All Forum Posts by: Account Closed

@David Oldenburg - That's part of the problem. There is too much information without instruction. You need a mentor to show you step by step. Doesn't have to be Wholesaling Inc. find someone who's crushing it in your local market and ask them to show you how to wholesale even if it means they take a percentage of your first x deals. Either way you're paying for education. $5,500 to me is chump change - my wife pays that for two grad level classes with 0 return on investment. She has to get a master's to get a raise and that degree costs $30k, so that puts it in perspective for me.

There's no limit to what you can earn in wholesaling or real estate. If you follow instruction you should be able to make that $5,500 back in a few months at most. I don't work for WI, I like these guys a lot, but there are probably equal programs out there. I know successful wholesalers who mentored under someone in their market, gave a percentage of some of their deals up and now they do it full time and make a lot of money. If the $5,500 is a lot, I'd suggest the second route of mentoring under a successful wholesaler who you can ask all your questions.

Gary Keller says in The One Thing that you need a mentor regardless, it all depends who you'll choose to follow. You probably could cobble together enough instruction from the internet to wholesale on your own, I just don't have that kind of time. Plus, the internet offers 0 accountability, which Gary Keller also mentions as a key to achieving your goals.

@martin s I suggest you read my review of the program here before judging someone you don't know. It's one thing not to like a guest or two, but to call someone a liar/troll is another thing. 

https://www.biggerpockets.com/forums/93/topics/533412-wholesale-inc-training-course-5k-is-is-worth-it

Hi all,

Wanted to keep this short but this is my comprehensive review. Some people on this thread are knocking wholesaling and comparing to MLM, more deals for me :)

1. Define your goals and your why - why do you want to wholesale? Are you going to commit to it even when it's tough and you are losing money or not making any money or breaking even? Do you care about helping people or just making money or have you found a way to fuse the two together in harmony? For me I decided to do real estate to escape the 9-5 with the goal of building a massive rental portfolio. Plus, all deals are found through marketing to sellers and wholesaling is the beginning of any good RE deal so I can cherry pick my wholesale deals and get the best deals on rentals. Wholesaling is a cash machine if you know how it works and how to systematize it. I also love helping people and that's what wholesaling is all about. The more you give, the more you get.

2. If you are committed and ready to start wholesaling, why reinvent the wheel? I work a 9-5 job as a data analyst and I don't have time to create my own wholesaling model. I joined Sean Terry's course in January 2018 for $500 and it was a good introduction, but there's not much of a community aspect to it IMO. I joined their FB group and never got any help with my questions. I joined WI in June and found the community incredibly kind, giving, friendly, helpful, and genuine. I really got my marketing going in July and already I have 4 deals under contract. I am working on closing one next week and another one 2 weeks later for a total of $7,000, so I have more than paid for the course and broke even on my marketing at that point. With the 2 other deals I should make another $10-$12k so then I'm profitable. Successful people learn from models and BP in and of itself is a community of people trying to learn the best models for how to do things, so WI takes it to the next level and provides 1 on 1 coaching to get you to your goals faster. There are no shortcuts as someone mentioned above, but there are proven and successful models you can follow to cut the learning curve and take more action faster to get your 1st deal or more deals done using proven systems. Wholesaling is probably one of the easiest niches of real estate to get into, it's very simple (even I can do it).

3. Access to the best discount on ListSource available - I will save over the course of my wholesaling career many times over the $5,500 for the program on ListSource ALONE - WI has an exclusive discount for $0.03 a record. You will pay $0.15 a record on your own.

4. Access to discounts from mail vendor - more savings that will pay for the course in my wholesaling career. Exclusive Modern Postcard discount. The give you the mail piece. Time is money, why would you create your own mail piece? It's not the highest and best use of your time.

5. Character building - The 4 Spiritual Laws of Prosperity is the 1st book you must read in WI and it builds a foundation for the why behind your business, your goals on the principle of tithing. Once I started tithing, the deals came in, say what you want, but all WI successful wholesalers will back me up. 1 on 1 coaching during the course to help you overcome psychological barriers to success.

6. Coaching – weekly coaching calls with the coaches to ask as many questions as you want. Amazing community forum where you can ask any other questions between calls and get access to other successful wholesalers resources asap. Semiannual events to get to know others from WI from around the country and learn new techniques to drive your business forward.

7. Baby steps to your first deal – you will learn the lists, the frequency to send, they will give you the mail piece, and show you how to do everything step by step. Anyone can do this. If you want to master direct mail I these guys are killing it doing over $1MM a year in deals consistently all over the country.

8. Lead management – baby steps to setup your database, callrail, and other tools to manage your leads. Profit first is the goal and getting to your 1st deal is #1 priority here.

9. Building a huge cash buyer list – the more cash buyers the better. The more cash buyers the bigger your assignment and the faster you can sell your contract. Baby steps on how to build your cash buyer list and sell the contract.

