All Forum Posts by: Adam Macias

 Great feedback Mike!

Quote from @Don Konipol:

Quote from @Adam Macias:

Wholesaling as it is today will be a thing of the past.

It’ll truly be strange to even hear people and gurus trying to make big money off it.

The more people try wholesaling but then end up not having an end buyer or cancelling contracts or trying weird things like novations, the more all of real estate will be regulated and cause requirements like licensing to be able to transact more than just your personal resident purchase.

Which I don't know why hasn't happened sooner.

Here's all the states (in red or yellow) requiring a license to wholesale or at least have started the process:

Credit: REITipster

I think licensing and regulation is a beautiful thing that should happen if you plan to be an wholesaler and do more than one deal... which is going to be the case for anyone taking this business seriously.

Or even it being regulated to need a real estate agent to do more than one deal outside of buying a personal residence.

I've had plenty of failed attempts with agents in pursuit of wholesale deals and I know exactly why, it's not because the agent couldn't find me deals, it's just not practical to think there's opportunity for the numbers a wholesaler needs to make a profit on top of everyone else needing to these days.

Because the only sellers who truly can sell at a deep enough discount are usually those who ran out of time and just didn't do something sooner with their situation.

I know many coaches and gurus will disagree with me but there’s no regulations on youtube gurus and what they teach either.

If we look at the current state of the market in hot cities, the availability of online resources to the average homeowner, how many deals can you possibly believe are available at 70% of ARV?

This isn't 2011-2013 days but many people are stuck in that time period STILL.

As I finish my licensing study, I'm very grateful I chose this route as opposed to being a one trick pony.

Wholesalers did themselves in by their method of operating.  The “buyer beware” philosophy is fine for commercial transactions, but taking “advantage” of home owners when they’re most vulnerable and lack market sophistication is something no right thinking person wants.  If a wholesaler can still profit while provided “full disclosure” and adhering to the rules and regulations of real estate licensees then they’ve earned their profit.  

I've done plenty of deals without and agent, off market not even on the MLS but I'm one of those wholesalers that did things properly, had qualified buyers before even reaching out to sellers and strictly stuck with assignments.

Biggest problem is so many "wholesalers" barely have the understand of a deed or what title insurance is so there's an immense amount of knowledge they need before hand which can just be provided to them by getting a license! lol

I love wholesaling, I truly do but times have changed. 

 So good! Love the discussion happening around this!

Wholesaling as it is today will be a thing of the past.

It’ll truly be strange to even hear people and gurus trying to make big money off it.

The more people try wholesaling but then end up not having an end buyer or cancelling contracts or trying weird things like novations, the more all of real estate will be regulated and cause requirements like licensing to be able to transact more than just your personal resident purchase.

Which I don't know why hasn't happened sooner.

Here's all the states (in red or yellow) requiring a license to wholesale or at least have started the process:

Credit: REITipster

I think licensing and regulation is a beautiful thing that should happen if you plan to be an wholesaler and do more than one deal... which is going to be the case for anyone taking this business seriously.

Or even it being regulated to need a real estate agent to do more than one deal outside of buying a personal residence.

I've had plenty of failed attempts with agents in pursuit of wholesale deals and I know exactly why, it's not because the agent couldn't find me deals, it's just not practical to think there's opportunity for the numbers a wholesaler needs to make a profit on top of everyone else needing to these days.

Because the only sellers who truly can sell at a deep enough discount are usually those who ran out of time and just didn't do something sooner with their situation.

I know many coaches and gurus will disagree with me but there’s no regulations on youtube gurus and what they teach either.

If we look at the current state of the market in hot cities, the availability of online resources to the average homeowner, how many deals can you possibly believe are available at 70% of ARV?

This isn't 2011-2013 days but many people are stuck in that time period STILL.

As I finish my licensing study, I'm very grateful I chose this route as opposed to being a one trick pony.

Money makes you happy only so often.

But a good place to work keeps you happy every day you show up.

Yes, 𝗺𝗼𝗻𝗲𝘆 plays a vital role.

But 𝘸𝘩𝘦𝘳𝘦 you work?

That’s what really makes you happy.

A good workplace doesn't happen fast.

So, what does a good workplace have?

1. 𝘌𝘷𝘦𝘳𝘺𝘰𝘯𝘦 𝘵𝘢𝘭𝘬𝘴 𝘢𝘯𝘥 𝘭𝘪𝘴𝘵𝘦𝘯𝘴.
- That's how people feel heard and important.

2. 𝘙𝘦𝘤𝘰𝘨𝘯𝘪𝘵𝘪𝘰𝘯 𝘮𝘢𝘵𝘵𝘦𝘳𝘴 𝘢 𝘵𝘰𝘯
- Babies cry for it, people die for it.

3. 𝘊𝘩𝘢𝘯𝘤𝘦𝘴 𝘵𝘰 𝘨𝘳𝘰𝘸.
- We help everyone do their best.

4. 𝘞𝘰𝘳𝘬𝘪𝘯𝘨 𝘵𝘰𝘨𝘦𝘵𝘩𝘦𝘳 𝘢𝘯𝘥 𝘵𝘳𝘶𝘴𝘵𝘪𝘯𝘨.
- We make real friendships.

5. 𝘊𝘢𝘳𝘪𝘯𝘨 𝘢𝘣𝘰𝘶𝘵 𝘩𝘦𝘢𝘭𝘵𝘩.
- We help with stress and time off.

𝗧𝗵𝗲 𝗽𝗹𝗮𝗰𝗲 𝘆𝗼𝘂 𝘄𝗼𝗿𝗸 𝘀𝗵𝗮𝗽𝗲𝘀 𝘆𝗼𝘂𝗿 𝗶𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝘄𝗲 𝗴𝗶𝘃𝗲 𝗶𝘁 𝗰𝗿𝗲𝗱𝗶𝘁 𝗳𝗼𝗿.

When people feel important, they do their best.
When teams trust, they do great.
When health is important, work gets better.

I work for BiggerPockets, a company that truly takes care of me and it's employees, which only pushes me to be true asset. It's the ultimate win/win. Going on three years of being worthwhile.

Share in the comments if you love your company's environment too!

Such a fascinating poll! I love using software over ever using spreadsheets. Although, Google Sheets has helped me quite a bit at times with the right formulas. Know your numbers no matter what and use the BiggerPockets Calculator Tools! 🫶

 Of course "so called" investors are a waste of time. Just like how so called agents, literally 50% of them, can't even help NON-investors. "So-called" doesn't mean, "everyone". We have to be clear on terms, experience, situation, actual vs. pretend..

This sounds subjective because every contractor I've worked with said they earn the most working with investors and it's repeat business. Whether it's DR Horton or an individual buying a few flips a year. Because I hear investors say the same stuff. "Agents are the devil" and then other investors say "My whole business is thanks to agents". People use bad experiences and classify everyone as the same. I've lost major money from bad contractors but no way I'm going to say I'll never use a contractor because I had a bad experience. I work with TOP agents and TOP contractors so where does that leave me? lol You have to define what you mean by "investor" and define what you mean by "top". There's agents that make $1mil per year working with one investor and some that earn that much only selling two listings a year working with no investors directly. There's too many variables.

 Love the input! As I mentioned in the first post I'm not saying anyone HAS to do one particular thing, this study is an industry study as a whole which is interesting. Thanks for the feedback.

 People are losing focus on the main subject matter. That report exist and is fact whether or not I even made this post. It's weird how anyone would give a negative reaction because this is a case study situation. My main question I'd love to hear feedback on is WHY so many agents fail.