Why So Called Wholesaling is not an sustainable business model

Investor · Member since 2020 · 48 posts · 37 votes

The truth about wholesaling real estate needs to be finally told from a real estate pro like myself with almost 40yrs in the real estate business with buying and selling properties all over Northern & Southern California. It's so much bad and borderline illegal information being taught by these Fake gurus that's just all lies!!!!....The facts are real estate so called wholesaling is extremely hard to do consistently and when you don't have no money, no nothing and you are flat broke an getting into real estate purchase contracts with sellers and lying to them about buying their property when you don't have any money is straight up FRAUD!!!! When you are living in your Momma's basement is the most stupidest thing you can get yourself into you are just asking for trouble because you don't know what you are doing!!!....Why this is being taught is absurd because you are falling in an area where you are brokering deals without a license and selling contracts which are selling securities without a license. That's what they don't tell the SUCKERS because it will never I mean never hold up in court when you get seud for fraud. What these so called wholesalers don't understand is that an real investor like myself needs to buy a fixer upper property at least 65%- 70% below market to make a profit on any deal because I have my own crews. That means a so called wholesaler needs to find a property at 50%- 60% below market to make any money if they know what they are doing it's impossible to do that consistently nobody is giving away properties these days. That's why 99.9% of them fail not lasting it's not an sustainable business model you can't buy at 75% -80% below market and make a profit with labor & products an supplies at all time highs just ask "Zillow Buys " that's why they got out the fix n flip business and they had Billions of wall street money!!!....It's about time an experienced pro like myself tells the public the truth because nobody is doing it be ME!!!!...I am sick and tired of these so called wholesalers calling me everyday about complete Trash deals wasting my time I block all of them Now!!!!

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Jerryll Noorden

Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes

Quote from @Account Closed:

Ohh come on .. . Why take time of your day to complain be negative. Instead HELP, add value, contribute. BE HELPFUL!! This post does nothing other than discourage people with honestly wrong information.

OK I am going to be blunt... but know I still love you though!

NEVER let ignorance be the criteria you judge or measure anything by!

Trust me when I say, I feel your pain. I throw a fit with all the calls from wholesalers, I get you I really do, BUT... allow me to enlighten you and I hope it will make you a better investor.

The first few sentences you wrote are severely off-putting to me. You being a "savvy" investor... and you doing this for 40 years doesn't mean a thing!

I am 5 years into SEO and I beat the living CRAP out of ANYONE doing marketing (or I let myself think that). The length of time you have been doing something doesn't make you "good", "right" or "the expert" on it. It only means that you have been doing "it" long. It doesn't mean you are doing it correctly.

Not because apples are red and oranges are round does it mean that pears are sweeter, right? One has NOTHING to do with the other. It is foolish to even suggest this.

Wholesaling is absolutely sustainable, and I have proven this many many times. You just need to do it right. Get your leads in right and wholesaling is child's play!

What most of you are doing here on this thread, is finding the worst wholesalers, scammers and liars, and label THAT as "wholesaling" and then crapping on wholesaling assuming your own fabricated definition of wholesaling is true. Come on people. Don't you get tired listening to your own fabricated theories?

You mentioned SOO many things that you call "fact" which is actually wrong. Not because someone is incompetent does it mean that what they are incompetent in truly is hard or impossible to do and therefore no one should attempt it or just give up, right?

Well that is EXACTLY what you are doing with this post.

"Impossible to get good deals these days?" You are not getting good deals because you do not know how to do it. PERIOD.

I get deals STILL 90% OFF ARV. Yes I get deals 10% ARV. Meaning if the house is worth $100K, I get them for $10K. I even get houses for 1% of the ARV. (Doesn't happen every day, BUT it still happens).

The TRUE reason wholesaling is hard (for you all) is because most of you plain and simply suck at lead generation. Now THAT is a fact.

