Realtor vs Wholesaler.

[Randall E Collins]

There's a thread on BP titled "Is wholesaling legit, legal or worth the time".  Everybody who is a wholesaler should read this thread and defend yourself. Personally I believe it's inappropriately titled and should read Realtor vs Wholesaler because that's mostly what it is. Realtors criticizing wholesalers, making claim that wholesaling is illegal, unethical and untrustworthy. Realtors and a few others, believe they are better than we are and we're just a bunch of scammers trying to scam sellers and buyers out of money. Additionally I believe this site (Bigger Pockets) is for Real Estate Investors not Realtors and they should not even be posting on this site and keep their big mouth shut unless the subject pertains to investing, just saying!

[Guy Gimenez]

I second what @Jay Hinrichs said. I've been investing for 21 years and I've never seen a time when so many people are entering the investing arena with no money, no knowledge, no experience and little ethics. This goes for both real estate agents and "wholesalers". The investor issue is mostly caused by gurus who make money selling courses and coaching, not buying and selling real estate. Few care if they're teaching their students how to do things legally and ethically. I recently got booted from a guru's FB page because his students didn't like hearing the truth (backed by statutes) and apparently neither did the guru. I've purchased exactly one property from an assignor (not the same as a "wholesaler) and found out after the fact that he was indeed a scammer. My deal was legitimate because of my due diligence, but he had scammed many newly minted investors out of tens of thousands of dollars. I am also a broker but I only use my license to list my investments and save on commissions. My license doesn't make me better than a "wholesaler", it just means I've received education that few "wholesalers" have received. Very few assignors enter into contracts with the intent and ability to perform on that contract. Claiming you'll pay cash for a property when you have no cash and no ability to obtain the cash is entering into the contract under false pretenses. Look up fraud of inducement...it's real and it happens all the time. If you're upset about how assignors are viewed, look around and ask yourself if you're participating in illegal or unethical practices that perpetuate the stereotype, or allowing others around you to do so.