All Forum Posts by: Adam Macias

Hey everyone. I am a very busy undergraduate medical student and I really want to find a way to make a return on investment for my money put into real estate. I am living in the Portland area, and I have already signed up for my first REIA. I know wholesaling is a good way to make a profit without a big input of time. What is the best way to get experience in wholesaling? Would my attending the REIA be of benefit to learn how to do that? Thank you all.

Quote from @Adam Macias:

Quote from @Josh Milewski:

Hello everyone. I'm new here and investing. I'm trying to break into it by starting out as a birddog. I'm not confident enough in my deal finding to try wholesale yet. Any advice?

I didn't see any specific rules on this but if missed them please let me know. 

 Bird dogging sounds nice but you still have to deal within contracts with finders fees to make sure you get paid. I'd stick to assignable contracts and wholesaling because it's one additional step from what people mean by being a bird dog. Finding buyers is the most important part in building your confidence.

Imagine have 50 solid buyers you know have the funds, are actively buying and you see the before and after projects first hand. Wouldn't that give you some confidence?

I guess my biggest fear about wholesaling is to get a contract that no one wants. I don't have the capitol to buy it directly yet. 

Hello everyone. I'm new here and investing. I'm trying to break into it by starting out as a birddog. I'm not confident enough in my deal finding to try wholesale yet. Any advice?

I didn't see any specific rules on this but if missed them please let me know. 

Just submitted my first offer in a property listed for $100k. 1,300sqft, 3 beds 1 bath. Roof and slab condition unknown. I found the ARV to be around $180k+ for my area, so it made sense to put in an offer at $73,000. We negotiated a 2% earnest fee and 1% option with 30 days.

Is this a strong offer, and do I have enough room to raise the price for my wholesaling fee later? if they make a counter offer, the highest I will go is $75k.

Finally, what should I be looking to sell this house for to my cash buyer later? I am hoping to set my wholesale fee at $10-20k. Is this feasible?

Hello All,

I am intrigued by the "art" of wholesaling and I am drawn to it, by reading, listening to all the strategies that I hear. It seems like a lot of work, but it is rewarded by a great level of satisfaction when it comes through. I understand it takes a lot of work which equals time. I have solid W2 income and no debt. Additionally I have saved capital to pay a down payment or two, or three depending on the amount and rehab, or leverage into a loan. The issue is that my W2 takes time, in a career that I like, but I would like to dive further into REI. I question if I am better of attempting Wholesaling , or if it just makes better dollar sense to find a good deal as a buyer and Rehab and Flip, or BRRR. Any opinions are appreciated.

While so many responses here are so negative, allow me to enlighten you with a bit of positivity. Let me crush some myths here.

Myth #1: Wholesaling Takes A Lot Of Work

ANY solid business takes a lot of work. Do you think flipping is not a lot of work? Do you really think starting a SAAS business is not a lot of work? How about starting a bakery, or a restaurant? Guys, calm down. Stop being negative. Stop hammering on wholesaling because you personally have a grudge against it. Just move along. This is the wholesaling forum. What are you doing here if you are just going to bash it? Now,

Wholesaling is "NOT" a lot of work. This is not an opinion, this is a fact. I am completely removed from any work so NO ONE can tell me this is not true. Anyone that says that it is a lot of work simply is doing it in a way that it is a lot of work FOR THEM. (they are doing it wrong)

Myth #2: Wholesaling is not "real estate investing"

Who cares what it is called or not called? It makes money and that is what we all care about. Not the fact of whether or not someone can call me a "Real Estate Investor". I am not doing it to be called a "Real Estate Investor". I am doing it because it allows me to eat crab legs every night. It allows me to go to Thailand and eat crispy chicken skin as often as my heart desires.

If you are having a hard time wholesaling, I can help you fix it right here, right now... but you have to let go of everything all these gurus (or these replies here for that matter). Unlearn everything you think you know.

Here is the formula for wholesaling success:

Wholesaling successfully depends on your ability to find motivated seller leads.

So anyone that claims it is hard, should be asked: "well. HOW are you generating your leads?" Right?

Cold calling = work + time+ and money... FOREVER! As in, you stop putting in the time money, and effort and your deal flow stops (= stupid). = BAD quality leads. (Deal) Conversion rate less than 3%

Driving For Dollars = work + time+ and money... FOREVER! As in, you stop putting in the time money, and effort and your deal flow stops (= stupid). = BAD quality leads. (Deal) Conversion rate less than 3%

Door Knocking = work + time+ and money... FOREVER! As in, you stop putting in the time money, and effort and your deal flow stops (= stupid). = BAD quality leads. (Deal) Conversion rate less than 3%

DMM = work + time+ and money... FOREVER! As in, you stop putting in the time money, and effort, your deal flow stops (= stupid). = BAD quality leads. (Deal) Conversion rate less than 3%

Text Blasting = work + time+ and money... FOREVER! As in, you stop putting in the time money, and effort, your deal flow stops (= stupid).= BAD quality leads. (Deal) Conversion rate less than 3%etc. etc.

It is hard because those methods you use to generate leads, (what your success as a wholesaler depends on) is less than 3%!!

