clear plan of action.
I chose a coaching program because I don’t have a lot of time to spend fumbling around figuring things out, while leaving money on the table. Yes, free on the internet that is a strategy to learning how to do the business, but if a program is available, I prefer to take that path and start doing deals sooner with a support system, especially since this is all very new to me.
If others are doing it on their own without for free, then good for them. It is a personal choice, and I respect whichever path someone may choose, as we each may have different circumstances.
Originally posted by @Rhandell Mitchell:
@Milian Bonillo I was curious if you'd be willing to share any of the other courses that you've stumbled across? I'm on the fence about WI because I won't have much money left for marketing if I drop the 5k. So I'm interested in learning what my other options may be.
@Rhandell Mitchell please see my quote; still learning how to post on BP!
Originally posted by @Rhandell Mitchell:
@Milian Bonillo I was curious if you'd be willing to share any of the other courses that you've stumbled across? I'm on the fence about WI because I won't have much money left for marketing if I drop the 5k. So I'm interested in learning what my other options may be.
Sure, although there was no stumbling here; I created a dedicated 2 week timeframe to research programs, organize the info, and make an informed decision.
I spoke with/researched TTP (Talk To People), Brent Daniels’ program focused on wholesaling, Nick Estes who does wholesaling, Laura Alamery who does all kinds of investing, Max Maxwell who has education events, rather than coaching, and Wholesaling Inc, Tom Krol’s coaching program.
When program shopping, I considered length of the course, what content is covered, how the course is delivered, what type of support is provided, if discounts on services like skiptracing are provided, what access there is to the actual coach, and price. Programs all have payment plans, and incentives for larger, lump sum payments.
Lot's of free info available online. Rule of thumb - Only invest what you are willing to lose. Google is my best friend :)
Wholesaling is placing a property under contract and assigning your rights/contract to another investor for a fee.
Message me anytime, I can help!
Formula:
_______ ARV
X 65% 70% Max
= _______
- _______ Repairs
- _______ Your Wholesale Fee
= _______ Max Contract Purchase Price