LOL....its actually funny. I think wholesalers dont realize the difference between aggressive and nagging. There should be hustle to any business. But it should be done in moderation and well organized. I wholesale....but I also know how to analyze properties for rehab, have a realtor run tight comps and know the correct contract verbiage that goes into wholesaling. Many wholesalers dont realize how much work it is to currently wholesale. The people who made money wholesaling in 07,08 and 09 are teaching you how to do it now but the market situations have changed since then.
Next is many wholesalers will tie up your property for 30-45 days hoping to sell it and will return a day or two before the contract ends saying they need a extension. As someone said above for every 1 wholesaler that is good(usually means he or she is a good businessman or businesswoman) you have 20-50 people that arent good at all and only see the potential of a "quick dollar". Many of them will just waste your time as well as their own. Many of them couldnt tell you whos their target buyer because they dont know if the house is a flip or rental property.
Many people keep saying oh its deal all over or its plenty of house....LOL really???? so there is a unlimited number of houses in your city???? Inventory is extremely low all over the United States and people dont realize that because they dont understand their market and most of the time dont underestimate on rehab cost. Combine that with REOs and HUD with their ridiculous prices(many of them say no to assignments) and increased competition from more and more people entering wholesaling due to more people selling courses on wholesaling as if its such a goldmine and here you have the current market situation. The universal law of economics applies to all businesses in the world. Law of supply and demand....pretty soon everyone will be a wholesaler lol then who will be the buyer????
In all seriousness there are a lot of wholesalers not making any money at all after a year or two because they dont realize the general real estate knowledge thats needed as well knowledge of rentals and flips(those are your buyers) the overall hard work. Its ok when they are new to be clueless but after 6 months maybe 9 or 10 at the most they should have knowledge about what they are doing and the real estate market. Dont believe the lies that wholesalers only work 4-5 hours a week. Thats BS....unless you have maybe 3-4 people working as a team with you with a lot of money going to marketing for buyers and acquiring houses. This is a business! To be successful at this you should spend a lot of hours reading, applying what you read and finding real deals. Deals are were everyone walks away happy. Its in this order.
1.Seller(its his or her property)
2. Buyer(it has to be a good cash flowing property for a landlord or a good profit for a flipper, otherwise ITS NOT A DEAL)
3. Then lastly you take what you can get from the transaction(you must know how to analyse properties to see how much you can get)
Sorry for the slight rant, but many wholesalers dont take it seriously and then get sad or angry when they arent successful. For the ones that do but are just new find someone thats local to you and ask to form a partnership and give that person some kind of value. Real estate is a BUSINESS. ^__^