10. Scaling up – they will show you how to hire your virtual assistant and start building your team once you are consistently doing deals each month.

There is no magic sauce to wholesaling but I honestly believe the $5,500 I spent cut at least 2 years off my learning curve, especially since I work full time. I didn’t sell my computer, it’s actually not worth anything (it's 11 years old). But I did put everything on credit cards believing that this works, and it did. You can listen to the podcasts enough to probably get some deals done and there are some people in WI who have done that. I think that’s amazing. Some people need a little more coaching and help than others, I think I fall into that category.

I don’t know of anyone who bought the course and didn’t succeed, I think paying $5,500 is a gut check and no one wants to throw away that kind of money. I’m 29 years old and I plan on making a lot of money wholesaling while helping a lot of people so to me the $5,500 isn’t that much for what I got in return. This is real, tangible, step by step coaching to doing deals and making real money. I am still not even done with my first mailing to 9,000 tax delinquents and I get leads coming in every week that I am converting to contracts and selling those contracts. The only way I’ve been able to do this is through the systems I was taught to setup that take all the guesswork out of wholesaling. Each week I get faster and faster at doing each thing. I probably spend 20+ hours wholesaling in addition to my 40 hour a week job, but I am very driven, so it’s up to you. Listen to the podcast and see if you want to surround yourself with these guys and be sure to listen to the newbie wholesaler episodes so that you can begin to see that success for yourself. Some of us believe we can’t achieve success or do this for some reason and that prevents us from being successful. More of this is mental than anything else – it’s 80% mental and 20% mechanics.

There is an entire page on the WI website with testimonials from real people. The same people that are on the coaching calls an who have started to lead some of the weekly calls for beginners. I'm not getting paid to say any of this, I actually just hope people here consider WI because it has changed my life, personally. My wife and I have 5 rental properties which I love, but I am cash-poor and as I mentioned earlier, the marketing I'm doing with wholesaling is getting me access to the best possible deals in my market, so it kills 2 birds.

If you want to talk more on the phone please DM me but I think I covered everything here in detail.

PS

I didn’t even mention TTP: Talk to People. This course is $3,000 when bought with the $5,500 version of the full course and shows you how to take your lists from ListSource and skip trace these people with the best and cheapest skip tracing source $0.18 a lead and to cold call motivated sellers on your timeline. Just go to wholesalinginc.com/ttp if you want to hear about that, I am still ramping that part of my business up, but I have been focused on mastering direct mail in the meantime until I have more time to start cold calling. If you want to spend less and do cold calling I'd recommend TTP as it'll probably get you a deal faster if you are determined and have enough time to cold call every single day.

It depends on if you want to try to learn everything through your own experience or combine the experience of several individuals who are millionaire RE investors into a 90 day course. I just joined Wholesaling Inc. on 6/11/18 so I will update my post once I get through the course. So far, it's been great, but listen to Wholesaling Inc podcast and hear for yourself, visit the website, do your research and compare programs. You can schedule a call to ask all of your questions but here are the requirements:

1. Be able to spend 15-20 hours a week working on your business

2. Have $800-$1200 a month in funds available for marketing

3. Listen to instruction and follow right away

What I love:

Everything provided to you - scripts, contracts, exclusive and best price for ListSource ($0.03 per record, you'll pay 3-4x that if you are on your own), exclusive discounts on direct mail marketing, database, how to build cash buyers list

Wholesaling Inc is a community, not just a coaching program, which sets it apart from other programs.

I have noticed there is about a 3 month delay from when a property is purchased and when it hits the OPA website property.phila.gov.

Hi Kwang,

This might be nit picky but most landlords in Philly pay for water and that can average $40-$80 depending on how the tenant is about water usage. I agree with Greg about the cash flow, it seems a little low. 

What neighborhood are you looking at in Philly? If it's an A neighborhood you might be able to get more for rent. There are SFH in my area which is a B or C area that get $1,500 and the homes were not $200k all in.

Best wishes,

Jake

Hi Joe, how long are the Friday meetings? I usually start work at 8:30 but can start later if I want within reason. 

If you own your home, can you get a HELOC? The interest rates on HELOCs are still low and you can use the money for anything. If you don't have a home you can look at peer to peer sources or partner with someone else. Best wishes!

You could get in touch with a smaller local parking structure to see how much they get in the Kensington/Fishtown area for parking fees each month and use that to help you market. I know how parking is in Philly and with continuous development in Fishtown, a parking lot would help give peace of mind to people who live in the area. 

@Derek Carroll I am thinking of doing a flip or rolling it into a lease. If I rehab to lease, the costs can be much lower because the tenants do not need the nicest finishes and fixtures. 

I get your point about the total costs. I would estimate about $154,000 in total costs for the one place I am looking at, so 80% is $123,200. I have $45,000 in cash to make it work, but I might need a little bit more to start the construction or buy materials since the draws start after the work is finished. And the lender charges $200 per inspection after the work is done before they authorize the draw.

Thanks everyone for your help!