No percentage. No cuts, no partnerships. They are a straight forward wholesale training team, who do a bang up job bringing the straight and accurate info on wholesaling yourself to make you money. Since joining them over 2 years ago, I'm working my own investor team of wholesalers and realtors now because of these guys. No joke. Best money I ever spent. Tom and Cody are the real deal and enjoy what they do. They do have brand new things they do with the Rhino group. As a Realtor, you definitely have an edge on newbies.
Yes to your question. This however will take normally some kind of fee to do so. The old adage that you don't get something for nothing is alive and well.
However, the good news is that this kind of training (live coaching) is up to date, relatively in expensive, and well worth the time. You can join Tom Krol and Cody Hofhine for free to check it out. http://Investorgrit.com is a good starting point.
Their coaching is via structured lessons by lesson video and by group with participation...questions etc... You can start by listening to their awesome podcasts which are all great! They are by far the most honest, and best out there and that says alot because I've trained with many and still do...Good luck!
You are very much like most Michael. Great honesty will get you far in whatever direction you decide to go. I too lived from paycheck to paycheck while serving in the Navy. My first paycheck after 2 weeks of hard work was $156...which was a bunch of money for a young 17 year old in 1976 right?
Of course after a few nights out in the town, and little to go on in those days, that $156 every two weeks lasted about a week, where the next week you would read a book, watch tv, or work out at the gym. Still, it feels like your a rat in a cage sometimes trying to make ends meet.
Wholesaling does allow you get a nice chunk of change now, and I agree that when you do your first few deals good or bad, you earned it right? The real test is temptation to quit or do deals as you see fit, only to let the well get go dry. What I mean by this is typically, if you're truly set in making wholesaling a part of your plan, you have to create a trail of possibilities to create the path to the fastest payday especially when wholesaling. The past of least resistance is how we are all wired...
The real question is, if you're speaking for yourself or most who live paycheck to paycheck, what are you doing about it? Getting a second job, learning about real estate, but not taking action on what you've learned? I know because I did it. . . Both taking the second job because I was broke, and read books about real estate, and yes... didn't act on what I learned.
If you could fast forward into the future, the best thing you can do is picture where you see yourself in that future, then create a path to get there...whether it is to log into bigger pockets and come up with a plan, or get involved with reading every book or blog put out there on real estate. Here is what worked for me. I took action on learning anything and everything I could, and tripping on the way. That's it. Why? Call me lazy or set in my ways, but in all honesty FEAR of rejection was my hangup.
I hope anyone who is reading this doesn't think I'm a wise *** trying to push an agenda. That's not why I'm posting. I'm posting because I believe many are hung up the way I was, until I put my foot into the pool and found out that any type of real estate endeavor was achievable if I didn't count on anyone else to do it for me. I'm nothing special. Just have a whole lot of past mistakes I can share in time, if people will listen. Thanks for your response Michael.
It's true that most of us are seeing the golden nuggets within each market we dare market to these days while wholesaling. But, have you ever asked yourself why you are focusing only on wholesaling, and not buy and holds, or lease options as examples?
For many, when you compare the rabbit to the turtle in a race, we all want to be rabbits right? Wisdom and mistakes will be your best ally when it comes to choosing the right vehicle(s) to make money in this business. After all, when all is said and done regarding our egos, the bottom line measurement to our success is how much money we actually earned in the profession of real estate.
Some might argue that they only want to learn real estate as a hobby. For those who say that, in the back of their minds, they want to "win" at anything they do! What is different here? As a guy at the ripe age of 58 who is set for life money wise, I've been in most of your shoes and situations at one time or another.
My "why" regarding wholesaling was because I wanted to make a difference in other people's lives. So if I can help someone out of a situation that is ultimately a doomsday scenario, I'm going to do what I can to assist them through that time, creating a win-win situation ultimately for us both.
Be that as it may, wholesaling for me is more about getting my knowledge and understanding out to assist others, than to make a quick buck from their dilapidated situations. The laws of our forefather investors who preached and worked with real estate are many. The ones I learned from in the early days with the most success is simple no matter what I choose to do within the real estate investing arena... Their mantra being; "Help enough people, and you will help yourself."
