All Forum Posts by: Account Closed

You know what to do but you don't know how to do it?  I'm confused.  Do you mean you know what wholesaling is, but you have no idea how to find properties, what kind of marketing to use, how to talk to potential sellers, what paperwork you use, how you write it up, how you market the deal, how you set-up the closing, etc?  Is that what you mean?

You say you've never wholesaled a portfolio but don't tell us much about your experience overall.

How many properties have you wholesaled over what period of time?  What kind of success have you had up until now?

Congratulations for having the good sense to know the best way to get started is by partnering with or bird dogging for an experienced investor.

I can't tell you how many people listen to a podcast or read an ebook and think they know all they need to know.  To me, that would be like reading the instruction manual for a 747 and thinking that's all one needs to know to fly one.

Wishing you much success.

I know the guy personally.   He trained me!

 Your broker will not pay you a finder's fee because you are not licensed.  In fact, he can't by law (at least in Ohio).

You are better off working this deal with an experienced wholesaler if you want to get paid. 

You need a license when you are representing someone else in a real estate transaction and have no interest in it yourself.

You don't need a license to sell your own property or a property in which you have some ownership interest.  

A lot of realtors or people who hold licenses bad mouth wholesaling and scare people into thinking it is illegal.  My theory is that their ultimate goal is to get state laws passed so that you have to have someone with a license involved in any transaction whether you are an owner or not.  

That's freeloading in my book.  If a licensed agent wants a commission, go out and earn it.  Getting state laws passed to force me to use a licensed agent or hold a license "just because" to add cost and no value, or take a piece of something that isn't yours is not earning. 

I don't know what you paid for the "package", but I would guess $97 to $497.

Understand those "packages" for what they are...marketing pieces. They won't and don't give you a game plan. They are designed to educate you, create awareness.  They are designed to get you excited so you want to buy more training or products or both from them at a higher price point.  Contact the outfit that sold it to you.  Dollars to donuts, they will tell you that you need to buy a coaching program, mentoring program, and other stuff they are offering.

There's nothing wrong with that as long as the program they are offering you will really delivers.  Unfortunately, many do not.

I know some guys who will really give you everything you need to create a wholesaling machine in your market.  They also put gas in the tank, give you the instruction manual on how to operate that machine, and get you on your journey so that when they leave, you are on the road to a payday.

The problem is many who offer programs don't provide anything of substance because they really don't know what they are doing themselves.  They just know how to write good copy.

You need to figure out which the outfit that sold you your "package" is.

Depends on what you want.

If you are looking for cash flow, Ohio is very good for building cash flow rentals.  You can't get that in LA.

If you are looking for appreciation, that's not going to happen here very quickly.  Average is 3% per year.

If you are looking for fix and flip, that depends on the city and the neighborhood.  

Fix and rent is a better strategy regardless of the neighborhood.  The market for rentals is strong and predicted to stay strong for the next 15 years based on current trends in place.

The reason a lot of realtors don't want to work with investors is because many of them are lazy.

They get a listing agreement with a seller. Throw the property up on the MLS. Put a sign in the yard. Do a little bit of internet advertising, and then sit back and wait for another agent to contact them. That's the reason most realtors co-broke deals instead of double-ending.

Not only that, but studies have shown they work harder at getting the seller to accept a crappy offer than working the buyer to get a better deal for their clients.  Why?  The time they spend trying to get the buyer up in price makes almost no difference in the commission they receive.

Investors make them work.

However, there is an approach you can take with realtors as an investor that will get their cooperation.

There is no money for the amateur wholesaler.  

There's a lot of money in it for the professional wholesaler.  

Despite what you may have read, wholesaling is not a beginner's strategy.  People who write that bunk say that because it sells the other stuff they are offering not because they know.  Heck, many of them had a ghost writer.  They bought a white label book and just stuck their name on it.

If you want to get into wholesaling because you think it is the place to start, you'd probably be happier going a different direction.

It you want to wholesale because you want to make a business of it, get a professional mentor who will come to your market, work with you one-on-one, set-up and leave you with a wholesaling machine that puts money in your pocket.