DMM Cold calling bandit signs texting, door knocking tax liens absentee owners, yellow letters, handwritten letters, probate pre-foreclosures.... THAT is your problem. ALL of you call those "motivated leads and how to get them". All wrong.

Do you know what I keep hearing? If you are doing DMM and you don't get deals... it is because you don't do it enough. Do it more.

See.. that kind of crap is the most retarded thing ever. If something doesn't work, YOU STOP! You don't do it more?! Its that kind of mentality that make you all fail. BUT do it right. and you succeed.

So all reading his post... he is not all wrong.. the gurus do teach it wrong and illegally bla bla bla.. BUT do NOT blame it on "wholesaling" Wholesaling is perfectly fine and sustainable. If it is illegal where you are at, do a double close. Borrow the money buy it and sell it immediately after you buy it.

The real problem is that most wholesaler (wannabees) are flat out LAZY! You don't want to work. You want a shortcut. You don't want to make money first the hard way and once you have it, do it right. Get a job at McD, make money, save money, then start your business. You all WANT to think that wholesaling is the magic pill you take when you have no money but you want to be rich and famous with your lambo and travel the world with half naked voluptuous baby rabbits!

THAT is why you fail. Look at YOU, look in the mirror. The problem lies THERE. NOT with wholesaling.

You may be an experienced pro of 40 years but that doesn't mean you don't make mistakes or can't be thought (by someone that has done it for just 6 years).

If you think that in todays market it is impossible to get 50% off ARV deals, you do not understand motivation.

Motivation doesn't have anything to do with money. Motivation could be time, stress, illness what ever. Some people DO need to get rid of their house fast NOT for monetary gain but illness, stress, health what ever and the amount of money they will get is NOT the deciding factor. They can't list, they do not want to list, the house is crap what ever.

But yeah... these calls from wholesalers can be frustrating ;)

Carry on!

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Robert Roberiguez
Member since 2022 · 3 posts · 0 votes
4y
Quote from @Account Closed:

The truth about wholesaling real estate needs to be finally told from a real estate pro like myself with almost 40yrs in the real estate business with buying and selling properties all over Northern & Southern California. It's so much bad and borderline illegal information being taught by these Fake gurus that's just all lies!!!!....The facts are real estate so called wholesaling is extremely hard to do consistently and when you don't have no money, no nothing and you are flat broke an getting into real estate purchase contracts with sellers and lying to them about buying their property when you don't have any money is straight up FRAUD!!!! When you are living in your Momma's basement is the most stupidest thing you can get yourself into you are just asking for trouble because you don't know what you are doing!!!....Why this is being taught is absurd because you are falling in an area where you are brokering deals without a license and selling contracts which are selling securities without a license. That's what they don't tell the SUCKERS because it will never I mean never hold up in court when you get seud for fraud. What these so called wholesalers don't understand is that an real investor like myself needs to buy a fixer upper property at least 65%- 70% below market to make a profit on any deal because I have my own crews. That means a so called wholesaler needs to find a property at 50%- 60% below market to make any money if they know what they are doing it's impossible to do that consistently nobody is giving away properties these days. That's why 99.9% of them fail not lasting it's not an sustainable business model you can't buy at 75% -80% below market and make a profit with labor & products an supplies at all time highs just ask "Zillow Buys " that's why they got out the fix n flip business and they had Billions of wall street money!!!....It's about time an experienced pro like myself tells the public the truth because nobody is doing it be ME!!!!...I am sick and tired of these so called wholesalers calling me everyday about complete Trash deals wasting my time I block all of them Now!!!!

