All Forum Posts by: Scott Johnson

@John K. That’s an awesome story. I’m trying to teach myself to focus on giving. Definitely following you!

@Steve Vaughan that’s normally what I do! I also carry around copies of RDPD to give to people, so I’ll slang one their way and tell them to call me when they’re done 😂

Since this guy is already a buy and hold investor who’s looking to grow, I figured it was beneficial for both of us.

It’s interesting that all of the “don’t train a competitor” responses are from brokers 🤔

My family started a wholesaling business and we're progressing well. We are a part of a wholesaler team here in town, multiple wholesaling companies that operate independently but JV on deals regularly, and we tend to help each other out by sharing information, strategies, etc. That being the case, we attract buy and hold investors to our meetings as well.

A friend of mine is a buy and hold investor who, like us, is looking to purchase multi family for cash flow and we’re working together to develop a mastermind. Well, my brother and I are working with him.

This investor asked if he could ride around while we drive for dollars and if I could outline how Podio operates, so as to get a better understanding of what we do as wholesalers and how he can use Podio to his advantage. I agreed and we scheduled it for Monday. I then get to my moms house later that evening to learn that she’s gone to bed livid that we’d do such a thing, because we’re helping the competition. No doubt she’s seeing the deals that we would NOT get, if this person was to start wholesaling.

In my mind, I’m developing a relationship with a potential partner and, even if he does start wholesaling, we would appeal to different sellers. There’s plenty of deals out there and money to be made, so why not give and teach in order to help develop someone so they can reach their goals, especially if they’re similar to ours? There’s business practices and plans that I will obviously keep to myself.

Am I wrong in this? Should I be seeing everyone as potential or actual competition?

Has anyone dealt with a similar situation and been able to develop the idea of reciprocity in their partner?

Thanks in advance.

@Kenneth Davis, congrats and welcome! Find a local mentor (through your local Real Estate Investor Association) or by calling on some “We Buy Houses” advertisements. Interview the person first and make sure you are comfortable with them. If you find it hard to carry on a convo or you get a woo-jah feeling, move on to the next.

It’s far easier to learn with a mentor who will wall you though the process.

@Armani Emon

Easy answers:

- Avoid MLS listed properties. Talk with sellers directly.

- Realtors use their contracts, and they’re what’s best for the realtor, not you.

- We are never selling real estate, we sell contracts.

There's a time and place for the MLS, but it doesn't sound like you're there yet.

@Suny Capezzuto the only thing I’d add is “who’s money is it that you’re spending to make the mo way?” My wholesaling mentorship, contract and assignment was $500 and a percentage of my first three deals. That’s easily paid with the credit card you recommended she get, and can be paid off after her first deal closes.

Very good advice, just know that the money you spend to make money doesn’t necessarily have to be yours. And you can use completely FREE resources to track down, contact and acquire your first deals. Spending money just makes the process easier as long as your deploying that capital in an effective way.

Stick to BP and you’ll get a better understanding on how to deploy it.

@Jonathan Toruno Both is the above are solid advice.

You can also find someone in your local market who wholesales and talk with them. An attorney can draw one up that works in your state. You need an Agreement To Purchase Real Estate and an Assignment Addendum. 

I'd make sure you speak to someone who's successfully wholesaling in your area first, though, because you're going to need to have the right escape clauses.

Hey, BP!

We’re looking at taking out a couple of small advertisements in a local bargain hunting magazine (basically a local craigslist). They would be “We Buy Houses” advertisements.

Has anyone had success doing anything similar to this?

Thanks!

Pure gold, @Subbie Kaur! Thanks!