So, why do people still pursue the quick wholesale mentality of a rabbit who needs money now at any cost? This is because they've learned from others who taught techniques to this effect, but somehow their impatience won't allow waiting for the better and best situation if we would let it. In other words, I could have made $30,000 had I just been patient, so now I have to settle for a $5000 profit because making money "now" is what I'm about. Adopting the quick fix might seem alright, but are we making the best out each bad situation in the long term really?
A quick story...I was a military man for 22 years, and decided I wanted to become a stock broker when I got out. So I went to school to get my degree in business with a marketing major. Graduating with a 3.8 average, I was satisfied, I could make a great stock broker. This is when I met my first out of the military mentor who told me there was bigger money if I became a certified financial planner. He told me it would take an extra 1 to 2 years of studying and passing tests to be one.
I got excited and as a good student of people who have made successful lives for themselves, I ordered the books to start my assumed path to success. Meanwhile, I had a very anxious broker who ran a fortune 500 company firm call me up and pitch me on why I should forget that path of becoming a Certified Financial planner and earn money with his firm selling his products right away for big money.
Like most of us, I saw the writing on the wall. Either spend a possible 2 years struggling through more school without pay, or becoming a stock broker and possibly earning 6 figures in the process. Well, as you might guess...even as a guy at 39 almost 40, I thought MONEY NOW~
As it turned out, the company I was working for was bought by a company that is now defunked because of the corruption within their own firm in 2008, leading me to having created a great deal of income, only to not be hired in that profession again because of working for a scam artist company who soon claimed many to go to jail for what they had done.
The moral of this story is I was looking for the quick buck, but if I would have not burned so many bridges trying to get the quick buck, I might of had a more successful business as a CFP...who knows really? My friend who I still call a mentor, laugh today about it all, as he knew I was young, but he never gave up on me. Today he is a Cash Buyer of discounted properties, so we have a great relationship in that sense, and when we can get together for a vacation.
Back to my point...Since most other practices in real estate don't allow you make money fast and easy, ask yourself why you decided to get into wholesaling, and then why you want to learn from the best examples to succeed?
I'd encourage you to really decide if you want this to be a business of integrity, or a business for a quick buck. I submit to you as a guy almost 60 now, that life is more than a quick buck, and as a young guy, I was all about a quick buck like many of you. Wisdom over time however, has taught me that there is no free lunch, and tips from guys who have worked hard to make wholesaling work, are priceless...yes?
Practiced teachings or tips in a quick buck fashion, will earn you money now, but in the long haul, won't earn you nearly the same as if you practiced it correctly in the first place. This goes for what ever real estate venture you endeavor to work with. Steady Eddy people stay around for the long haul, and hustlers die on the vine. My hope is that you will choose your perfect story to be eulogized at your funeral when you're no longer here on earth.
My past has shown me to create processes within what ever real estate journey you decide to pursue, but be willing never to quit even if 90% of those processes fail the first or even a second time. Never quit, and always learn something new when time allows.
Thanks for reading my post, and I totally understand that some of you will disagree... but, if I can just get to a few of you who carry the entrepreneurial spirit to understand one thing... if you help enough people get what they want, you WILL get what you want many times over and over. Best of luck!
In wake of this upcoming Presidential election coming up in 29 days, one must see their business as vulnerable in one way or another. Planning for outcomes continue to plague me, and I'm sure many of you. As a newer member to this forum, I welcome your comments of what works for you knowing that changes in leadership are eminent.
As an investor working part time due to my care taking responsibilities, I read and view the markets across the country as a motivator for me to do more of what I'm doing, rather than less. With uncertain pressures looming in the housing market, many areas of the country could be devastated by either candidates policies.
My talking to sellers across the country in these uncertain times, has led me to believe that they are truly afraid, and don't know which way to turn. Most because of their situation don't want to sell their properties for a discount, and who can blame them really? Conversely a small amount of these sellers however seem to be open to sell their home "now!"
What I believe is that we will see more of the sellers adopting the attitude that they too need to sell their home "now", because of the changes we will have in the White House. But doesn't this leave us as wholesalers, rehabbers, cash buyers, or agents, the opportunity to identify the additional sellers who adopt the idea that selling their home "now" instead of later is the smart play?
