The Biggest waste of time

Michael Quarles, Yellow Letter Mail
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Jerry Puckett

Wholesaler · Irving, Texas

397 posts
11 awards
69 influence

Aug 22 '11, 03:03 PM

Better not say spending time on Biggerpockets.com!!

Manny Cirino

Real Estate Investor · Lakeland, Florida

109 posts
4 awards
50 influence

Aug 22 '11, 05:01 PM

Spending to much time on the web a total waste of time. But at the same time its what helps me watch my market. But once open my email I am stuck and before you know it 4 hours just flew by. I hate to love it

Will Barnard

Rehabber · Santa Clarita, California

Donor Pro

7,835 posts
23 awards
92 influence

Aug 22 '11, 05:04 PM

Biggest waste of time is performing due diligence on wholesale deals sent in by wholesalers. I should just trash the email and save time, their numbers are never correct!!!

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Michael Quarles

Real Estate Investor · Bakersfield, California

Pro

851 posts
8 awards
72 influence

Aug 22 '11, 05:12 PM

Will

You and me both

I am thinking of going to an Algorithm model for all of the preliem work which I think I can get done for 15 a property.

Maybe even a BPO national service for 70 - 125 bucks on contracted deals.

Edited: 08/22/2011 at 05:20PM by Michael Quarles

Jerry Puckett

Wholesaler · Irving, Texas

397 posts
11 awards
69 influence

Aug 22 '11, 05:28 PM

Originally posted by Will Barnard

Biggest waste of time is performing due diligence on wholesale deals sent in by wholesalers. I should just trash the email and save time, their numbers are never correct!!!

:violin:

SIGH....same old same old.

Bryan Hancock

Real Estate Investor · Austin, Texas

Pro

6,293 posts
22 awards
84 influence

Aug 22 '11, 05:31 PM

Ahh...c'mon Jerry. You and I both know that MOST wholesalers send out junk that is a colossal waste of time. That doesn't mean it is true for ALL of them though.

Bryan Hancock, Bullseye Capital Real Property Opportunity Fund
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Telephone: 1-800-577-0401
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I help busy people profit from real estate

Jerry Puckett

Wholesaler · Irving, Texas

397 posts
11 awards
69 influence

Aug 22 '11, 07:54 PM

Originally posted by Bryan Hancock

Ahh...c'mon Jerry. You and I both know that MOST wholesalers send out junk that is a colossal waste of time.

Sure, you're right Bryan, I'll agree that there are a whole lot of wholesalers out there pedaling whatever they can. So it seems to me the question should be which is more wasteful; going through all the emails you signed up for (admitedly that's an assumption, but most wholesalers I know, even the bad ones only send emails to folks that joined their buyers list) or whining about it ad naseum on the internet?

If dealing with wholesalers is that bad....STOP. You have the power.

Bryan Hancock

Real Estate Investor · Austin, Texas

Pro

6,293 posts
22 awards
84 influence

Aug 22 '11, 08:46 PM

Eh...I don't see many people whining about it Jerry. I think you are just a bit sensitive about it :-).

Good thing there are some solid folks out there like you sending out quality leads...

Nemi W.

Real Estate Investor · Orlando, FL

85 posts
3 awards
50 influence

Aug 22 '11, 09:10 PM

To all the newb wholesalers, if i may offer a word of advice: take note of what investors (some) are experiencing and as a result, are saying about us. I used to get pretty defensive when I read what investors like Will thought. At times I felt like stopping before starting. THEN I realized I could consider it a form of constructive criticism as well as a form of guidance.

Don't give up or get defensive; just deliver a quality product and service.

Nemi

Damien Hall

Real Estate Investor · Washington, Washington D.C.

72 posts
1 award
50 influence

Aug 22 '11, 09:22 PM

The accounting. My background is accounting but I would rather be making a deal. I do like keeping the books so I can analyze the numbers at any given time. I once found out that one of my units had a water leak by monitoring the water bill. The data entry is the part I can do without. It can be monotonous.

Michael Quarles

Real Estate Investor · Bakersfield, California

Pro

851 posts
8 awards
72 influence

Aug 22 '11, 09:25 PM

Good point Nemi

I know I forget at times the cost of lead fulfillment. And looking at it from the side of a wholesaler I see how frustrating it may appear. I guess dealing with an unqualified wholesaler isn't any different then dealing with fantasy land sellers. Deals require a bunch of lead generation and lead capture. I guess if it were easy it wouldn't pay so well.

