All Forum Posts by: Logan Stamps

I hope this message finds you well. My name is Logan Stamps, and I am new to the world of real estate investing, specifically virtual wholesaling. I've been immersing myself in various resources to understand the fundamentals and best practices.

One area where I find myself seeking guidance is in building a network remotely. Establishing connections with motivated sellers, reliable buyers, and industry professionals is crucial for success in this field. Given that I'm operating from Bend, OR, I would greatly appreciate any advice or strategies you might have on identifying and connecting with motivated sellers in target markets, building a list of cash buyers interested in virtual wholesale deals, utilizing digital tools and platforms to facilitate virtual transactions, and navigating legal considerations and ensuring compliance across different states.

Additionally, if there are any common pitfalls that beginners should be aware of, I would be grateful for your insights.

Thank you for taking the time to read my post. I look forward to learning from your experiences and becoming an active member of this community.

Best regards,

Logan S. Stamps

Logan you’re NOT going to want to hear this -

wholesaling real properties is like any other business - it requires knowledge and CAPITAL. The promotional “come ons” you find on YouTube, books, so called “testimonials” etc just plain isn’t true.

The chance of an inexperienced flipper with little or no capital successfully completing a wholesale deal or deals is about 2%. The chance of having earned more than minimum wage is about .001%. Worse, “wholesaling” teaches little about INVESTING, and what it does teach is mostly incorrect.

I know more than a few wholesalers who run successful businesses. The MINIMUM any of them spent monthly on marketing is $5,000, with the average being over $10,000. They additionally employ virtual assistants, cold callers, negotiators, and inspectors.

Unlike 20 years ago the part time wholesaler doing “driving for dollars” can no longer be successful. There are too many knowledgeable and well capitalized competitors; sellers have access to timely and increasingly accurate valuations, discount brokers exist for sellers with lower price properties, and “ibuyers’ make immediate offers at higher than wholesale pricing.

More than anything else wholesaling is a commission sales job. Since in many jurisdictions you are now required to hold a real estate agent/broker license to wholesale, why not just work as a licensed real estate agent if this is what you want to do?

Hi Don,

Thank you so much for your thoughtful response. I really appreciate you taking the time to share your insights.

You mentioned that less than 1% of wholesalers make minimum wage, which definitely gave me something to think about. If you don’t mind, I’d love to ask you a couple more questions. I’ve always had a “work hard to beat the odds” mindset, and I’m wondering if, given those statistics, you think it would still be wise to pursue virtual wholesaling on the side.

Also, if you were starting from scratch and looking to become a successful person, what steps would you take? I’d love to hear your advice on how to approach that journey.

As for becoming a licensed realtor, the reason I haven’t pursued it yet is that I’m still figuring out how to best navigate that path. Any advice or direction you could offer would be greatly appreciated.

Thank you again for your time and for sharing your valuable insights. I truly appreciate it!

Best regards,

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Hello BiggerPockets Community,

Additionally, if there are any common pitfalls that beginners should be aware of, I would be grateful for your insights.

Thank you for taking the time to read my post. I look forward to learning from your experiences and becoming an active member of this community.

Best regards,

Logan S. Stamps

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All Forum Posts by: Logan Stamps

Logan Stamps has started 1 posts and replied 2 times.

Post: Please help me!

Post: Please help me!