Hi everyone! So I have a Facebook group and am part of many others. A trend I'm seeing is more experienced investors complaining about inexperienced wholesalers (rightfully so as many of the errors are very avoidable). I've also created a few videos about the subject on my YouTube channel. If you aren't sure what the buzz is about, a few examples are: daisy chains (BIG TIME), inaccurate repairs/rehab, made up comps and ARV, and just plain not getting good deals under contract.
Of course, everyone makes mistakes, and everyone expected to improve in their first few years. But I myself have only been in REI for 2 years and have seen "seasoned" wholesalers making the same mistakes over and over (of course, by seasoned, I mean people who have been in the network for longer than me, but keep asking amateur questions and posting bad deals). I'm no expert by any means, but what happened to just plain honesty? When I was first getting started, I let it be known that I had no idea what I as doing. Sure, some may see that as a window to get taken advantage of, but it sure is better than pretending you know what you're doing and end up messing things up...bad.
So while seeing this, I decided to make a safe place for newbies in the business in my group Bird Dog Real Estate where no question is a stupid question. Now my question is: Why are people not talking about bird dogging more? If there are so many complaints about these fake wholesalers, why not give them another suggestion? Sure, some say it's illegal, but those are only people who haven't done their research. "Brokering without a license" is what's illegal. Being a property scout, door knocker, social media poster, letter writer and mailer, and ANY other part of lead generation and management are NOT illegal.
Being under the tutelage of an experienced investor, be it a lender, flipper, wholesaler, or landlord, will give new investors that boost in the industry. Yes, some investors offer this, but at a price. Well, not everyone has thousands of dollars to dish out for mentorship. So "earn while you learn" would be their only option.
Those are just a few of my thoughts on the matter. I'd rather create more solutions than just complaining. What do you all think? Please, the more input the better
