All Forum Posts by: Simon Ghandil

Craigslist has been the best source for me by far. For every 20 calls I get from Craigslist, I'll get 1 call from a sign. 

Also, be aware if you put signs in the front of the yard. This can sometimes attract people that will break in or vandalize your property. When I did signs, I put them on busy corners or where people would see them around the neighborhood. 

On the second page and I'm ready comments saying "I don't see what he did wrong." Are you that delusional???

I'm a wholesaler myself, so I tend to be unbiased in this business. How can you not see what the guy did wrong? I would never lie about being a cash buyer and lie about "partners" coming to inspect the property when they're potential buyers. All that lying just to get a contract signed? 

I'm sorry you had to go through this. People like that are what give wholesalers a bad rep. HONESTY IS THE BEST WAY TO GO.

Thank you all for your replies. I gave it a lot of thought and decided not to take the job. I love what I'm doing now and I wouldn't want any changes made to my current lifestyle. I appreciate each of your posts and insight. They helped in the decision and it gave me a nice look into the life of a commercial broker.

@Gary R. Just sent you a PM Gary, let's work together. Welcome to BP!

John Thedford I get JV offers all the time from other wholesalers. I have plenty where my assignment fee would be $500-1,000! That means their deals would make around $1,000-2,000 total. Supposedly this was from someone who's been in real estate successfully for 15 years. I wonder if he was dishonest about that.... My mentor told me anything under $10,000 on a deal, is like making $100,000 in the NBA. But he also taught me honesty which is maybe why my deals are 5x larger than some of the deals I'm offered by other wholesalers.. sad because they give us a bad name. We're not all like that!

If you're a beginner and still learning, you shouldn't be attempting to put 10 houses under contract; weather thats at the same time or in pieces, especially if he thinks you're a cash buyer.

I have a seller who wants to sell 16 houses, who knows I'm going to assign those houses to my buyers because I told him I don't buy in this specific area, but I know guys who are looking for houses. So many people approached him wanting to tie up all 16 of his properties. I told him we'll take it 1 or 2 at a time, and he was perfectly okay with that. I got 4 of his houses under contract, and we should close on those 4 houses in the next couple of weeks. 

No sneaking behind his back, I told him my plans up front, I told him I will assign these houses to cash buyers I know because I don't buy in those areas, and he was okay with it because of my HONESTY. That's a word a lot of new wholesalers tend to shy away from. Don't know how many times I can say that honesty is key in this... ANY business. 

There's a reason why @John Thedford says what he says about wholesalers. Because so many of them are dishonest and try to get a quick buck, weather that means tying up properties for 30 days, and not having a buyer before signing, or spamming their deals on Craigslist, because they think seasoned investors spend their days looking Craigslist for deals. 

@Christopher Telles

Thanks for your reply. 

I know CRE isn't as fast moving as being a real estate agent, but the commission checks are usually a lot bigger. When the man I spoke to on the phone said he makes 6 figures, I'm assuming he meant 6 figures after the 50/50 split (which is a lot!).

I make good money right now, but I'm trying to see if it would be worth it to leap into CRE under the vice presidents wing. I'm in a tough position. I have no idea if this job opportunity is a blessing in disguise or not.

I was calling around trying to find commercial buyers for a property I have, and as I was speaking to the vice president of one of the companies, he offered me a job as a broker right on the spot. He said he loved my personality, and a lot of other compliments that led to him offering me a job.

I have always been an entrepreneur. I love to work for myself and have that personal freedom. I wholesale homes, a couple lease options per month, and day trade.

The vice president said ever since he came on board he has been making six figures for as long as he can remember. He said I would be making six figures within two years. The best part is, I don't have to wear a suit.

To all of my commercial brokers, what are your thoughts. Do you like your job? Do you LOVE it? What are some downsides? How are the hours? 

I dropped out of college with intentions to not work for anybody else again, but would I be stupid to let this opportunity pass?

If you're still looking for a duplex, I have one in Norfolk for $98,000. Recently renovated.

Treat this like a business, and be 100% transparent. If you do this for a quick buck, you will fail. 

I always hold the contract for 30 days. I don't think you should ever need more than 30 days to move a house if you have a good deal. My contract is 6 pages long. I like to be as open as I can and make sure that the seller is on the same page as me. 

For my buyers, I don't ask for proof of funds. I know who's reliable and who isn't. For example, I had a buyer call me Friday night asking to see the property I have. He told me he would call me at 11am on Saturday. I heard nothing from him, so I called him, and he told me he would call me around 11am today (Sunday) and I still haven't heard anything from him. Do you think I should even bother with him?

For me, honesty is key in this business. Tell the seller what your intentions are from the beginning, you would be surprised how many folks will let you find a buyer if you are upfront and honest with them. Of course there are some that have major doubts, but you can just follow up with them every couple of weeks to see how they're doing.

TREAT WHOLESALING LIKE A BUSINESS. There is a reason why 90% of wholesalers never close their first deal.