Petition for BP to Discontinue Wholesaling Discussions...

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Dan Oliver
Residential Real Estate Agent · Orlando, FL · Member since 2015 · 139 posts · 106 votes
11y

I'm not sure why I'm even responding to this insulting post but since you've hit a nerve, I'm going to try.  Wholesales and wholesalers are an intricate part for many investors.  Considering we move 30-50 properties a month to our investors may show that wholesalers play an important role for many investors.  We work to provide quality investments and take over  all the hard work and time it takes to acquire properties for our investors that don't have the time, desire or knowledge to accomplish.  Sure, there are bad seeds out there in the wholesale world, but there are bad seeds in every aspect of business.  I find BP to be an incredible resource for me as an investor and a wholesaler.  For you to want to begin a petition to rid posts and forums about a particular side of investing seems selfish and a little "one sided".  I can only assume you've had a bad experience, but to burn the industry as a whole really doesn't provide much credibility on your part.

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  • Karl Krentzel
    Real Estate Broker · Tucson, AZ · Member since 2012 · 410 posts · 337 votes
    11y

    Thats ok.. my 133k downloads on my podcast say otherwise.  Have a powerful sales day!

    0Reply
  • Karl Krentzel
    Real Estate Broker · Tucson, AZ · Member since 2012 · 410 posts · 337 votes
    11y
    Originally posted by @Richard C.:

    I was going to disagree with the OP, and say that we should still have wholesalers posting because maybe then some can be saved.

    But then I read Karl's ridiculous, insulting post, and think maybe they should be banned.

    Believe it or not, Karl, I don't refrain from robbing banks because I am either ignorant of how to go about it, or afraid.  

    What absurd self-aggrandizement. Many of us have done things in our lives that require actual courage.  It's not a word I would apply to screwing widows out of their homes.

    I give you full respect for your role as a Realtor.  Other roles, not so much.

     Call it what you will.. I don't see too many other people telling Wholesalers how to survive by learning how to sell... you certainly wouldn't like me because I teach them how to negotiate against rehabbers. 

    I teach wholesalers how they are actually the alpha, and omega of wholesaling.  At the end of the day, your ability to buy low and sell high is what will determine your success.  I don't care what YOU call it.  

    I call it SALES SKILLS.  

    Have a Powerful Sales Day!

    1Reply
  • Shamus Quirk
    Real Estate Agent · Newburyport, MA · Member since 2015 · 68 posts · 12 votes
    11y

    I think there is a lot to be learned from a marketing standpoint that could benefit every type of investors.  Also these people are making money in real estate and finding deals for investors.  I say keep em' coming!!!!

    1Reply
  • Stephen Barton
    Real Estate Consultant · Indianapolis, IN · Member since 2014 · 322 posts · 238 votes
    11y

    I will have to kindly disagree @Brandon Sturgill. While you may view "wholesaling" to not be an actual investment-allow me to show you why I feel you are mistaken. I am a "wholesaler" that provides a great service to buy-and-hold investors in my area. Before you contradict me- I have a rental that I am currently under contract on and plan to actually hold myself. I do, in fact, invest in real estate. I spend around $300-$400 each week on direct mail for a total of around let's say a $1,000 a month. I spend around $500 a month on SEO for my website. I just started another Google Adwords campaign that I have put a budget on myself for $400 a month. I have a bus bench sign which cost me around $165 last month and I continue to pay rent on this sign at $65 a month. For a grand total of about $2,000 each and every month-JUST FOR MARKETING! This is not my costs that my business incurs while doing business everyday, like paying for a virtual assistant, insurance, taxes, and other miscellaneous costs. 

