I, like thousands of others, drank the kool-aid of the vast number of gurus who have passed through Tampa over the past six months. I, like thousands of others, was told that wholesaling was THE BEST means of getting into real estate investing if you don’t have money, and my interest was piqued. (They make it sound soooo easy, and it's how they hook us.) I, like thousands of others, don't have up-front capital to invest, but I, unlike thousands of other "victims", know that wholesaling is a BUSINESS that requires continuing education in order to become an asset to the investors that we hope to develop real relationships with. In essence, it’s like any other BUSINESS, and in this, and other businesses, you will always have those who want to learn as little as possible in order to gain as much as possible. Scammers and laziness can be found in EVERY business on the planet.
I have so much desire to learn the wholesaling business from the ground up. I've joined my local REIA, attend as many of the other REIA meetings that I can around Tampa, I network, study everything that I can, read what's available on BP (natch!), and I'm always looking for ways to improve on my knowledge. I closed on my first deal just this past Monday (11/23), and I know that I got the seller out of a bind. I ran the numbers on 11/11 (and got the property under contract that day via a signed Letter of Intent, and a Purchase and Sale Agreement signed by both myself and the seller), presented the deal to my buyers on 11/12, and assigned the contract to a cash buyer (that another wholesaler brought to me) on 11/13. I left enough meat on the bone for all parties to eat, and all was closed in under 2 weeks. I felt pleased that I was able to (1) help someone, and (2) take down my first deal after seven months of analysis paralysis. I'm in the middle of my 2nd deal, and I've quickly learned that the above scenario isn't how this business always goes. I asked the wholesaler from my first deal to ask a few select buyers if they had any interest, and he blasted the property out as if it was his own. Highly unethical, and I had a false sense of trust because my first deal went so well with him. Also, I priced the property incorrectly, so I'm learning some hard lessons, and take FULL responsibility for the fallout. These are mistakes that I won't repeat, and unfortunately, I'm learning in the middle of a deal. Having guidance from a mentor would've helped to prevent my current situation.
And, that's where a lot of the problems stem for us "newbs". Head knowledge is one thing, but applied knowledge is the most important thing! I find that so many people would rather bash the lack of knowledge of the "newbs" being eaten up and spat out by the gurus, instead of extending their hand and sharing their knowledge! I'm ethical, honorable, and so desirous of a mentor (not a babysitter!) who I could look to for guidance here and there to help me grow within this business, and I would be an excellent mentoree for an experienced investor.
Wasn’t everyone on this site a "newb" at the beginning of their real estate investing careers? Who helped YOU to garner knowledge in your chosen niche? Who did you look to for guidance? Very few people become successful in any business on their own. I'd love to partner up with ANYONE who has been successful in this business. I also think that some people don’t want to share their knowledge because they feel that you’ll become successful enough to become their competition. Isn’t there enough profit out there for everyone? I don’t need what you have; I need what you know!
I'm working on having access to acquisition funds for deals in several weeks, and I want to JV with a PROVEN SUCCESSFUL INVESTOR who could provide the rehab funds, show me the ropes with boots on the ground, and split profits!
I'm willing, capable, teachable, organized, business-minded, and nice. And yes, that matters more than many seem to think. But, where does someone like me (who would be an asset to any organization, I might add) find someone who values what I have to bring to the table? Where do I look to associate with those who are ethical and ARE WILLING (‘cause the majority of you are able) to share, teach, and guide others and pay it forward? I’ve reached out on this site in the past, and I recently asked a successful wholesaler if he would consider mentoring me, and he responded that he feels "inadequate" to mentor.
It’s very frustrating knowing that I have what it takes to become successful (not just monetarily) in real estate investing, and yet not being able to get the training that I need from someone vested in my success. All of the bashing posts are speaking to some of the very issues that I’m having, but my mis-steps are not based on not caring or trying to scam anyone. I want to be one of the best in my chosen profession, and I’m like many who learn best with hands-on, as opposed to just reading how-to books. Help me out! Let’s share the profits! Hang out with someone who’s cool and has a good sense of humor (btw, that would be me...lol), and who’s not afraid to get into the trenches with you, swing a hammer, pull weeds, paint, work hard, and get it done! I’ve paid for the seminars, webinars, 3-day bootcamps, and the $1,997's (you know what those are!), but need a mentor. Period.
It would be great if all of the bashers of wholesalers would get together in their respective cities and form weekly training sessions for wholesalers who want to be better at what they do. Charge a small fee (if you’re strictly profit based), or just do it because you want to change how wholesalers operate. Trust me, we will come. But, if your fee is $1,997, we know what your motive really is, and you'll just be another one of "them" spitting out the very wholesalers that you're bashing.
I’ve always believed this -- if you're complaining about something and don't become a part of the solution, that makes you a part of the problem.
Okay! It wasn’t my intent, but I guess the length of this post could be considered a rant. I'm only sharing my opinion, and hope that my post will be received in the spirit in which it was written. If anyone’s offended by it, bash it if you must but I won’t be responding to anything negative. Taylor Swift told us how to handle that!!! LOL
HAPPY THANKSGIVING to all of you, and may the majority of your deals be PROFITABLE!
