Realtor · Detroit, MI · Member since 2017 · 184 posts · 33 votes
So, I am a licensed real estate agent in the state of Michigan, but I've been wholesaling for quite some time now. Aside from a couple rentals, making deals is my only income. Wholesaling, in my opinion is dying. Its becoming saturated, not only that, but saturated with those who dont know or care to know about the business. Just chasing a dollar. They make their money by gouging buyers with super ridiculous fees on one deal instead of considering longevity. Anyway, I have a substantial amount of buyers and sellers to fulfill supply and demand. However, I am having a tough time keeping momentum in the aspect of deals. Any advice? I know one is to get an effective assistant so I can be more than one places at once adding value and creating/maintaining more solid relationships.
Try to consider expanding as a realtor for buying and seller agents. Maybe there would be a real estate office where you can fill in the office and take incoming leads.
See if you can work with another investor who needs help for renovation as a project manager.
Mingle into a few meet up groups in real estate so that we can get some more ideas to expand the real estate operations.
If appropriate; take up a full-time job and get into real estate part-time; until you have a stable income source through real estate, as a business.
Whole sellers have a wide and short range of knowledge. I agree with you about some of them not understanding the business. It's like a bag of skittles, you reach for one and don't know what color you'll get.
Why don't you buy more property in Detroit? Or 1031 exchange into MFR? I read about the resurgence of that city all the time. It feels like the auto industry is ahead of the game and prepared for the ress...... you know the stupid click-bait word.
Yeah, that is definitely part of the plan. Making deals is a big part of how I gain more capital to fund my own purchases. It seems as though I will have to re evaluate the foundation I want to build my business on. I have to become knowledgeable about financing deals for the bigger deals I come across. How is the IN market? @Jaron Walling
@Todd Douglas The Indy market is good right now. Deals are hard to find but not impossible. A good MFR deal requires a network or word-of-mouth. I don't see anything good on the MLS from an agent or whole seller. I'm not actively looking but I was for 2 years. It took 6 months to find my first property with an agent. It's not a home run but got me in the game.
Try to consider expanding as a realtor for buying and seller agents. Maybe there would be a real estate office where you can fill in the office and take incoming leads.
See if you can work with another investor who needs help for renovation as a project manager.
Mingle into a few meet up groups in real estate so that we can get some more ideas to expand the real estate operations.
If appropriate; take up a full-time job and get into real estate part-time; until you have a stable income source through real estate, as a business.
@Saravanan Saravanan Thank you much for that. I was just doing the whole taking incoming leads thing, and felt like I grew out of the whole dealing with homeowners thing, but in reality that can be more secure. Just having a professional bumper moment. The groups I am into, and have been obtaining more knowledge and relationships lately