All Forum Posts by: Matthew Von Dwingelo

My name is Matthew, and I'm 21 years old, I just closed on my first property about 5 months ago after wholesaling a good bit of them... It's a triplex in the City of Decatur, and it is a BEAUTY of a deal! Purchased it Subject to the existing mortgage and got a $600k property for a total payment of $13,000! Took a lot of cold calling to find this deal, lol.

I (Like many of you I'm sure) Love this industry, and the one thing that is even better than investing in Real Estate... is getting to know others who invest in Real Estate. It's just something about Real Estate investors that makes you different than the average Joe.

I am wanting to really get a better understanding of EXACTLY what it is that makes Real Estate Investors tick... while also building some connections with you all on here.

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Originally posted by @Account Closed:

REAL wholesaling takes money and time. How much does a successful direct mail campaign cost? I’d guess a few thousand dollars at least, probably more. Hours and hours of cold calling to get a single lead. The vast majority of people that go the wholesaling route do it because they have no money, and believe that it’s a way to break into real estate without skin in the game. Like others said the gurus have a lot to do with it. I saw an infomercial a few months ago that was selling a wholesaling app. Just drive around and take pictures of random houses and make money lol. I can’t remember what it was called. They’re attracted to it because it looks easy. A successful wholesaler puts in a ton of work to create value for investors.

I gotta say, that app sounds like an awesome app... FOR THE CREATOR

If I were actually fix and flipping, that app would be amazing... quick and easy bird dog app.

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Originally posted by @Eric James:

Originally posted by @Kristopher Gomez:

I think the problem is wholesaling attracts new investors because most people think they can get started with little or no money so they watch a couple videos and jump right in head first and don’t even know what they’re doing. It will probably never change, people will always gravitate towards “get rich quick schemes”. At least there’s some of us out there that are professional and sing it right😎

I second that. Also, there are a lot of new people who want to flip houses because it looks easy on TV. These people overpay, drive prices up, and lose money. However, that is more money for the wholesaler. I'm not a wholesaler, but that pretty much seems to be the situation in a lot of markets. As I say, I'm not a wholesaler, but the whole idea of a wholesaler giving numbers just seems dumb to me. A buyer should do their own numbers and not rely on what anyone else says.

These are actually all reasons why we have set pricing. We don't allow these new investors to come in and bid the price of our deals up. Completely first come, first serve. It truly is a great business model that has helped us grow!

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Originally posted by @Kristopher Gomez:

Absolutely, but at the same time, the best way to learn is by just jumping into it. At least they are taking action!

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Originally posted by @Account Closed:

Most wholesalers just fell of the GURU or PODCAST truck.

HAHA, true!

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Originally posted by @Elbert D.:

lol....well....I have made like 3-4 post about wholesaling. @Neal Collins was absolutely correct. A good quality wholesaler has to pretty much be involved in literally everything with a real estate transaction. I have worked with severs first time landlord owners or fix and flippers. With these people you should pretty much be their blind dog. Walking then through everything in the transaction. In fact I’ll go on to say a good wholesaler is more knowledgeable than a good realtor and possibly landlord owner. There are always variables. But as I stated a good wholesaler has to know and do so much. I personally would no time recommend anyone wholesale trying to start out because there is so much that you don’t know about. From contracts, comps, real estate laws, the transaction, and the most important CONSTRUCTION!!! If you’re in real estate you must know construction. You don’t have to know how to fix things but you must have a good concept of construction. That’s one one of main reasos most landlords and flippers hate realtors and wholesalers. Let’s be honest 90% of them are bad. Inspectors and lawyers that suck is another long conversation. Real estate is a very dirty industry because of the easy barrier to enter and the large quantity of people thinking it’s so many good deals out there.

Well stated Elbert. I agree. Our company actually has a proprietary software where we can just plug and chug for the rehab estimates. It really helps us when it comes to breaking down the numbers for qualification as a "deal" and if it is a deal, helps us show the investors that it is a deal.

