All Forum Posts by: Adam Macias

Quote from @Gregory Chadwell:

49% of agents sold either 1 home or none at all in the past year: CFA

Agent 'glut' means part-timers are now the majority, leading to 'widespread incompetence and pressure to maintain high commission rates,' according to the Consumer Federation of America

inman only 50 percent of agents sold only 1 house - Search (bing.com)

I hit Executive Club status last year so far 8 years in a row!   It is challenging out there especially to new agents with no base or previous sales.  

Veteran agents like myself know how to adjust to shifting markets!

 Oh man I think you hit the nail on the head Gregory! It is those most willing to adapt to changing circumstances that consistently survive and thrive.

 These are some great questions I was asking myself!

If you're a real estate agent, why do you think this many agents struggled in 2023?

Source: https://www.alignable.com/forum/new-2023-rent-delinquency-re...

 As many as I can.

Short terms rentals are absolutely not saturated or limited in opportunity. I know people who work for Airbnb and they need millions of STRs because of the demand. They ain't even close and anyone telling you otherwise is talking out of complete ignorance. You'd have to be a fool to think there's no opportunity in STR/MTR right now.

 Bingo! Nailed the explanation. 

 I can sense right away this is not an information, market research or analytical problem. Obviously not because you said yourself its "analysis paralysis."

There's only one reason I was stuck in this a few years ago.

I didn't believe I can wholesale houses and get a $5,000-$20,000 check.

I was more afraid of winning than losing. If I won, it meant I didn't deserve it. It meant it was a scam. It meant I was going to be "shady" because I did something that wasn't average, the norm or the amount of money in one check most do not receive.

So I have to ask you Allan, if you bought your first property, did your first wholesale deal, got your first house hack or whatever your goal is, WHY would you want that deal completed if nothing stopped you? Write that down. Once you get outside of yourself, it's going to happen. You have family counting on you. Friends counting on you. You need to be an example. Make it happen.

I asked Pace Morby and Jamil Damji this question and legally, yes you have to operate as a foreign entity in every state you're doing business in. At least, if you don't want issues down the road tax wise and if the government finds out it could cause some serious legal issues. I'm not an attorney, but I wouldn't operate without doing this. Wholesalers (no offense to those in the comments) who are doing this without being a foreign entity are probably co-wholesaling which is on the borderline and practically acting as an agent without a license or getting referral fees by having actual wholesalers on the ground doing deals and they just provide the leads which is different than wholesaling. A lead aggregator is not a wholesaler. So many variables. Just my two cents.

Disclaimer: I AM NOT AN ATTORNEY. NOT LEGAL ADVICE WHATSOEVER. 

I advise all wholesalers to start with building a list of cash buyers before you even worry about sellers that way this never becomes an issue. You learn how to comp, structure deals and have the confidence to be able to perform on the transaction. A buyer is literally taking your position on a contract. You have to act like the buyer. You got to the deal first and that's where your value comes from. Cash buyers don't have time to cold calls, do internet marketing, talk with dozens of agents, etc. They have enough going on with managing projects alone. Find cash buyers first of at least 10-50 solid buyers and then go hunting for deals.