So wholesaling it’s illegal?
0 Reply
Terrell Garren
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
4y
Preach it brother!
Even a lemonade stand requires some knowledge and capital, unlike wholesaling.
10 Reply
Shari Capers
Member since 2021 · 8 posts · 16 votes
4y
I can understand where you are coming from. I think wholesaling can work if everyone has realistic expectations as well as being honest with all parties involved. I have been in the Residential Real Estate Industry for well over 20 years. I started looking into the Wholesale side due to the low inventory in my market. It took me a while to truly understand this side of the industry and still learning new concepts every day. What I do understand is this, you have to have the Seller and End Buyers to make a transaction work. You also need to understand ARV Value kind of similar to helping a seller derive a price on their home when repairs are needed. I do agree that there are a lot of Gurus out there taking advantage of new investors coming into the field. I think with any business venture you MUST do your due diligence and understand you are NOT going to get rich overnight.
13 Reply
Joe S.Pro Member
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
4y
Quote from @Account Closed:

The truth about wholesaling real estate needs to be finally told from a real estate pro like myself with almost 40yrs in the real estate business with buying and selling properties all over Northern & Southern California. It's so much bad and borderline illegal information being taught by these Fake gurus that's just all lies!!!!....The facts are real estate so called wholesaling is extremely hard to do consistently and when you don't have no money, no nothing and you are flat broke an getting into real estate purchase contracts with sellers and lying to them about buying their property when you don't have any money is straight up FRAUD!!!! When you are living in your Momma's basement is the most stupidest thing you can get yourself into you are just asking for trouble because you don't know what you are doing!!!....Why this is being taught is absurd because you are falling in an area where you are brokering deals without a license and selling contracts which are selling securities without a license. That's what they don't tell the SUCKERS because it will never I mean never hold up in court when you get seud for fraud. What these so called wholesalers don't understand is that an real investor like myself needs to buy a fixer upper property at least 65%- 70% below market to make a profit on any deal because I have my own crews. That means a so called wholesaler needs to find a property at 50%- 60% below market to make any money if they know what they are doing it's impossible to do that consistently nobody is giving away properties these days. That's why 99.9% of them fail not lasting it's not an sustainable business model you can't buy at 75% -80% below market and make a profit with labor & products an supplies at all time highs just ask "Zillow Buys " that's why they got out the fix n flip business and they had Billions of wall street money!!!....It's about time an experienced pro like myself tells the public the truth because nobody is doing it be ME!!!!...I am sick and tired of these so called wholesalers calling me everyday about complete Trash deals wasting my time I block all of them Now!!!!

A pro with only one one post And no pro account??
You know I’m just kidding now. Lol
2 Reply
Nick C.
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
4y
"That means a so called wholesaler needs to find a property at 50% - 60% below market to make any money..."
If only this were true. A strategy that's much more common these days: Find a property at 90% of ARV, and sell it for 100% of ARV by telling an unexperienced, wannabe flipper that it's worth 100k more than it is.
8 Reply
Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
4y
Quote from @Account Closed:

The truth about wholesaling real estate needs to be finally told from a real estate pro like myself with almost 40yrs in the real estate business with buying and selling properties all over Northern & Southern California. It's so much bad and borderline illegal information being taught by these Fake gurus that's just all lies!!!!....The facts are real estate so called wholesaling is extremely hard to do consistently and when you don't have no money, no nothing and you are flat broke an getting into real estate purchase contracts with sellers and lying to them about buying their property when you don't have any money is straight up FRAUD!!!! When you are living in your Momma's basement is the most stupidest thing you can get yourself into you are just asking for trouble because you don't know what you are doing!!!....Why this is being taught is absurd because you are falling in an area where you are brokering deals without a license and selling contracts which are selling securities without a license. That's what they don't tell the SUCKERS because it will never I mean never hold up in court when you get seud for fraud. What these so called wholesalers don't understand is that an real investor like myself needs to buy a fixer upper property at least 65%- 70% below market to make a profit on any deal because I have my own crews. That means a so called wholesaler needs to find a property at 50%- 60% below market to make any money if they know what they are doing it's impossible to do that consistently nobody is giving away properties these days. That's why 99.9% of them fail not lasting it's not an sustainable business model you can't buy at 75% -80% below market and make a profit with labor & products an supplies at all time highs just ask "Zillow Buys " that's why they got out the fix n flip business and they had Billions of wall street money!!!....It's about time an experienced pro like myself tells the public the truth because nobody is doing it be ME!!!!...I am sick and tired of these so called wholesalers calling me everyday about complete Trash deals wasting my time I block all of them Now!!!!