    So, you see, I may not be a big time buy-and-hold investor like some that holds 100 properties. However, when I literally have to start from nothing- wholesaling has been my method of generating income in order to obtain my end goal of holding rental properties. While you may still disagree that I am not an investor, I want to encourage you to really find a better example of wholesaler. Perhaps, your perception of wholesaling has been stained by a bad group? We do not "assign" our properties. We actually take title to our deals and then sell them. If I had the money to hold every house I came across then I certainly would. But when you were on disability like I have been (physically due to back injuries most likely from the U.S. Army!) then you would know how far I have come to just now get to the point of holding 1 property. We are all on our own journey, and we are all entitled to our opinion. I think it is sort of like seeing issues you do not agree with on Facebook. When I see something I do not like-I just move on. I hope that I can inspire you to be more open minded to the fact that not all of us started off with deep pockets, co-signers, or perfect credit. We all have to start somewhere, and if it had not been for BP then I would not be realizing my eventual goal of being a long term buy and hold investor! Thanks for reading, and I wish you great success in your career.

    2Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Stephen Barton

      I some times wonder... how well a person would do who commits to a 2k a month advertising budge as a RE broker and sticks to it.

    I know one of my agents that worked for me spent 5k a month... on bus benchs and all sorts of media.. I never saw him make less than 500k a year in commissions... And he had a full time paid assistant to .. so say 100k a year in over head... We were a 100% shop so at 12k for the year he was paid up.. he just cut me a check first of Jan each year.

    There are many many ways to make money in the industry...

    Good for you.. as long as no laws are broken I am all for people getting ahead in what ever manner they deem fit.

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  • Cal C.
    Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
    11y

    I agree with one caveat, full disclosure of what is happening. 

    5Reply
  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    11y
    Originally posted by @Stephen Barton:

     I do, in fact, invest in real estate. I spend around $300-$400 each week on direct mail for a total of around let's say a $1,000 a month. I spend around $500 a month on SEO for my website. I just started another Google Adwords campaign that I have put a budget on myself for $400 a month. I have a bus bench sign which cost me around $165 last month and I continue to pay rent on this sign at $65 a month. For a grand total of about $2,000 each and every month-JUST FOR MARKETING! This is not my costs that my business incurs while doing business everyday, like paying for a virtual assistant, insurance, taxes, and other miscellaneous costs. 

    Those are everyday operating expenses of a business - marketing is an expense, not an investment.   Ask your accountant, I'm quite certain she will concur.

    2Reply
  • Joe Fairless
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    11y

    I actually bought my 4th house using a wholesaler and then went back to him to sell it. I like partnering with wholesalers when you want to move quickly. 

    1Reply
  • Richard C.
    Bedford, NH · Member since 2012 · 2k+ posts · 1k+ votes
    11y
    Originally posted by @Karl Krentzel:

    Ummm...yeah....that's not why.

    In Glengary Glenn Ross? Obviously the salesmen are pathetic right? But so is Alex Baldwin's character. 

    0Reply
  • Robert Fraser
    Investor · Jacksonville Beach, FL · Member since 2015 · 21 posts · 6 votes
    11y

    When I am wholesaling, I am extracting deals from people before they even go to the market. Some people call me just interested to know what I do. My goal is to convince them to sell, even if they have not considered it, or were going to wait awhile. That sale may not take place organically. Sometimes people need a little encouragement or letter to bring them to their senses. I am not purely a wholesaler though. I am a fix and flip investor who is sifting through the deals. If a deal is not what I am looking for (warzone) then I will wholesale it to others who are. I don't believe for a second that wholesalers are not a viable part of this investing wheel.

    1Reply
  • Stephen Barton
    Real Estate Consultant · Indianapolis, IN · Member since 2014 · 322 posts · 238 votes
    11y

    You are right @Roy N.but you are completely missing the point- I am wholesaling in order to build my cash so I buy my rentals with CASH! No leverage here. I just do not like the risk. I am actually a real estate agent and got my license because as I read the letter of the law @Cal C.anyone who represents a buyer of seller for a commission would be considered a licensee. Without a license, I am not sure that I would be doing this.

