All Forum Posts by: Frank Iglesias

I think it's ok that after eight pages of posts we can all agree to either agree or disagree and move along.  Because we are all going to go back to doing good business with other people just fine.  Have a fantastic day!

@Jay Hinrichs

You are right on with the marketers making it off people.  But internet marketing is a business too so it is what it is.  As with all things, its ultimately up to us to use our best resource between our ears to make the best choices.

Let me know when you are in Atlanta.  Be great to meet up!

@Jay Hinrichs

Love it.  I am with you that the amount of new people diving in without direction expecting to be living on the beach in the next 30 days is pretty high right now and seems to be climbing but that's a testament to the quality of marketing sometimes for better and sadly for worse.  That's an entirely different conversation I think we can agree.  You are right, a lot of new people that go at it recklessly much things up for the legitimate people.  I have to have that same battle seems like everyday when deals cross my desk that don't make sense which is easily the majority.

Also I used the mortgage assignment as merely an example stating that people sell things to others for a price that is slightly higher.  I am not trying to start a licensing conversation.  I have licensed team members on my team so I am fully aware of those ideas.

I think we are in agreement though although if you are nearly perfect, then I need to come hang out with you one day.  :-)

I'll bite and chime in again...

1) I have never found anything about wholesaling evil any more than Best Buy marking up that $1.00 cable and selling it for $10 to us.  That's a huge mark up.  Imagine getting that on a piece of property.  :-D   On a bigger level, maybe the TV they sell us.  Or how about banks getting paid to sell our mortgage to someone else?  A new bank that maybe we didn't like as much as the last mortgagee as an example.  We don't cry about that.  Wholesaling exists in lots of industries.  It will be evil when Buy Low, Sell High is dubbed evil.

2) Atlanta has 20k agents or more so we certainly are not lacking in agents here.  Every market is different true but I find there are not many wholesalers in smaller markets (under 5000) anyway.  Then again, there are thousands of markets in this country so I can't really speak to that with accuracy.

3) I love educating newer wholesalers that are willing to grow.  I have made money with them.  I congratulate them when they get a good deal.  I also sometimes need to sell stuff off as well that I buy because maybe a better opportunity comes along and the current one works for others.

The wholesaling concept isn't going anywhere and there is no reason for it to go anywhere.  There is a lot of value.  We simply have to put in the effort to find the people to get it with.  If one doesn't want to put it in, that's fine too.  But let's respect the people making it happen with integrity and quality.  I think every investor trying to do the right thing is due that.  Nobody's perfect.  Let's continue to assist each other instead of shooting each other down.  Simply no need for it.

Hello Iman.  Feel free to reach out to me and welcome to the Bigger Pockets world.  I am a wholesaler and Buyer in Atlanta.

Frank 

I am not sure if there is any value to this post since it really won't solve anything.  People are going to think what they want to think.  However I got a couple of minutes so...

As a wholesaler, a rehabber and a landlord, I get to play in all three playgrounds which are the most common in my opinion and I find great value in all of them.  I don't really care how good an agent or marketer anyone is, the odds of anyone being so good to find every deal there is, is somewhere between none and not a chance in you know where.  

Case in point, someone is wholesaling a good deal to me now from a friend.  I will rehab the house.  The friend could really care less about trying to get more money out of it by listing it and having been a motivated seller myself, I get that feeling too where the money is really not even worth talking about it because of other needs that need to be met to bring closure.

I have built great relationships with Wholesalers, Buyers, Sellers, Agents and Tenants.  I love all these people because all enable me to learn and be a better investor.  All of them bring value.  People just have to find the good ones...like anything else in life really.  

And yes, there are some rough wholesalers out there with their 90% ARV but hey, there are some pretty lousy buyers, agent and tenants out there too. Just like anything else in life...

Recommendation:  See the value in what The Person provides and Not The Label and anyone not for wholesalers may find better success.  The same way we would in finding you in peoples role as a Buyer.  It's a circle of love so to speak.  Play in it with the right people and the reward may surprise you nicely.  If one does not want to play, that's ok too.  We can all get along regardless.

BTW, I have wholesaled at 100% ARV strictly off cap rate to very happy buyers...everyone is truly different so careful to lump any group of people into a pile...not wise IMHO. Some people surprise me. And it is a very successful investor too to be clear.

My two cents as I enjoy educating wholesalers to be better at what they do...and it has paid off for me.  It just might for everyone with a little more effort.

Sounds rather fishy...

A how to get rich with Carlton Sheets course.  VHS.  A few videos too still shrink wrapped!

:-D

As a wholesaler and a Buyer, I have learned to just take each deal case by case.  If I detect a pattern of 'bad deals' from a wholesaler, I know where to not spend my time.  Most wholesale deals are not great for sure but some are gems and I am buying two right now that work really nicely.  On the flip side, there are 101 types of Buyers so what is not a deal for one can be a deal for another even if it makes zero sense to us personally (scary as we may think it is).

We just take it case by case and find the guys who are most credible for future deals.  And on the flip side, I have plenty of Buyers that know if I send them something, it is probably worthwhile.

The never ending balancing act. As for the MLS, it's all about the numbers at the end of the day...or should be at least.

Frank

We will buy in Georgia, particularly Atlanta area but will look elsewhere as well.

Frank