All Forum Posts by: Account Closed

Will,

I’m not talking about marking up the profits. Splitting the original profits 50-50 is all you need. And yes, building a buyers list is essential, however, building a wholesalers list is even more essential. In my opinion, its way easier to send a property to another wholesaler, let them do all the work of marketing it and finding a buyer, and then just take half the profits when you close.

Again, it’s simple math. Would you rather have half the profits from 100 deals or all of the profits from 10 deals? Both options take the same amount of time but the former yields you 5 times the profits.

My advice to all wholesalers: don’t be afraid of the competition. In fact, there is no competition. Other wholesalers are your friends and the only way to increase the amount of deals you do is to work with them! Work with as many as you can.

I’ll say it again:
People doing deals together as a group can make a WHOLE LOT more money collaboratively than each individual person can make on their own.

Here is my opinion on this matter:

Working with other wholesalers is one of the BEST and SMARTEST things you can do if you ever want to do a serious amount of flips. If you have this scarcity mentality where you think there is a limited amount of deals out there or if you think other wholesalers are out there to "screw you over" you're never gonna get very far in this business.

On the other hand, if you have an abundance mentality and realize that there will always be a plentiful amount of deals out there, and that working with as many other wholesalers as you can will benefit you more than you can imagine, you will be able to make soooo much more money in this business.

You can only flip so many houses as an individual wholesaler. However, imagine how many houses you can flip if you work with 10, 100 or 1000+ other wholesalers! Who cares if you have to split the profits with them. What's more? Doing 10 deals on your own and keeping every penny? Or doing 100 deals collaboratively and only keeping half? Its simple math. And who cares if someone screws you over on a deal. Suck it up, move on, and don’t ever deal with that investor again. It’s that simple.

What I do is I send my deals out to my buyers first. If nobody wants it then I send it out to other wholesalers and see if they can find a buyer for it. If they can, I split the profits with them 50-50. Why throw out a good deal when you can make half the money on it?

I only try to send out my deals to other wholesalers after I've tried to find a buyer myself. Partnering up with others on other deals is a great way to earn extra cash.

People doing deals together as a group can make a WHOLE LOT more money collaboratively than each individual person can make on their own.

Peter,

That's a great point! Automation is key if you want to own your business instead of having your business own you. Get a buyer's website up and just get the link out there on different real estate sites. The more you market your link, the more buyers you will get on autopilot. It's just that simple.

Here's my input from a wholesaler's point of view:

Most investors are scared to work with realtors because they don’t want the realtors to eat up their profits. However, realtors work with a ton of buyers and it is just a whole lot easier to send them a property and let them find a buyer for it. I will gladly give any realtor their 3-6% if they bring me a buyer and there is still room for profit.

Working with just 1 realtor can add hundreds of cash buyers to your list. Imagine how many new cash buyers you can add by working with multiple realtors.

I’m also a wholesaler in the Chicago area and would love to share ideas with you guys. Shoot me an email sometime.

As far as the battles between wholesalers go, it accomplishes nothing. Arguing isn’t going to flip a house for you. The ABSOLUTE best thing that you can do is to collaborate with as many other wholesalers as you can.

A group of people working together can accomplish FAR MORE than if that same group were working separately as individuals. Think about it.

Tursheca,

My only advice to you (the 1 thing that kept me going) is to keep going and never stop. The only way that you can fail at this is to stop and quit. It sounds a little cliché but think about it.

Everyone that has succeeded in this business (or any business) kept going until they succeeded. Everyone that has failed in this business, failed the instant that they quit.

Keep yourself motivated any way that you can until you succeed. And then..keep going some more.

Will,

That's so true. It doesn't matter what market you're working in (big or small, huge or small town). There are deals EVERYWHERE. You just have to be persistent and keep looking for them until you find them.

In my opinion, the bigger markets are actually much easier to do wholesale deals since there are so many more home owners which equals so many more options!

Actually Sean Terry's membership is $97/ month. That is for all of his advanced video tutorials and resources. However, I agree that you don’t need to pay anything to get started in wholesaling. To satisfy that, he has a 100+ page eBook as well as over 80 podcast episodes all for free. He gives out a ton of free info and is not trying to “lure” anyone into buying his products.

In fact, he explicitly stated numerous times in his podcasts “Don’t purchase a membership until you read and listen to all my free resources.” He’s a great guy that holds nothing back and I’ve learned pretty much everything I know about wholesaling from him.

Awesome job Greg! Keep it up. The only suggestion I would have for your letter would be to possibly make it shorter. According to some yellow letter companies, a short quick letter gets the most responses. Although a longer letter could be useful in getting more targeted replies.

I have been using internships.com to hire my interns. This is the best site to generate applicants as I'm getting at least 10 new ones per week now. You can upload as many job descriptions as you want for free and it is a very high traffic site. This is the #1 site that comes up when you search "internships" on Google.