    Thank you so much for the kind words @Jay Hinrichs! I get so much great information from you on this site. You are the man! I am actually a broker in Indiana and I am trying desperately to stop working with retail clients and go into investing full time. I do commit to spending my marketing dollars each and every month. The return is staggering!

    0Reply
  • Nancy Brook
    Investor, Realtor, Writer, Podcaster · Billings, MT · Member since 2013 · 175 posts · 97 votes
    11y
    If you don't like a thread, scroll on by. That's what I do when I see political shows on TV. Why would you object to a wholesaler finding an investor a good deal? If a "wholesaler" is coming to an investor with market value properties than they'd be a retailer! If the investor doesn't know his or her numbers then that's on the investor v
    1Reply
  • Richard C.
    Bedford, NH · Member since 2012 · 2k+ posts · 1k+ votes
    11y
    Originally posted by @Nancy Brook:
    If you don't like a thread, scroll on by. That's what I do when I see political shows on TV. Why would you object to a wholesaler finding an investor a good deal? If a "wholesaler" is coming to an investor with market value properties than they'd be a retailer! If the investor doesn't know his or her numbers then that's on the investor v

     Many people don't abject to wholesalers, "finding an investor a good deal."

    They object to wholesalers victimizing/lying to sellers, and engaging in regulated activity without following the same rules and regulations as those who are playing by the rules and getting licensed.

    1Reply
  • Nancy Brook
    Investor, Realtor, Writer, Podcaster · Billings, MT · Member since 2013 · 175 posts · 97 votes
    11y

    @Richard C.

    I've worked with contractors who have attempted to victimize and lie to me also. I'm not going to say "no contractor posts on BP" due to bad experiences with a certain percentage of the segment. I call would-be sellers five days a week. All of them are non-owner occupied properties so a majority of the calls I make are to other investors. 

    Most I speak to are looking for a retail price. If that's the case, I let them know they should probably seek out a Realtor. I don't try to convince them to work with me. I let them tell me their price. I let them know if it's in my ballpark. For sellers who have too many repairs, have financial problems or just want a quick sale, then I can help them out.

    0Reply
  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    11y
    Originally posted by @Stephen Barton:

    You are right @Roy N.but you are completely missing the point- I am wholesaling in order to build my cash so I buy my rentals with CASH! No leverage here. I just do not like the risk. I am actually a real estate agent and got my license because as I read the letter of the law @Cal C.anyone who represents a buyer of seller for a commission would be considered a licensee. Without a license, I am not sure that I would be doing this.

    Stephen:

    The point was not missed at all.  What you do with the retained earnings of your business is a separate matter from how you earn those funds.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Nancy Brook

      sounds very much like your acting as a Real Estate agent soliciting listings...  LOL

    I hear FLA I really cracking down on this.   Curious why you think its Ok to engage in this activity without a license.. Seems to me the departments of Real Estate in each state could have a field day busting non licensed so called wholesalers .. they just have to look at the threads  check on someone's profile and boom your busted   LOL... comical really.

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    0Reply
  • Nancy Brook
    Investor, Realtor, Writer, Podcaster · Billings, MT · Member since 2013 · 175 posts · 97 votes
    11y

    @Jay Hinrichs

    I'm not soliciting listings. I'm making offers on houses and getting them under contract. I do not earn a commission on a sale. I either assign my contractual rights or I close on the house and sell it after i own it. Further, I work with other brokers and real estate agents in Florida on wholesale opportunities. 

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Nancy Brook

      yes I thought so..

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  • Karl Krentzel
    Real Estate Broker · Tucson, AZ · Member since 2012 · 410 posts · 337 votes
    11y
    Originally posted by @Richard C.:
    Originally posted by @Karl Krentzel:

    Ummm...yeah....that's not why.

    In Glengary Glenn Ross? Obviously the salesmen are pathetic right? But so is Alex Baldwin's character. 