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Originally posted by @Jorge De Jesus:

Hello!!

You must consider where most people get their start wholesaling. It can be from guru X or guru Y or guru Z or a mentor.

Guru X -preaches tell seller you are the buyer, do your own comps, finagle your fee on top

Guru Y- preaches go flip war zones, break into properties to check them out, pay title under the table to clear any issues and add your fee on top

Guru Z- preaches learn every single solitary strategy out there to be the middle man and add your fee on top

Mentor- a wholesaler is a real estate marketing machine who knows their market and can provide value to all involved for a modest fee. It is not easy, as X Y and Z would say. You might consider becoming an agent (in some states you HAVE to) and get started there. You might consider partnering with the top wholesaler in your area. You might consider being the acquisition arm of a new investor.

You MUST consider where these shady wholesalers are getting their info from. It’s not their fault they just don’t know better.

And here comes @John Thedford

You are absolutely right, I guess I never completely thought about it like that. And that makes total sense coming from the idea of someone having the right intentions. But unfortunately, so many people in the business do NOT have the right intentions anymore. There is just so much money to be made in the business that it is BOUND to attract the criminals and the thieves. But at the same time, if these people don't know what they are doing... they may not know what is happening to the investor who purchased their property... which is almost even scarier!

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Hey everyone, my name is Matthew von Dwingelo and I am a licensed real estate agent here in Atlanta, GA. I work for Networth Realty, and one thing that I have been noticing in this market... is how hard it is to find wholesalers who have REAL numbers, and REAL deals! It is absolutely astonishing to me the amount of people who are trying to wholesale properties that have no value and its no issue to them to inflate those numbers!

What happens when a new investor, who has no access to legit comps, who is too eager to do their first deal, and who is more than willing to TRUST everything someone tells them comes across one of these "deals"?

They get BURNT! It is almost like these wholesalers really do not care what happens to others... but they only care about their pay check. These same wholesalers are the ones who are looking to do one deal with you... and then never even follow up with you. Why is that? Is it because they don't understand the benefits of a repeat customer? Or is it because they just DON'T care? And the worst part of this situation is that I know of a few of these "wholesalers" who are making MORE money than the ones that want to do the game CORRECTLY!

These wholesalers create a BAD name for the good, quality wholesalers.. and that is the real tragedy. I am a wholesaler myself, and when I tell people I am a wholesaler... I tend to see the slight feeling of "oh boy" come across their faces.

With all of this being said... What does a wholesaler like myself have to do to get rid of this smelly stigma that follows the word "wholesaler"? My opinion has been to just wholesale the CORRECT way, and it will work out. But at this point, I want to make sure other GOOD wholesalers, are able to really rise above the wholesalers that are not so great, and we can work to fix the connotation in the name "wholesaler".

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Originally posted by @Caleb Heimsoth:

In no particular order: it’s worth more than you’re offering. This is illegal (in some states you need a license). It doesn’t need that much repairs.

Perfect, thank you!

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Hey everyone, I am currently watching Grant Cardone's videos on Cardone University and he has a practice that is used to overcome objections. And I need to come up with at least 10 of the top objections, so I can learn exactly how to overturn them by agreement. If you guys have any suggestions please let me know! Thanks a lot!

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All Forum Posts by: Matthew Von Dwingelo

Matthew Von Dwingelo has started 16 posts and replied 112 times.

Post: Why Do You Invest In Real Estate??

Post: Why is it so difficult to find GOOD wholesalers?

Post: Why is it so difficult to find GOOD wholesalers?

Post: Why is it so difficult to find GOOD wholesalers?

Post: Why is it so difficult to find GOOD wholesalers?

Post: Why is it so difficult to find GOOD wholesalers?

Post: Why is it so difficult to find GOOD wholesalers?

Post: Why is it so difficult to find GOOD wholesalers?

Post: Top 10 objections when wholesaling real estate (Buy and Sale)

Post: Top 10 objections when wholesaling real estate (Buy and Sale)