Ohh come on .. . Why take time of your day to complain be negative. Instead HELP, add value, contribute. BE HELPFUL!! This post does nothing other than discourage people with honestly wrong information.

OK I am going to be blunt... but know I still love you though!

NEVER let ignorance be the criteria you judge or measure anything by!

Trust me when I say, I feel your pain. I throw a fit with all the calls from wholesalers, I get you I really do, BUT... allow me to enlighten you and I hope it will make you a better investor.

The first few sentences you wrote are severely off-putting to me. You being a "savvy" investor... and you doing this for 40 years doesn't mean a thing!

I am 5 years into SEO and I beat the living CRAP out of ANYONE doing marketing (or I let myself think that). The length of time you have been doing something doesn't make you "good", "right" or "the expert" on it. It only means that you have been doing "it" long. It doesn't mean you are doing it correctly.

Not because apples are red and oranges are round does it mean that pears are sweeter, right? One has NOTHING to do with the other. It is foolish to even suggest this.

Wholesaling is absolutely sustainable, and I have proven this many many times. You just need to do it right. Get your leads in right and wholesaling is child's play!

What most of you are doing here on this thread, is finding the worst wholesalers, scammers and liars, and label THAT as "wholesaling" and then crapping on wholesaling assuming your own fabricated definition of wholesaling is true. Come on people. Don't you get tired listening to your own fabricated theories?

You mentioned SOO many things that you call "fact" which is actually wrong. Not because someone is incompetent does it mean that what they are incompetent in truly is hard or impossible to do and therefore no one should attempt it or just give up, right?

Well that is EXACTLY what you are doing with this post.

"Impossible to get good deals these days?" You are not getting good deals because you do not know how to do it. PERIOD.

I get deals STILL 90% OFF ARV. Yes I get deals 10% ARV. Meaning if the house is worth $100K, I get them for $10K. I even get houses for 1% of the ARV. (Doesn't happen every day, BUT it still happens).

The TRUE reason wholesaling is hard (for you all) is because most of you plain and simply suck at lead generation. Now THAT is a fact.

DMM Cold calling bandit signs texting, door knocking tax liens absentee owners, yellow letters, handwritten letters, probate pre-foreclosures.... THAT is your problem. ALL of you call those "motivated leads and how to get them". All wrong.

Do you know what I keep hearing? If you are doing DMM and you don't get deals... it is because you don't do it enough. Do it more.

See.. that kind of crap is the most retarded thing ever. If something doesn't work, YOU STOP! You don't do it more?! Its that kind of mentality that make you all fail. BUT do it right. and you succeed.

So all reading his post... he is not all wrong.. the gurus do teach it wrong and illegally bla bla bla.. BUT do NOT blame it on "wholesaling" Wholesaling is perfectly fine and sustainable. If it is illegal where you are at, do a double close. Borrow the money buy it and sell it immediately after you buy it.

The real problem is that most wholesaler (wannabees) are flat out LAZY! You don't want to work. You want a shortcut. You don't want to make money first the hard way and once you have it, do it right. Get a job at McD, make money, save money, then start your business. You all WANT to think that wholesaling is the magic pill you take when you have no money but you want to be rich and famous with your lambo and travel the world with half naked voluptuous baby rabbits!

THAT is why you fail. Look at YOU, look in the mirror. The problem lies THERE. NOT with wholesaling.

You may be an experienced pro of 40 years but that doesn't mean you don't make mistakes or can't be thought (by someone that has done it for just 6 years).

If you think that in todays market it is impossible to get 50% off ARV deals, you do not understand motivation.

