All Forum Posts by: Riley Gilson

Not very direct advice, but I recommend www.namemesh.com to help with the name generation process. I've used it several times for eCommerce sites I created.

@Robert Ellis

We don't actually have a large amount of experience with the real estate industry. We are looking to tap into it as there is a broad market as it relates to web work.

My initial spot for joining this site was for learning more (family in this business) as well as the real estate crowdfunding side (was consulting a startup). 

Recently started looking for ways I could help using my background on here. Would welcome a conversation with you around what kind site you're looking to accomplish.

@Major Robertson hit the nail on the head. These are pretty easy things to accomplish. Unless you have something specific you want your site to accomplish, a general wix, squarespace, or wordpress site will do.

I share in his profession as well if you are still looking for help. My team can assist w/ SEO marketing aspects as well if you are really looking to be hands off.

Columbus, OH here.

@John Thedford Yes well, your whole spiel about accountability is no different w/ an agent than with the "unlicensed broker". One has a license to lose the other doesn't. Everyone is government by the same real estate laws.

And yes, it is important to verify every piece of information as it is in all business and, well life. Just as important as it is to stay hydrated! 

Just be careful that you don't stereotype all people in a line of business as dishonest and cheats. Or worse - give that impression to new people and perhaps close them off to opportunities.

Surely, that wouldn't be very helpful.

@John Thedford who is paying you to be the wholesale police? You seem to be on it w/ every single post I see.

@John Thedford your filling in a lot of your own gaps there....

Most of the people I see, which isn't a ton, that you also post on, never make these assumptions of grandeur. You do for them. You also accuse them of being a liar, a cheater and/or a generally unethical person.

Nobody is on here in this post or many others debating the buy/hold vs lead gen wholesaler. So I'm not sure where that came from.

People do this because the barrier to entry is lower and there is still a niche for it. If people didn't buy from wholesalers or utilize those services - then we wouldn't have wholesalers. Clearly, there is a niche for them that agents to fulfill. I don't understand your excessive resistance and posting trying to demean those looking to fulfill said niche.

Start a blog and post about it. There is no reason to get on here and put down those looking to learn and grow. Perhaps some constructive feedback might help prevent them from being that which you loathe so much.

@John Thedford

Your posts are always entertaining. Wholesalers operating appropriately (or anyone for that matter) doesn't need to "hide in the shadows". I think that you have a huge stereotype of all people who operate as a wholesaler and tend to make accusations without a whole understanding of the situation. 

ALL of your arguments against wholesalers apply in kind to agents and literally any other profession. 

You have such an eloquent way to state the obvious.

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I realize that there are other options for sellers. A wholesaler, while sometimes presenting themselves as a sellers savior (and sometimes they legitimately are) are generally creating more value for investors and themselves. Making money is not a bad thing.

Furthermore, you assume every wholesaler is operating illegally when that is simply wrong. While in some states the generic model is an issue, one simply needs to modify their business model to adapt and remain inside the constraints of the law. I co-own a lending company and this happens all the time, it is no different.

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As for the second post. Many can and do operate openly w/ no push back so long as they operate within the bounds of the law - to my earlier point.

An attorney or doctor sounds great in comparison but are apples and oranges. That is like saying we should have a license to sell pens, because you know, we wouldn't want anyone selling pens without taking a class on pens...

They provide a service which can very much mean life or death. Their validation process also involves YEARS of schooling and testing. Not 30min worth of sometimes online training and quick test - that I could probably take off hand right now and pass w/ 0 training.

The comparison doesn't really support the argument presented. I'm not putting a doctor next to an agent and calling them one in the same.

@Jay Hinrichs Agree with you on that. There are definitely "used car salesmen" stereotypes out there trying to wholesale and don't do the group any favors.

Ohio is definitely finicky when it comes to wholesaling and that intro would have to be transitioned quite a bit. Ultimately I think that wholesalers should create some sort of relationship with a transaction lender (in all states regardless of laws). Because if a deal is a deal..... it's a deal. Whether someone buys it in contract or after.

If you had that relationship, that pitch could be modified to support a still open dialogue about why I'm talking to you in the first place. 

I think a lot of people have issues w/ the monopoly of the current real estate broker system. (At least from my personal experiences) Counter argument to @John Thedford 's typical BS is that whether you have a license or not, if you do something illegal all people have something to lose. Except maybe a real estate license as the only differentiator there...

I'd be looking at several grand in expenses and then ongoing commissions (I know some do flat rate, speaking in a general sense), simply for a broker to manage some paperwork. As opposed to paying a title like expense per transaction. 

That mixed with the focus of a typical agent, I think that is what drives people to the wholesale side. From experience, it is a HUGE pain going through agent after agent who is a supposed "specialist" for investors to only waste your time, arguably more than a wholesaler would. 

@Jay Hinrichs Appreciate the extensive post for perspective. 

Isn't a wholesaler more of an investors "agent"? From a traditional perspective, we have agents and the MLS. Agents get paid a percentage of the sale price. So larger sales price = larger commission. The seller has a clear benefit from this as well. The buyer, not so much. Even a buyer's agent benefits from the sales price being higher. So who in that scenario is looking out for the investor?

Granted: We could get into a discussion about the ethics of an agent, in which we would go in circles. Ultimately that conversation would be no different than the ethics convo of a wholesaler.

I'm also not really trying to make a case for wholesalers really "looking out" for an investor. As that isn't accurate either. Rather, they have a mutually beneficial relationship among their business models. I do agree with you in regards to wash out. Wholesaling is far more inclined to those who excel in marketing an analytics, in my opinion. It is essentially lead generation for real estate investors. 

Even through execution though @Shawn Ackerman, I do believe that wholesalers shouldn't have to mask intention what so ever. Your buyers vs the MLS buyers are completely different and you should be present it as such. There are advantages and drawbacks to both.

"Shawn, my name is Riley Gilson and I'm reaching out to you in regards to the ABC St property you're looking to sell. I work w/ a lot of real estate investors and I think your property may fit into several of their portfolios. I'd like to discuss a sales price with you, so that I can circle back with them, with a firm number in hand. Is now a good time?"

At no point were you making any statements as to your intention to buy the property. You clearly stated why someone should work with you. AND you were honest/direct the entire time. Now you do your job and provide the value benefit to both parties. Someone's house is sold, someone gets a deal and you get paid.

I would think if more people presented themselves (and please note Shawn I'm obviously making said statements based off this one forum, I don't assume that you are unethical or immoral as others would - simply having a conversation on a mutual topic) in this manner, they would still do business and wouldn't get so much flack or reputation damage/challenges from investors who have been screwed by those who HAVE Been dishonest and ultimately sucked at their job. @John Thedford might even quit bugging wholesalers...... just kidding, we all know better.

@John Thedford While we generally disagree w/ the concept of wholesaling as a whole (no pun intended), I do agree that the shifty nature of some of the deals discussed is an issue for me.

I don't have an issue w/ wholesaling and I don't think most people would - if you were up front about it. 

Business people like direct people. It saves time and hassle. He likely knows it's going to be a pain to sell that many at once, so tell him why you're the right person to help.