All Forum Posts by: Jeremy Beland

@Zeeshan S.

The funny thing is that the first two companies came recommended and I tried to vet them and talked to references too. I tried to and thought I was doing the right things. However they were both awful at tenant placement and costs me a ton of money. I learned a lot during that process that’s for sure. 

In August 2020, I took on what seemed like a great deal—a three-family property in Manchester. The seller was a terminally ill man who needed cash quickly to support his family before he passed. The lead came through one of our absentee equity mailing lists, and after meeting with him, we locked up the deal. At the time, the price was a bit high for us, but I was eager to take another property down for myself after years of wholesaling for other investors. With private lending secured, I bought the property, excited to add another rental to my portfolio.

What I didn’t expect was just how much of a nightmare this property would turn into.

After closing, we began the renovation. The house needed more work than I initially thought—especially when we discovered the entire plumbing system had to be replaced from top to bottom. Once the renovation was complete, I started searching for a property management company, as I don’t manage my own properties. I vetted a few companies and hired one that seemed like the best fit.

This is where the real trouble began.

The first tenant they placed fell behind on rent by the second month. After a series of delays, they were eventually evicted. The second tenant wasn’t any better. Within two months, they were causing disturbances, fighting with neighbors, and creating an unsafe environment for other tenants. Another eviction followed. The third tenant just disappeared one day, leaving all their belongings behind and causing more headaches.

At this point, I had already gone through two evictions and was starting to lose faith in the property manager. So, I switched to a second company. Unfortunately, this change didn’t help. It was around the time of COVID, making it incredibly hard to find reliable tenants. This new property management company was just as ineffective, and for nearly two years, I struggled with bad tenants, constant repairs, and growing losses. By the end of the second year, the property still wasn’t cash flowing, and the situation felt hopeless.

Finally, I decided to switch to a third property management company. This time, things started to improve. They found solid tenants and stabilized the property. But the damage was done—I had already gone through three management companies, three evictions, and a lot of lost rent and legal fees. It wasn’t until 2023 that the property finally began to cash flow.

Then came an opportunity to sell the property in August 2023. After everything I’d been through, I decided to sell. Despite all the headaches, I managed to sell it for a $300,000 profit.

So what did I learn? First, not all property management companies are created equal. No matter how well you vet them, sometimes you won’t know how good they are until it’s too late. Second, real estate can be incredibly forgiving, even when things go horribly wrong. I lost tens of thousands in missed rent, eviction fees, and attorney costs, but in the end, I still made a significant profit.

Would I do it again? Absolutely—but with better property management from the start. Real estate is a long game, and as this experience shows, persistence pays off, even when things don’t go according to plan.

@Jonathan Klemm I appreciate the kind words and support. We still have a lot of things to improve on.  Thats why I pay for coaching and mentoring. I want to keep getting better.  1,000 seems unimaginable at this point, but so did 100 at one point. 

@Jonathan Klemm

Thank you!  She did get treatment but we lost touch so I’m hopeful it’s what she needed to stay healthy. 
we have gone on to do over 450 deals since that one closed March of 2017. Still learning a lot as we continue to grow and improve. 

In March of 2017, I closed my first real estate wholesale deal. It wasn’t a huge payday—$5,000—but what I gained from the experience was far more valuable than the check.

It started when I got a lead from an older woman who owned a house in New Hampshire but lived in Maine. She needed to sell quickly to afford cancer treatment in Chicago that her insurance wouldn’t cover. 

The house needed a lot of work, and I was brand new to wholesaling. I had some training but no real experience, especially when it came to negotiating. So, I took a chance and was completely upfront with her: I was new to this and would be assigning the deal to a cash buyer.

Despite my inexperience, we built trust. She knew I was trying to help her, and that honesty became the foundation of our deal. After locking up the contract, I ran into my first problem: I didn’t have enough cash buyers. My coach had told me to have 150, but I had around 30. Still, I scheduled an inspection and invited the buyers I had. The seller drove two hours to unlock the house for me, and no one showed up. I was embarrassed, but I didn’t give up.

I called the buyers, and they all said the same thing: the property was overpriced. I went back to the seller and explained the situation. She agreed to lower the price, and we scheduled another inspection. This time, a few buyers came, but still no offers. The house needed more work than they were willing to take on. I felt discouraged, but the seller stuck with me because of the rapport we’d built.

After a final price reduction and a third inspection, things changed. About 20 buyers showed up, and one investor made an offer on the spot. We closed the deal, and I walked away with a $5,000 assignment fee.

The real value of this deal wasn’t the money—it was the confidence it gave me. I learned that persistence, transparency, and trust can get deals done, even when things don’t go as planned. The seller got her money, went to Chicago for her treatment, and even thanked me once she got there. That meant more to me than anything.

For anyone just starting out, remember: your first deal isn’t about making a fortune. It’s about learning, building relationships, and proving to yourself that you can make it. Be honest, take action, and trust the process. You’ll get there.

@Jay Hinrichs yes I agree. It’s terrible. I have been wholesaling since 2017 at a high volume level but we also take down too. My coaches never taught us to treat people that way, nor would I either way because I morally know better.  We actually talk about this often in our coaching to make sure we wholesale with value, integrity, honesty and transparency. We remind them these are people’s live we are trying to help. Our job is to provide value in exchange for equity and not to harm anyone in any way.  You and I agree on this and why eventually wholesaling will become illegal eventually. 

@Jay Hinrichs I know! That’s terrible and this is why they are slowly making it illegal around the country. It’s a terrible thing to do to people and unfortunately I feel the virtual model is a lot to blame for this. No accountability and no buyers in an area people are marketing to. This is 100% not our business model and we teach our students the same. We try to make sure the seller knows within 10-15 days max if we can perform or not, so they always can have another option. People don’t understand the ramifications to people’s lives in these situations. It can devastating to do that to someone. 

@Jay Hinrichs wow that’s terrible. It’s good that you guys know how to handle that right away but that really stinks for the people who don’t. Thats a great share. Thank you. 

@Don Konipol that’s a very interesting story. I’m not familiar with him or it. Thanks for sharing. 

Thanks @Jamie O'Connell.  Just wanted to share this story to help others out there.