Motivation doesn't have anything to do with money. Motivation could be time, stress, illness what ever. Some people DO need to get rid of their house fast NOT for monetary gain but illness, stress, health what ever and the amount of money they will get is NOT the deciding factor. They can't list, they do not want to list, the house is crap what ever.

But yeah... these calls from wholesalers can be frustrating ;)

Carry on!
15 Reply
Account Closed
Los Angeles, CA · Member since 2015 · 70 posts · 14 votes
4y
I sure hope you're a better realtor than a writer. That was difficult to read. Like looking at a report from a 10 year old that's lagging in English. Maybe you were rushed. Maybe your device's autocorrect was out of control. How about proofreading before posting? Works rather well.
Your points are spot on though. It is a borderline crime the fraud that is being perpetuated on unsuspecting newbies. They need help and don't like to read but figure a "course" is going to be more like a video but also interactive. They don't realize there is often almost no interactivity at all and all they've bought are videos and an ebook. Really expensive videos and a really expensive ebook. Courses sold today are very, very profitable, that's why everyone is jumping on the bandwagon and packing them. Many are hundreds of dollars. Who gets hundreds of dollars for each ebook they sell today? As they say, follow the money. When the course teacher looks like they barely eeked through puberty, you know experience is not going to be a part of this equation and the content's accuracy is going to be very hit and miss. You see the exact same thing for get rich quick schemes for the stock market, only there its even more absurd and it is often clearly and blatantly fraudulent.
Snake oil salesman have been around for a long, long time. If you need info start learning. Make it 99% text and 1% video. Make notes. Ask questions in forums like here. Gradually the pieces of the puzzle will come together. And in the meantime do everything possible to REALLY minimize your expenses and practice your discipline in a variety of areas. Because you'll really need that later. Also compartmentalize the process. There's the buying, then the renovating, then the renting, then the decision to refinance or sell or hold. Learn tax basics for your area as well. Each area has its experts and very few people are very good at more than one area. You'll see that after a while. You'll be drawn to one of these areas. So you'll need to actively work on the others because they don't seem as interesting.
Impulse control: This needs to be very strong. You need to be able to laugh at your impulses to spend your hard earned money. If you have to buy substantial things, make sure they are used, never new, so you can resell them and recover most if not all of your money when you're through with them. That's smart spending. Learn how to sell locally and online. Both are crucial. Larger, heavier items that aren't expensive cannot be shipped, they have to be sold locally.
5 Reply
Marty Boardman
Real Estate Investor and Instructor · Gilbert, AZ · Member since 2010 · 303 posts · 332 votes
4y
I started wholesaling in 2003 (like most new real estate investors). I bought two courses (on cassette tapes) and actually found them to be informative. They helped to straighten the learning curve, but I could have probably figured it out on my own.

Wholesaling was not a sustainable business for me. I'm not a hustler and I suck at lead generation/follow up, so after about 3 years I burned out.

That said, I know of many successful wholesalers where I fix and flip in Arizona and Wisconsin that have built honest, sustainable businesses. I'm not sure who they learned from, but they received good instruction because when I buy houses from them the process is efficient and professional. Of course, I do my due diligence, and they bring me lots of deals that I pass on because the numbers don't work. But, these wholesalers are still legit.

I'm sorry Christopher this hasn't been your experience. I believe the real estate investment ecosystem needs wholesalers, fix and flippers and buy and holders. Each provides a valuable service for buyers, sellers and tenants. I suppose there will always be bad apples like in any other industry.
7 Reply
Scott Schultz
Rental Property Investor · West Bend, WI · Member since 2015 · 931 posts · 598 votes
4y
@Account Closed 40 years in? and you havent retired yet? you are doing it wrong if you are still out there hustling. I know it takes some people longer than others, but man i feel sorry for you. Im over here retired at 44, 3 years ago, and living large on my cashflow. Wholesaling is a JOB, just like selling real estate, or fixing cars, or pounding nails, or that mind numbing middle management position at a fortune 500. Folks take this advice: Never take advice from someone you wouldnt trade places with.

