Linking with a wholesaler?

Question

I want to learn the ropes of wholesaling before plunging in to doing it myself.  is it even feasible to try to link up with a seasoned wholesaler to learn?  In other words, would a wholesaler even want to bring on an apprentice?

I guess my hang ups are finding the investors.  Seeing as I have two little ones here at home, I cant just go to REIA mtgs and network, or even drive around putting up bandit signs to entice investors.

What do ya'll think?  Am I just chasing my tail here?

T Chu · Answer

From the time I originally posted this, I've learned alot!  I've networked with a few people, talked to others, and in general just let it soak in.  I have changed my attitude much, and thank you for giving me a kick in the pants!

You weren't coming off harsh, and I appreciate your honesty.  Knowledge is power, and I guess I felt like before, I wanted to see a deal done, and know the ropes before jumping in the water.  (Which is what I did when I first became an agent).  But...I've found a few deals, and really don't want to let them pass, so.....here we go!

Thanks for the anecdote, thats the kind of encouraging story I was hoping to hear. :wink:

Ryan Webber · Answer

I don't mean to be harsh, but you will not make it in this business with the attitude of I can't.

My business partner has TRIPLETS, and she started her business when they were all 2 years old.  She was a stay at home mom, and still started to build her business.  She ended up doing 30 houses a year.  She did eventually get a nanny to help out, but her attitude was that she WILL get it done.  No excuses.

Why couldn't you go put bandit signs up with your kids?  Its like driving to the store but instead you are stopping at phone poles.  Do you not ever have a babysitter for nights out or to run to the store?  Why not use a babysitter for REI meetings?

Here's the bottom line, people who make money in this business are people who figure out a way to get it done.  They are get it done kind of people.  You have to begin to develop that trait in yourself if you truly want to be successful in this business.

As for a mentor, use this forum.  It is incredible.  The experience that you have walking through these halls is tremendous.  Its free, and its at your fingertips.  Use it to its fullest.

Account Closed · Answer

The other thing is the BP forum that deals with marketing is unbelievably informative. Lots of good suggestions from experienced investors. Different strategies, philosophies, and of course, budgets (who can afford a TV ad?) but you can read them all and see what matches your abilities, budget and time.

T Chu · Answer

Thanks Mike and dpv,

I will try to make at least one REI mtg, which does seem worth it.  Seeing as Im quitting my day job today, Ill have alot more time to find the people I need to make this a success!

Thanks again!

Account Closed · Answer

I would suggest taking the time (paying a baby sitter) to go to one REI meeting. You do not have to commit to regular meetings and time away from your kids. The first meeting is "free" and they don't charge for membership unless you want to go to future meetings. Research a little and see which club is best for your particular type of investing. For example, here in Minneapolis, there is one club that states they are not the berst one if you are into wholesaling. Then there is another one that is more well rounded for all types. That is the one I chose to go to. At the meeting, come prepared with written questions that you can ask, like:

-referrals for RE attorney, escrow company, title company who will do double closings, give you free information, etc.
-Buyers list they might share, or at least info on what buyers typically are wanting in your market. If nothing else, say you have or will have properties for sale, and get their business cards or email addresses, so you can start building your buyers list.
-Trends in marketing - what works and what doesn't, so you don't waste money on the wrong type of ads.
-Usually there will be a realtor at the meeting, who has chosen to work with investors, as a part of his or her business plan, rather than just working with the cookie cutter conventional sales. Start a relationshiop with that realtor so he or she can help you with comps, and other services. 
-You might want to consider getting some cheap or free business cards that convey your invresting focus, so you can hand them out like candy at the meeting, and also at places you go eve n with your kids, like the grocery store or Starbucks.  :D

You will probably get charged up after the meeting, and figure out a way you can do your business with a minimum of legwork outside the home.  Hope this helps, good luck, let us know if you need any other help or advice. Mike

Danny V. · Answer

You might consider teaming up with a person you can trust to do the leg work if your stuck at the home office.  You can offer to manage the marketing aspect of the business . .. generate leads, field seller/buyer calls, schedule appointment for your team member to visit property, meet with other investors from your buyer generated list, meet with buyers to generate contracts, etc.  Develop a joint venture agreement identifying your individual contribution and net profit disbursements allowing for flexibility knowing your a two person team.  Build your buyers list first - cash buyers in your area.  When you put a property under contract you need to be able to move into the disposition strategy quickly with a cash buyer.  Of course, you need to identify a business partner that is capable of walking the property to identify repairs or facilitate contractor bids b/c you'll need to be able to factor it into your deal analysis.

I hope this helps.

dpv