Wholesaler · Chicago , IL · Member since 2015 · 11 posts · 2 votes
Hello Everyone!
I've been in the Real Estate business here in Chicago for about 30 yrs. now.. I can't believe I'm that old already, where did the time go ?
From the start I've always known that Real Estate would be my path in life. In the earlier days I started out as a full time contractor who did all the rehab for other investors and then moved in to buying and renovating my own projects and then in to wholesaling buildings / properties.
With my years of experience I believe I can be a big help to anyone who wants to bounce ideas off of me whether it be for buying or rehabbing a project.
Wow! Sounds like you are a valuable resource in the Chicago area and I would love to find a deal there. Since you're in the business if you come across any deals that might be worth considering I'd be glad to review them and hopefully work out a deal with you. I was contacted awhile back about some multi-unit rehab/renov projects over in the Chicago Lawn area by Midway but that's not my thing yet. If you're interested I can send you the point of contact.
I've been in the Real Estate business here in Chicago for about 30 yrs. now.. I can't believe I'm that old already, where did the time go ?
From the start I've always known that Real Estate would be my path in life. In the earlier days I started out as a full time contractor who did all the rehab for other investors and then moved in to buying and renovating my own projects and then in to wholesaling buildings / properties.
With my years of experience I believe I can be a big help to anyone who wants to bounce ideas off of me whether it be for buying or rehabbing a project.
I grew up in Berwyn and Cicero / west side of chicago but currently live in bolingbrook.
My initial instinct is to start where I am familiar with Berwyn / Cicero.
There are a couple of people I work with own properties south of the city like hazel crest markham in those areas houses are at ridiculously low prices I have seen plenty under 20k.
Who moves from flipping into Wholesaling? That doesn't "compute" with me to be honest. Usually those starting out are Wholesalers, and move into the real money of buy/hold investing.
In regards to Dale's post on " who moves from flipping into wholesaling ?"
My response is that years ago when I was fixing and flipping... I would look to buy from a wholesaler, which I did. When I reached a level of doing 5 to 6 properties a month the problem was on the supply side of getting decent properties to work on exactly when I needed them. My remedy at the time was to get 10 buildings under contract to buy a month so I could at least have my 5 or 6 buildings to work on. I had to get 10 properties under contract because you never know if and when they'll " really" close. Problem with that strategy is that some months I ended up with a lot more properties than what I needed in inventory... and anyone who knows rehabbing or flipping will tell you that the buildings left unattended will get stripped and vandalized. So I ended up wholesaling them out to people I knew at the time. Hence "flipper to wholesaler".
What I've been reading here on bp lately has me a wondering about some of the definitions that people tend to use so maybe I'm not up on today's lingo ?
1) Is a person who rehabs buildings for other people a rehabber or a contractor ?
2) Is a person who rehabs his own buildings and sells them called a rehabber, developer or a flipper?
3) Is a person who buys and sells with out doing any work on them a wholesaler or a flipper?
4) What is it when a person puts a property under contract and shops it around town to see if they can sell or assign it to someone with out buying it to make a couple of bucks on it with?
Hey @Brian Urbanowski I can definitely tell you that the last one there is a Wholesaler. That's what we do, and the only way to be successful is to have the right property, for the right price, so that everyone in the deal can come out happy and feel positive, including the seller.
Well I'm glad you were able to clarify what a wholesaler is and how you perceive it to be. I was always under the impression that a wholesaler was someone or an entity that has a list of properties for sale ( at any given time) that they already own and have control over. An example to me would be a guy who buys portfolios of buildings or packages of multiple properties at a time for pennies on the dollar and then just sells them off very cheaply.
@Brian Urbanowski We have deals sometimes we could use advice on we have 7 fix and flips under construction and would love your advice! we hope to start 6 more this month so any advice you would wanna share we could meet up sometime.
As far as contacts go we also have deals we can't always utilize so you could put your 30 years on industry experience and make some side money that way if that would interest you? Message me lets talk!