Will Barnard

Rehabber · Santa Clarita, California

Donor Pro

7,835 posts
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Aug 23 '11, 09:21 AM

Originally posted by Jerry Puckett

I'll agree that there are a whole lot of wholesalers out there pedaling whatever they can. So it seems to me the question should be which is more wasteful; going through all the emails you signed up for (admitedly that's an assumption, but most wholesalers I know, even the bad ones only send emails to folks that joined their buyers list) or whining about it ad naseum on the internet?

If dealing with wholesalers is that bad....STOP. You have the power.

It appears I hit a very sensitive spot in you Jerry, your defensive comments tell that story.
First off, let me say that I get a ton of emails from people who get my email address and add me to their blast list without my knowledge or permission. Then, there are those I meet at a club or elsewhere, they state they are wholesalers, we exchange cards and I get an email of their deal(s). It is usually garbage. So your assumptions are way off base and I do not "have the power" to control or stop this other than replying with "Please Remove".

Let me add that I have wholesaled deals so while I am not a wholesaler by title, it is one of my exit startegies on properties outside my area or when I have too many. When I send something out, you can bet the mortgage that the numbers are accurate and at worst, damn close to dead on, both exit value and rehab estimates.

The point to my post was to point out my opinion of my personal "biggest waste of time" which is the thread topic. My comments should be taken as constructive and helpful advice to those who are wholesalers, or want to be, so that they could do things the right way and not the common incorrect way.

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Rob Gillespie

Wholesaler · Valley City, Ohio

Pro

954 posts
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Aug 23 '11, 09:25 AM

Email! :mrgreen:

Rob Gillespie, Rob The House Guy, LLC
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Rob@RobTheHouseGuy.com 330 800 9043 AskTheHouseGuy.com RobTheHouseGuy.com

Will Barnard

Rehabber · Santa Clarita, California

Donor Pro

7,835 posts
23 awards
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Aug 23 '11, 09:33 AM

Originally posted by Rob Gillespie

Email! :mrgreen:

Obviously that is a joke as email is one of the biggest time savers our technology has created (along with smart phones)

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

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Aug 23 '11, 09:40 AM

Guys - Lets try and move past the bickering over your opinions on wholesaling. Thanks!

Joshua Dorkin, BiggerPockets, Inc.
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George P.

Real Estate Investor

338 posts
4 awards
52 influence

Aug 23 '11, 11:24 AM

damien, what software would you recommend (that's not 5k of course)?

me - hate getting quotes from new contractors because the old one just does not answer his phone. finding a new contractor is a waste of time. unless he is cheaper and better (which is not often the case)

Manny Cirino

Real Estate Investor · Lakeland, Florida

109 posts
4 awards
50 influence

Aug 23 '11, 04:00 PM

No software is need do what I did and make your own using excel when I started the biggest problem I had when analyzing a deal was excepting the numbers. I had a problem believing the offer I need to make in order for it to be a true deal. So I made a automatic calculated spread sheet for naking offers, estimates, mortgages,price per square footage, ETC...

I almost forgot to mention the biggest time waster is talking to hard head homeowners who still think there house has equity and don't seem to accept that there ugly house will not sell at an inflated retail price 1 month from foreclosure. Man if I had a nickel...

Damien Hall

Real Estate Investor · Washington, Washington D.C.

72 posts
1 award
50 influence

Aug 23 '11, 05:30 PM

George:

I use Rent Manager developed by London Computer Systems. It's a simple software that gives me all of the features I need. It has property management functions (unit tracking,creates job orders, creates tenant stmts, receipts etc) as well as the accounting (G/L, financial stmts etc.) I've had it for a while and at the time it cost about $150.

Justin S.

Rehabber · Chandler, Arizona

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Aug 23 '11, 07:03 PM

Wasn't the question the biggest waste of time that you enjoy doing?

Mine would be driving houses to bid on for auctions. I like doing it but my time is better spent comping properties.

Justin S., Wheelhouse Properties
E-Mail: wheelhouseproperties@gmail.com
Telephone: 4806780446
Website: http://www.wheelhouseproperties.com
Realtor, Re-modeler, Cash Buyer

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