Newbie Mistakes story time

[Armani Emon]

So just wanted to share some newbie mistakes with you all , please take this into account wholesalers.

Firstly, when I first studied wholesaling, I was taught that all you needed to determine if you have a deal is 

1.general repair estimates 

2. Comps

Later on I found out that you actually have to not only look at structural/mechanical repairs that need to be done to the home,but also you need to learn what upgrades/ features your comps have(granite,stainless steel appliances,new carpet,new flooring, sun roof, finished basements) After you figure out this information ,when you have your contractor take a look you have to send him your comparables and ask how much would structural/mechanical repairs if any would cost, you then have to ask how much it would be to upgrade your house so it looks like your comps but slightly better. 

So basically the most important thing to consider is what features/upgrades your comps have, if there are any mechanical/structural repairs needed. When you total that out that is your actual repair estimate number.

My second lesson that I learned is that you need to separate "mentors" from business

In my opinion it is not smart to do business with someone who is your mentor/that is helping you/or that you look up to. My reasoning for saying that is because at the end of the day peoples goals are personal benefit. No person wants to help you 100%. I had someone who is a mentor to me , and i decided to throw one of my deals to them. Because they knew that I was pretty novice they told me that my deal was worth xyz gave me a thorough explanation too!Following this we got it under contract for way lower than I should have and now they are wholesaling the property for the amount that I said the home was worth. In all,stick to your numbers and your guns, if someone is your mentor keep them at that. Being a newbie I thought that I was being helped because they were so helpful unfortunately they really got my *** out of a deal.

[Barry Pekin]

@Armani Emon,

Sorry to hear that.  I'd be a bit pissed.  But lessons learned, right?  You learned a valuable lesson in that you know what you're doing!