Wholesaling Success Market Dependent?

5 Replies

Wholesaling is all about charm and perception people have of you.

When my competitors wholesale (or try to wholesale) sellers hate them/it.

When we do it, we get invited to dinners, parties, cookouts, you name it.

It has very little to do with location. It has to do with your personality, .. you need to be a sales person. Do a personality test and see where you are.

Relax, be cool, be you, be honest be caring, be genuine, BE HONEST be transparent. I bet you will get 90% of your contracts signed if you are.

Originally posted by @Pierre Decoste:

Anyone crushing it wholesaling in Northern/Central NJ?

 Well 1st thing I need to tell you all is that Wholesaling as it's taught is a myth. You need a license to Broker real estate. That's all wholesaling is, it's brokering real estate except instead of being up front & telling the distressed seller that you'll sell their property for X amount & take X amount as your commission / fee you are taught to lie to the seller & pretend you are going to buy the property while you secretly attempt to "assign" your contract.

It doesn't work. Nobody has any respect for wholesalers. Whenever a wholesaler contact me I simply get the information about the property & reach out to the owner myself cutting the wholesaler out of the deal entirely. If you do business above board as a licensed agent that won't happen to you. The only people making money wholesaling are the guys selling the education.

Now that we've got the above out of the way let me explain to you that the market is irrelevant. Connecting buyers and sellers is the job and your skill set is what makes or breaks the business, not the location. You need to have

  • An in depth knowledge of the market.
  • Marketing skills.
  • Sales skills.
  • Negotiation skills.
  • Accurately estimate rehab costs.
  • Understand how to much time it would cost to run a renovation on the properties you are presenting.

    @James Wise That is great insight, I truly appreciate that. I've passed the exam in jersey to hang my license but I have not interviewed yet because I think that it may hold me back from doing assignment deals. But this week I will be interviewing and hang up my license as a tool in the belt and a way to grow my network and experience. 

    I sort of share your views as it pertains to wholesalers, as I feel most look to start doing it as a way to make a quick buck rather than building a business that can actually help sellers in many ways whether it's a cash offer, buying on terms or doing a subject to deal or even listing it yourself.

    @Jerryll Noorden Yeah certainly, I don't think I have that issue. The thing that has bugged me is when I go on appointments, I come across a lot of people who have very little equity in their house and the high property taxes do not make the cash offer model easy. It could be the areas that I'm targeting are a bit pricey, or that I haven't come across enough leads. But yeah it's sort of annoying when I come across a property that I see there might be some money to be made but I'm not sure what to do. But reading this now, I'll be honest it does sound like excuses and lack of a network lol 

    Originally posted by @Account Closed That is great insight, I truly appreciate that. I've passed the exam in jersey to hang my license but I have not interviewed yet because I think that it may hold me back from doing assignment deals. But this week I will be interviewing and hang up my license as a tool in the belt and a way to grow my network and experience. 

    I sort of share your views as it pertains to wholesalers, as I feel most look to start doing it as a way to make a quick buck rather than building a business that can actually help sellers in many ways whether it's a cash offer, buying on terms or doing a subject to deal or even listing it yourself.

    @Jerryll Noorden Yeah certainly, I don't think I have that issue. The thing that has bugged me is when I go on appointments, I come across a lot of people who have very little equity in their house and the high property taxes do not make the cash offer model easy. It could be the areas that I'm targeting are a bit pricey, or that I haven't come across enough leads. But yeah it's sort of annoying when I come across a property that I see there might be some money to be made but I'm not sure what to do. But reading this now, I'll be honest it does sound like excuses and lack of a network lol 

     Assignment deals are essentially brokering real estate just called something different by those who thought they were clever. S that means you are going to need a license to broker real estate. That said an assignment deal as a licensed agent is also called a NET Listing. Check with your state to see if those are legal. They are often looked at with scrutiny by the division of real estate. Tread carefully and ensure you disclose disclose disclose.

    Originally posted by @James Wise :
    Originally posted by @Pierre Decoste:

    @James Wise That is great insight, I truly appreciate that. I've passed the exam in jersey to hang my license but I have not interviewed yet because I think that it may hold me back from doing assignment deals. But this week I will be interviewing and hang up my license as a tool in the belt and a way to grow my network and experience. 

    I sort of share your views as it pertains to wholesalers, as I feel most look to start doing it as a way to make a quick buck rather than building a business that can actually help sellers in many ways whether it's a cash offer, buying on terms or doing a subject to deal or even listing it yourself.

    @Jerryll Noorden Yeah certainly, I don't think I have that issue. The thing that has bugged me is when I go on appointments, I come across a lot of people who have very little equity in their house and the high property taxes do not make the cash offer model easy. It could be the areas that I'm targeting are a bit pricey, or that I haven't come across enough leads. But yeah it's sort of annoying when I come across a property that I see there might be some money to be made but I'm not sure what to do. But reading this now, I'll be honest it does sound like excuses and lack of a network lol 

     Assignment deals are essentially brokering real estate just called something different by those who thought they were clever. S that means you are going to need a license to broker real estate. That said an assignment deal as a licensed agent is also called a NET Listing. Check with your state to see if those are legal. They are often looked at with scrutiny by the division of real estate. Tread carefully and ensure you disclose disclose disclose.

     Yup. Noted! Got it all covered. Thanks for the concern!

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