All Forum Posts by: Nick Stango

yes, the buying agent gets half the commission and the broker their working for May also take their share of the deal. Sound familiar doesn't it? I could argue that a broker is like a retail RE store and all their agents are Wholesalers selling for the broker and getting a piece of the pie. Like @John Thedford said every business has Wholesalers, I used to have an online paintball supply business for three years, I ordered from my biggest competitors and had them drop ship to my customers for a 10-15% profit. They didn't mind, anyone can go on almost any online store and become a wholesaler, you just need to know how to market. Which by the way I'm very knowledgeable on. But I guess knowing how to do internet marketing is a bad thing too right? There is good and bad in everything you can think of, and I'm not siding with one of the other, I just think legally there is a place for both. As long as they are ethical and not deceptive and abide by the laws, then there is not much you can do about it. Remember this has been going on for well over 15 years now. I remember studying Carlton Sheets program way back. They teach what is legally allowed by unlicensed marketers. Buying leads is a form of wholesaling, a company markets my what would be my potential customer and they sell me the leads, I then have to call the leads and sell my services. It goes on with every business, even the auto industry uses Wholesalers, if I were are realtor, I wouldn't fight it, it's a loosing battle, I'd try to benefit from it, by becoming a broker, then I'd rent a desk to you and have you wholesale for me.

reminds me of Nifty Fifty's a 50's diner we use to go to every Sunday with the kids, black white and red theme.

@Randy Fahrenkrog well played Randy, very well played. 

I know! She will most likely find out soon enough how this will affect her as a realtor, but I also think that letting it be a distraction is just a negative for realtors who harp on the subject. I still like hearing both sides though. I'm neutral on the subject, I was going to get my license too but realized we only need one license and the costs would double for two of us. I'm fine with being the rehabber and her being the realtor, together we'll make a strong team.

love OC my cousins daughter Rachel Bilson was In the show The OC years ago, her character was Summer. 

@John Thedford it seem like you have a real soft spot for all Wholesalers, I'm sure you have some pretty strong arguments as to why Wholesalers are useless, but I still think there are some great REI out there who have done some impressive wholesale deals. I know that selling my house for $350k and giving up 18k in realtors fees is a hard pill to swallow. But on the other hand when my wife gets her RE license I'll be liking any commission she brings home not to mention the money we'll save when we buy and sell our houses. By the way you seem to have a lot of negative things you point out including how realtors who you defend so much having a 90% failure rate. Is there anything positive you can add?

welcome to BP @Casey Murray

good point, I've listened to a bunch of the podcast and I've had mixed feelings on what I've heard. But there are defiantly some very seasoned Wholesalers out there that know the do's and don'ts (laws) and have very successful wholesaling businesses, and can really take property that has just been sitting around doing nothing but being an eyesore and repurpose it and turn it into something worthwhile. 

I would like to hear not only what the seasoned veterans have to say about this topic along with their stories, but also the wannabe investors who can't seem to pull the trigger and or did pull the trigger too soon.

I'm not sure what most wholesales are doing around here as far as disclosure statements and EM. I would hope that they are providing some sort of disclosure statement, and as far as Ernest money, I'm not sure but I know I would have to come up with a check for 5k non refundable EM to the wholesaler if I want to hold the property. These deals go fast sometimes and they make them look so good on paper, but I'll never take there word for it. I'll do my own, appraisal before putting in an offer with any kind of deposit. They usually raise the comps and show the deal on paper using only the purchase price, estimated cost for repairs and the ARV. I know there is a lot more to it than that, I just wonder how many other newb investors don't consider this and just jump in head first.