    Movies Ain't Reality... And I Hate Coffee.

     That's why I LOVE LOVE LOVE Rehabbers and others like yourself... who WATCH movies and assume that's REAL life... LOL

    You probably joined the Navy thinking you would be "Top Gun!" Flying around with Goose and Maverick too huh? LOL

    Here is REALITY...

    Reality on a STICK...

    Let me ask you... does this LIVE PERISCOPED Presentation with a REAL Seller and a REAL buyer ACTUALLY LOOK like Glengarry Glenn Ross? 

    I thought not.

    Tell ya what... Put your presentation on #Periscope LIVE for the world to see, then you can come back and talk. 

    Until then...maybe you should go get the popcorn and just watch the show?

    Have a POWERFUL Sales Day! 

    0Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    11y

    I would have to vote no on this

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  • Dev HornPro Member
    Flipper/Rehabber · Arlington, TX · Member since 2013 · 1k+ posts · 2k+ votes
    11y

    For the love of all that is holy, please kill this thread!

    6Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Karl Krentzel

     your showing your age... the fact is glenn garry glen ross is exactly how the land game was played in the 50's and 60's  I know I personally lived it as a kid.. think of the millions of lots in Florida CA. AZ and other places that were created and sold in those days.. it was a huge industry that pretty much died as land use laws became regulated.

    as for being a top gun I wanted to be an airline pilot but had to settle flying myself and buying my own airplane to live the life I deserves as a Real Estate broker investor/ lender/ builder/  BP nut

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  • Richard C.
    Bedford, NH · Member since 2012 · 2k+ posts · 1k+ votes
    11y
    Originally posted by @Karl Krentzel:
    Originally posted by @Richard C.:
    Originally posted by @Karl Krentzel:

    Ummm...yeah....that's not why.

    In Glengary Glenn Ross? Obviously the salesmen are pathetic right? But so is Alex Baldwin's character. 

    Movies Ain't Reality... And I Hate Coffee.

     That's why I LOVE LOVE LOVE Rehabbers and others like yourself... who WATCH movies and assume that's REAL life... LOL

    You probably joined the Navy thinking you would be "Top Gun!" Flying around with Goose and Maverick too huh? LOL

    Here is REALITY...

    Reality on a STICK...

    Let me ask you... does this LIVE PERISCOPED Presentation with a REAL Seller and a REAL buyer ACTUALLY LOOK like Glengarry Glenn Ross? 

    I thought not.

    Tell ya what... Put your presentation on #Periscope LIVE for the world to see, then you can come back and talk. 

    Until then...maybe you should go get the popcorn and just watch the show?

    Have a POWERFUL Sales Day! 

     You know, reading comprehension is a thing.  I think it was invented sometime in the 1960's.  Maybe even earlier than that.

    0Reply
  • Darryl Young
    Oro-Medonte, Ontario · Member since 2015 · 24 posts · 18 votes
    11y

    Repeat after me.

    Unscrupulous:

    • Wholesalers
    • Flippers
    • Real Estate Agents
    • Contractors
    • People, Etc

    suck.

    Don't deal with them.

    2Reply
  • Kara Haney
    Investor · new york, NJ · Member since 2014 · 137 posts · 13 votes
    11y

    sure - wholesalers increase competition - like multiple stores do, but they also facilitate the market. 

    If you are in direct competition then you probably get irked from time to time, but if you value their services in the market, like you value not having to go to china and source your lightbulbs yourself - well you might like them.

    of course they are not investors, just like contractors, agents, loan originators, stores that sell kitchen cabinets etc are not investors, but they are suppliers to investors - so they are of great interest to investors - and maybe the increase in knowledge gained at BP will increase their value added. I am not a wholesaler - I am a newbie and hope not to ever have to use one. I find it unfortunate that we are forced to use agents as middlemen even, but in other countries I have seen agents charge 13% commission so things arent so bad here:)

    0Reply
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