Gang... why are any of you surprised you find it "hard"? This is data. Numbers, logic, common sense. ALL this info I mentioned here is not new to you?! You KNOW this. You simply choose to ignore it and expect that somehow the laws of the universe, data, and experience, don't apply to you, and think that by doing the exact same thing everyone is doing, that is NOT working, somehow it will work for you, just because you are you...Wholesaling is not hard. Wholesaling the wrong way is hard! Get it?

It is all about lead generation:

How can wholesaling possibly be hard when 4 to 12 motivated sellers contact you every single day begging you to make them a cash offer? Yes this is what I deal with. I spend no money no effort, no nothing and people find me and ask me to make them an offer. Do it the right way and it is easy!

Now allow me to help anyone willing to listen, and that has a bit of common sense.You want to start wholesaling yes? You want to start a business.

OK Do you have a website? I mean a REALLY awesome good website. Do you have your own pictures on your site? Do you have a stand-alone blog? A pimped-out Facebook business account? Linked in account? A solid Youtube account where you actually provide value? Educate the masses and give value? Did you spend significant time and effort investing in you? Are you working on a positive image online? Are you credible, do you look like sound, taste, and act like an actual professional business?

OR..

Did you just jump in driving for dollars, cold calling, and texting? Did you choose the lazy route and believe what you WANT to believe? Oh I know "your" type. The gurus tell you that you can become a millionaire with NO MONEY AND NO CREDIT right? And this sounds SOOO amazing, you simply ignore all common sense and CHOOSE to believe it with your core! How many of you started calling, driving, bandit signing, texting, without taking a good look at yourself and your business and taking a genuine evaluation and realizing that I (as in you) wouldn't do business with you, so then why would others? Many many many of you did this. And.. many many many of you say it is hard to whoelsaling. Coincidence? I think not!

Business 101. People will not do business with you if they can't trust you. Now.. why would ANYONE trust a person that relentlessly and desperately calls, texts or DMMs someone without a SHRED of evidence of credibility?

If you want to start wholesaling or start any business for that matter. SET UP FIRST.

Look like a business before you spend money time and effort trying to get leads. Why do you think it is so hard to get leads? Stop listening to other people and use your own intelligence, because I PROMISE you, 90% of the people here are absolutely not qualified to give anyone any advice. ANYONE that tells you to drive for dollars, cold calling or texting, instead of asking you if you have a positive image online set up, honestly shouldn't be giving ANYONE any advice.

Now, as we are talking about credibility, let me show you I am not just all talk.

Apply what I preach.

I started with building a reputation. and a web presence. I made sure I looked credible. Even if you are just starting out with zero reviews .. it doesn't matter. Look sound act taste smell the part... and you will be fine.

Then I realized immediately that success REALLY does depend on your ability to find motivated seller leads.

Sadly, there doesn't exist a way to find motivated sellers. DOES NOT EXIST. The sooner you accept this the sooner you can do things that actually work.

So how can you get in touch with motivated sellers?

Easy!

YOU have to make it extremely easy for them to find you.

Yup, either rank #1 on Google (which is what I decided to invest all my time and effort in when I started) or do paid ads like Youtube, Facebook, Instagram TikTok etc. etc.

As I said, I did SEO.. I ranked my site #1 on Google.

Gang, I ranked my website #1 myself, for free. You can do it for free. Watch my Biggerpockets conference video for a primer how to do it yourself. 

And lastly, here is what YOU can accomplish when you start actually thinking instead of blindly following what everyone else tells you to do.

Good luck everyone!

And PLEASE stop listening to these nay-sayers!! Its ridiculous!! Not because THEY can't does it mean you can't either!

Quote from @Pedro Garcia:

Hello All,

I am intrigued by the "art" of wholesaling and I am drawn to it, by reading, listening to all the strategies that I hear. It seems like a lot of work, but it is rewarded by a great level of satisfaction when it comes through. I understand it takes a lot of work which equals time. I have solid W2 income and no debt. Additionally I have saved capital to pay a down payment or two, or three depending on the amount and rehab, or leverage into a loan. The issue is that my W2 takes time, in a career that I like, but I would like to dive further into REI. I question if I am better of attempting Wholesaling , or if it just makes better dollar sense to find a good deal as a buyer and Rehab and Flip, or BRRR. Any opinions are appreciated.

A wholesaler, as the term is currently used, or more accurately MISused in real estate, is essentially brokering property.  There are some “twists” to it that may allow the wholesaler a greater, perhaps much greater profit than a licensed broker would earn by listing the property.  The goal of the wholesaler is to convince a seller to allow him to tie up his property for no option fee and try to find a buyer at a higher price.  The difference minus expenses is the wholesalers profit.
Wholesaling under this definition is NOT investing.  If you want to INVEST in real property you need to complete the purchase transaction with yourself on the buy side and you need to deploy capital in the purchase ( or utilize debt). 
I’ll also content that fix n flip is not real estate investing either. Money invested in fix n flip, wholesaling, brokerage is money invested in a BUSINESS ( so happens to be a real estate related business), 

Hello all, I"m working on finding my first wholesale deal, but want to make sure I have the right systems in place. How do you go about contacting and what to say to someone like Laurie Hodgkins when you get a deal undercontract?  Thank you.