Marketing is no doubt the life blood of any market to attract these sellers I talk about here. I've found that increasing the numbers of mailers certainly gains more replies, but doesn't necessarily get those sellers to sell now. But, in the wake of the changing administration, no matter who gets in the White house, I submit there will be many more "motivated sellers" who will visit selling at a discount price.
For those who have experienced hardships in their mailings, my recent experiences tells me that we all should be putting our foot on the gas pedal especially in the upcoming months. As a newer wholesaler in the field, working with sellers on the phone, I'm learning that more and more, trends of these sellers will wait to see what happens in the upcoming election to make a decision one way or another. Given that attitude, you have to ask yourself, should I be doing more?
I really would value your comments as to your strategies going forward. Interestingly enough, I learn from others and their views in this forum. My hope is that you share your thoughts in how you are going to handle your business with the looming changes coming?
I'm relatively new to bigger pockets, but have followed many podcasts over the past couple years. My story is like many...
When you talk about biggest Gaf in real estate, some might relate to this odd but not out of the ordinary scenario. In 1991, I purchased a home on a hill in Bremerton, Washington. i had purchased the home with pictures and guarantee by the owner that home needed no inspection as he had already outline what needed to be done. The home was built in the early 30's and potential problems scared me, but I bought without inspection because of the "deal." that I thought I was getting.
The home sat by itself with no homes nearby across from the Puget Sound. Still, I wondered why no one was purchasing the property at the bargain price of $50,000 under the $200,000 price tag. Without inspection nor finding out more about the area, I purchased it. The home was vacant when I visited it for the first time. It was a large home, and looked solid. Still my gut was telling me that an empty house sitting by itself was odd.
My thought when purchasing the home was that I would subtract the estimated costs to fix the visual problems with the house...which I did. The home was priced $50,000 less than market, so with the $20,000 worth of repair I estimated, I figured at least a $30,000 equity position after repairs. As a Navy man, I was very busy at work 7 days a week and living on the ship.
So after many months of owning the property contracting the repairs gradually via phone, my total repairs came in less than $20k, which made me very happy. Now the home was ready to rent. When I went to rent the home, I couldn't get anyone to rent it! I was a few miles from the home, so if I got a call to show the home, I left the home open, as it seemed like a very safe area. Still, not taking the time to go to the home really was a big mistake.
Many people went through the property after I listed it in the paper. NONE of the people interested got back to me after the initial call. I went by the home to make sure the home was ok. At that point, I didn't notice anything, nor did I stay in the home for more than 5 minutes.
I lowered the rent to 3/4 of the market figuring I would get a bite that way. Still no bites. I gave the home to a professional property manager, and the couldn't rent the home, but shared the potential renter's problem after touring the home with possible renters.
This problem was something that many wouldn't consider when making a purchase. There was a stench that came from the local garbage dump that permeated the home inside but not all the time. The smell was so bad, that all the people who toured and spent time in the home, smelled the stench which was overwhelming inside the home as I later found out by taking time out from my duties on the ship.
Fast forward...after I listed the property for sale at a huge discount, I ended up letting the home go to foreclosure as no one wanted to buy the property because of the smell. The moral of the story...don't purchase any home based on equity position without inspection.
Always find out what industries are in the area that surrounds the home. Never never spend money on a home without getting an inspection first on the home. Rookie times indeed, but this one lesson has saved me many times from other purchases. Embarrassing as it is to tell this story, I felt it important to tell it.
I appreciate both of your comments. No need to really apologize Ned as I respect your challenge to bring me up to speed. I should be following your example and comments. My conjecture on your posting a back link was old thinking Ned so thanks for straightening me out on that.
Chris, I will try to help share with what I do know, and appreciate positive posts from all people I meet. Kind of makes it easier to get away from much of the Navy negativity I lived with day in and day out over 22 years. In a way, what we do with real estate is much in our control. Not so while in the service.
Fundamentally, this forum could be a treasure trove of information if we all just understand there really isn't competition in many parts of the U.S. when Wholesaling. Not my first impression though. I find it kind of fun to talk to Wholesalers, Cash Buyers, Private Lenders, Landlords, and believe it or not Real Estate Agents! So sharing what I've learned is not a problem if I find the time to post.