8 Reply
Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
4y
Quote from @Account Closed:

I stand by my post 1000% its very true and Facts what kind of market is a person investing in buying properties for 10k? Definitely not in high cost Metropolitan markets where the real money is made No its in these "BOO-BOO" markets where land is worth nothing and the median cost of a home is very low!.....You cannot build any kind of true wealth doing so called wholesaling because you own nothing you are not building no equity no nothing that's why 99.9% of them fail!......The Real Estate business is not easy an you must be in my opinion at least 20 yrs of owning properties and dealing with recession periods in Markets and dealing with and surviving lawsuits which will always happen when you are dealing with tenants and alot of properties anyone with less than 20yrs in real estate is still a rookie and will be probably wiped out in the next downturn in the Market especially those " "BOO-BOO" markets!.....Like I said in my last post real investors real pros need to Block them they are parasites of the industry and will be soon banned for their illegal activities from new laws being put in place.

I truly pity you if that is what you think. You are universally wrong, completely irrelevant weather you stand by your post or not. Again, you standing 1000% by your post doesn't make it right.
You simply are not doing it correctly, and that is why you are frustrated by it all. You can either put that ego down and learn from those that can, or you can "stand 1000% by your post", be defiant, and draw wrong conclusions. Which of these 2 paths will get you somewhere?
I really wished you would drop that ego because some of here DO want to help and teach and help you improve, but you need to be willing to be taught!
Either way, best of luck my man. One day you WILL see that the intelligent person is one that KNOWS they don't know everything!
1 Reply
Will Sifert
Investor · Covington, LA · Member since 2012 · 517 posts · 317 votes
4y
Quote from @Jerryll Noorden:

Quote from @Account Closed:

The truth about wholesaling real estate needs to be finally told from a real estate pro like myself with almost 40yrs in the real estate business with buying and selling properties all over Northern & Southern California. It's so much bad and borderline illegal information being taught by these Fake gurus that's just all lies!!!!....The facts are real estate so called wholesaling is extremely hard to do consistently and when you don't have no money, no nothing and you are flat broke an getting into real estate purchase contracts with sellers and lying to them about buying their property when you don't have any money is straight up FRAUD!!!! When you are living in your Momma's basement is the most stupidest thing you can get yourself into you are just asking for trouble because you don't know what you are doing!!!....Why this is being taught is absurd because you are falling in an area where you are brokering deals without a license and selling contracts which are selling securities without a license. That's what they don't tell the SUCKERS because it will never I mean never hold up in court when you get seud for fraud. What these so called wholesalers don't understand is that an real investor like myself needs to buy a fixer upper property at least 65%- 70% below market to make a profit on any deal because I have my own crews. That means a so called wholesaler needs to find a property at 50%- 60% below market to make any money if they know what they are doing it's impossible to do that consistently nobody is giving away properties these days. That's why 99.9% of them fail not lasting it's not an sustainable business model you can't buy at 75% -80% below market and make a profit with labor & products an supplies at all time highs just ask "Zillow Buys " that's why they got out the fix n flip business and they had Billions of wall street money!!!....It's about time an experienced pro like myself tells the public the truth because nobody is doing it be ME!!!!...I am sick and tired of these so called wholesalers calling me everyday about complete Trash deals wasting my time I block all of them Now!!!!

Ohh come on .. . Why take time of your day to complain be negative. Instead HELP, add value, contribute. BE HELPFUL!! This post does nothing other than discourage people with honestly wrong information.

OK I am going to be blunt... but know I still love you though!

NEVER let ignorance be the criteria you judge or measure anything by!

Trust me when I say, I feel your pain. I throw a fit with all the calls from wholesalers, I get you I really do, BUT... allow me to enlighten you and I hope it will make you a better investor.

The first few sentences you wrote are severely off-putting to me. You being a "savvy" investor... and you doing this for 40 years doesn't mean a thing!

