My Grandmother Wants To Be a Wholesaler Because It's Easy

[Jonathan Greene]

This is basically what the idea of wholesaling has become. Everyone wants to do it and everyone thinks they can do it. Everyone thinks it's a stepping stone to becoming a real estate investor. Everyone is wrong. Some people get lucky, most don't. Some people become really good at the business of real estate and scale out of wholesaling, most don't. The amount of posts from new prospective wholesalers is mind boggling.

My grandmother (not really, they are both dead) called me last week and told me she wants to be a wholesaler because it's easy. I asked her if she had any money for marketing. She said no. I asked her if she had any real estate experience or special knowledge. She said she listened to one podcast and read half of an article online and that's how she decided to become a wholesaler. I asked her if she could close the deals that she couldn't assign. She asked me what an assignment was.

She then asked me the new wholesaler standard questions, but also told me that she posted them in a forum on BP without checking whether or not 1,843,012 people asked the same question before. She asked if she should build a buyers list first or a sellers list first? I asked her what her plan was for doing either. She didn't have one. I have to be honest, grandma was getting annoying at this point, but I let her continue. She then asked if she set up an LLC now for her wholesale company. I threw up in my mouth and just ignored that one.

My grandmother told me she heard that wholesaling was easy and anyone can do it. I asked her how she was going to calculate ARV. She said she doesn't ride those vehicles because they are dangerous. I asked her how she was going to assess repair costs. She told me she would just call a contractor and ask him or her to come out on every appointment with her, for free, just to give an estimate. I rolled my eyes and she pinched my cheeks because she can't see that well and thought I was advocating for her idea.

Oh, one more thing. My grandmother lives in New Jersey, but is sure she wants to wholesale in Austin, Texas because she heard it was a hot market. I tried to explain about how a hot market would be really hard to break into for a virtual wholesaler with no experience and no money and no real estate knowledge. She wasn't having it. She said the book she ordered was going to teach her everything even though it was free and to unlock the true knowledge you had to go to a $10,000 weekend Masterclass, which is why she called me in the first place. I pretended like our connection was failing. I'm skipping Thanksgiving with her tomorrow because I can't go through this all again.

:)

Happy Thanksgiving.