To justify why this is the best time to do more wholesaling than buy n hold, asset managers all over are gaining on numbers of homes going to foreclosure once again. More controlled and much better disbursed than the boom of 2008.
There are more foreclosures starting to pop up but sold through agents primarily. I assume there will be more and more as we go forward into the end of this decade. People are feeling pain most certainly, and every potential seller I speak to welcomes a solution for their issue. Most very friendly, and most are good people who fell on bad times.
To be honest guys, It's hard enough to gain the confidence to help yourself let alone others. For me, I follow Tom Krol and love what he does for his group. He has made it personally easier for me to digest all that is out there in one easy action paced process. With that said, this post was the only way I felt I could recognize Tom's edification towards my view of Wholesaling. I appreciate your posts!
I'm brand new, and you dis me Ned? I just now started posting as bigger pockets wants new members to do. You are quick to judge right? So because my first 3 posts were about a guy who has reached out to me several times to make sure that I was succeeding in something I wanted to succeed in, you are upset and skeptical? The answer to you Ned is No. Tom had nothing to do with me posting. I did this 100% willingly and without compensation.
In fact, I think Tom Krol has better things to do then worry if I'm posting on his behalf. You look like a young guy Ned. I'm in my late 50's. I think I'm able to decide who to praise and who not to. I don't know you Ned, but I'm sure you are posting because you want a back link to your site, and a higher google ranking for your website blog. Go for it!
A piece of advise... You would best be served by being positive to new forum members, welcoming, and asking actual real estate questions before condemning right? Thanks for your feedback. I will try to post like you more often and about substance.
The answer to Pratik wanting more posts to share then praise. You asked, so I will give you fact and lessons I've learned over time. First, you can listen to a hundred different guys or gals, and get a hundred different ways to Wholesale. I attempted 8 successful wholesaler guru courses, before wholesaling my first property. That doesn't mean I haven't lease optioned, fix and sold retail, and owned rental property. It just means I've just started to wholesale the right way with great guidance.
Wholesaling for a guy who has served in the United States Navy for 22 years, is difficult enough in that most courses are not regimented or organized in a straight forward fashion. What I mean by this is you sign up for a course you hear on a webinar or from maybe bigger pockets, and then most teachers expect that you will either fail or succeed. Most except Tom Krol did this with me.
His policy is and was not to leave anyone behind. And until I experienced this for myself, I too was skeptical with a big time B.S. meter going off in my head. That doesn't mean these guys that I bought courses from were bad. It means that they have too many irons in the fire, and are not "one on one" mentors. Group mentors maybe, but not one on one really.
First post about what I've learned from Tom-There are two words that make up wholesaling, "action" and "fear." You either will or or you won't. If you fail forward by taking action, then you win. If you fail and quit, then you go home with your tail between your legs.
If you listen to a negative post, or skeptical responses, you lose. If you continue to talk sensibly with real questions, you win. Listen, I bought my first home in 1986. I've bought several since. Mostly because I wasn't seriously looking to do much more than that. It was a hobby. Now, because I see the potential in wholesaling, I'm wholesaling actively.
So my first post to you is if you are willing to learn, I will post and you should look forward to those as I've learned many things. If you're all about judgment or critique, don't bother posting back. I don't have podcasts nor do I have any interest in that.
Thanks again for your posts, and your feedback. I will attempt to make it a habit to get on to post real ideas.
Hey Chris Tan!
I just joined the forum and after 58 years of life, learned that we all have 2 ears and 1 mouth early on. You have every right to be suspicious but aren't you more curious than suspicious really? Bottom line Chris, if I make money from what you've taught me, I'm going to praise you my friend!
I've seen and listened to bigger pockets for some time now, and like many of the pod casts. I never joined bigger pockets, mostly because I wanted to be a "modern day doer" (A person who has done a wholesale deal) first, and then able to say I did something before joining.
So here after "doing", I'm here to post about those successes while praising the guy who got me there first. I'm not sure if I will post much more, but enjoy answer questions for those who want to learn, while reading and listening. My successes have come from Tom Krol and his Rhino group study. You know, he is the only one who ever "took the time" out of his day to contact me during his course more than once, and talk me through any difficulties I had at that time.
