Full time wholesalers

[Matt Hatton]

Who here is a full time wholesaler? If you could go back to the past and talk to the ‘you’ that was JUST starting out before having closed your first deal, what would you tell yourself knowing everything you know today? Your best tips, tricks, and advice. the must-do’s and the must-don’ts of wholesaling! All comments are welcomed!!

[Account Closed]

I tend to scroll through BP when I’m laying my son down but rarely post. This discussion spurred me to make a rare exception.

Wholesaleing is not illegal or at least not in Texas. I’ve closed 8 deals in 2017, 21 in 2018, and 9 so far this year. Why only 9, because I’ve graduated to the next stage and involved in 2 flips. Wholesaleing has been and always will be my baseline to find deals for whatever strategy I want to pursue ( rehabs, rentals, owner finance, etc).

On to the seller side of things. Most of these properties need a ton of work and most agents won’t touch them without a cleanup and work done to them that costs money that the seller doesn’t have. They are distressed and need someone with knowledge to help them. That’s where I come in and I am compensated well for it.

EVERY one of my sellers have said thank you when it’s all said and done with many testimonials.

Heck I can confidently say I know more about the market as a wholesaler than probably 90% of the realtors in my markets. How??? Because I talk to 20-30 sellers per month and run mls based comps and submit offers to almost all the sellers I talk to. Why would I want to settle for 3% commission with the knowledge I have and the time and energy I spend helping the seller? There is nothing wrong with getting paid well for knowledge and your time.

The key thing I will say is to know what your doing and don’t lock up the property if your not confident you have a buyer for it at the contracted price. That just gets the sellers hopes up and they come crashing down when you back out. No one deserves to be treated like that. At a minimum pay a reasonable earnest money deposit fee if you do need to back out as that’s doing the right thing which I have done on the very few properties I was unable to close on.

Anyway just my thoughts.