I read many of the posts about him here the other day, and happened to see a somewhat negative one a guy posted. I thought to myself that he doesn't know Tom so why tell everyone something he knows nothing about??? Let me say this... Tom Krol is the only one guy out there today who doesn't leave "any student behind." When I saw Tom Krol mentioned in a few posts, some positive, and some negative, I thought I would put my 2 cents in about him and my own personal experience.
If you are old enough to remember, there were many early day real estate investors who sold information on television. None you knew personally, unless of course you were chosen by Carlton Sheets to do his famous 30 day challenge : )!
If you want, you can Google them all as there is no secret as to who these people were. I started real estate in the early days after joining the Navy at 17. Mostly did alot of reading as a hobby, and bought several rentals from 1976 to 1993. I sold most of them and made good money on each. But ended up making mistakes that cost me lots of that money made.
Truthfully, until now, I never wholesaled anything. Still, wholesaling before most people called it wholesaling was just part of making money in real estate. In the early days, many people would create an LLC, and sell their LLC after finding, and getting an accepted purchase contract using the LLC as the buyer. It was just one of the tools in the tool bag back a few decades ago.
Since wholesaling became branded and accepted, many spins of the art took form, and fascinated me really. Since 1993, I've bought and held property a couple times. The last property just last year, now located near the beach in Florida. Why only a couple time if I was doing so well pre-1993? Well, I guess you can say I got interested in other things on my off time and treated real estate as a hobby. Somehow, excuses came in droves after I retired in 1998 from the United States Navy.
In 2007, I did gain interest back into real estate. I bought many of the books and tapes and even joined a multi level marketing business called Nouveau Riche. Every one of these educational programs did the same thing. Sell, re sell, and re sell. No follow ups. No personal calls. No nothing.
This past February, after joining a great course and group formed by Joe Mc Call earlier in 2015, who I did hear from once during his course, I saw and heard Tom Krol for the first time. Joe had Tom Krol on as a guest. Tom seemed different to me. Different in that he didn't push his agenda, or brag about his successes. In short...he showed love and the willingness to share things that seemed simple.
So, I found a group through Joe Mc Call that he was teaching, joined the group, and the rest is history. Tom's Rhino group is the only group that shares and never hides any successes. Tom Krol keeps everybody in mind, and dares to reach out in a positive way, even when he knows people are not working with his system the way he draws it up which is taking action after each step.
Tom teaches his system in a step by step easy to understand take action methodology. Not step by step, then get finished with the course, and then ask questions. He holds "everyone" accountable, as each step unfolds, and does follow up either on the weekly calls he has with the group, or one on one!
In a nutshell, if you want someone who has an easy to understand course study, and will hold you accountable without excuses, you should look to work with Tom Krol and his True Investor Grit program. Everyone is taking off as far as I can tell. Hope that helps explain why I wrote what I wrote about him.
Best of luck to you all who still are purchasing courses from other wholesalers. Most even as I write this still have a "sell their success" mentality in my opinion. For those who want to take a chance on Tom, I can tell you that he took the F. E. A. R. out of me! In fact, as a result, I hired my first guy last month, and my guy is out showing 2 of my "would be wholesale properties" today! More to come.
I've been with Tom Krol for 7 months now. His course is step by step and "action geared" so you don't sit back and relax. You can either do what he says to do or do like you've done before which is nothing in most cases. As a caretaker for my elderly parents in Arizona, I didn't put a lot of time into the action part for the first 4 months. In fact, I went through the whole course twice before I took action. When I did, I was wowed! I did start his program by contacting ads. When I did, things started to click. Believe me, there is no selling here!!! Over the past 3 months Tom called me twice as to how I was doing? He wasn't upset that I hadn't done anything for the first 4 months. Instead he personally coached me on what to do next, without judgement or critique. As far as I'm concerned, if it wasn't for his easy to understand course, and his own personal involvement with me, I would have wrote this course off as another course I've learned and put on my book shelf to gather dust. He is the real deal folks, and if you aren't taking his course, you are missing the boat. I'm currently doing deals right now because of Tom... where as before with other courses and groups I've been in, I didn't. The proofs in the pudding. Tom is awesome and big time! I can't thank him enough for what he's done for me. Just know that if you join his group, you are in for an awesome ride!