I am 5 years into SEO and I beat the living CRAP out of ANYONE doing marketing (or I let myself think that). The length of time you have been doing something doesn't make you "good", "right" or "the expert" on it. It only means that you have been doing "it" long. It doesn't mean you are doing it correctly.

Not because apples are red and oranges are round does it mean that pears are sweeter, right? One has NOTHING to do with the other. It is foolish to even suggest this.

Wholesaling is absolutely sustainable, and I have proven this many many times. You just need to do it right. Get your leads in right and wholesaling is child's play!

What most of you are doing here on this thread, is finding the worst wholesalers, scammers and liars, and label THAT as "wholesaling" and then crapping on wholesaling assuming your own fabricated definition of wholesaling is true. Come on people. Don't you get tired listening to your own fabricated theories?

You mentioned SOO many things that you call "fact" which is actually wrong. Not because someone is incompetent does it mean that what they are incompetent in truly is hard or impossible to do and therefore no one should attempt it or just give up, right?

Well that is EXACTLY what you are doing with this post.

"Impossible to get good deals these days?" You are not getting good deals because you do not know how to do it. PERIOD.

I get deals STILL 90% OFF ARV. Yes I get deals 10% ARV. Meaning if the house is worth $100K, I get them for $10K. I even get houses for 1% of the ARV. (Doesn't happen every day, BUT it still happens).

The TRUE reason wholesaling is hard (for you all) is because most of you plain and simply suck at lead generation. Now THAT is a fact.

DMM Cold calling bandit signs texting, door knocking tax liens absentee owners, yellow letters, handwritten letters, probate pre-foreclosures.... THAT is your problem. ALL of you call those "motivated leads and how to get them". All wrong.

Do you know what I keep hearing? If you are doing DMM and you don't get deals... it is because you don't do it enough. Do it more.

See.. that kind of crap is the most retarded thing ever. If something doesn't work, YOU STOP! You don't do it more?! Its that kind of mentality that make you all fail. BUT do it right. and you succeed.

So all reading his post... he is not all wrong.. the gurus do teach it wrong and illegally bla bla bla.. BUT do NOT blame it on "wholesaling" Wholesaling is perfectly fine and sustainable. If it is illegal where you are at, do a double close. Borrow the money buy it and sell it immediately after you buy it.

The real problem is that most wholesaler (wannabees) are flat out LAZY! You don't want to work. You want a shortcut. You don't want to make money first the hard way and once you have it, do it right. Get a job at McD, make money, save money, then start your business. You all WANT to think that wholesaling is the magic pill you take when you have no money but you want to be rich and famous with your lambo and travel the world with half naked voluptuous baby rabbits!

THAT is why you fail. Look at YOU, look in the mirror. The problem lies THERE. NOT with wholesaling.

You may be an experienced pro of 40 years but that doesn't mean you don't make mistakes or can't be thought (by someone that has done it for just 6 years).

If you think that in todays market it is impossible to get 50% off ARV deals, you do not understand motivation.

Motivation doesn't have anything to do with money. Motivation could be time, stress, illness what ever. Some people DO need to get rid of their house fast NOT for monetary gain but illness, stress, health what ever and the amount of money they will get is NOT the deciding factor. They can't list, they do not want to list, the house is crap what ever.

But yeah... these calls from wholesalers can be frustrating ;)

Carry on!

Sorry I didn’t read all of that, I stopped at the part where you said “the length of time you have been doing something doesn’t mean you are good at it just that you have been doing long. “
I use to think that way too when I was in my mid twenties. Nothing can replace experience. Through experience we continue to grow and learn and become better. I still learn every day and I know I will learn something new tomorrow and I will be smarter for it.

2 Reply
Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
4y
Quote from @Will Sifert:

Quote from @Jerryll Noorden:

Quote from @Account Closed:

Sorry I didn’t read all of that, I stopped at the part where you said “the length of time you have been doing something doesn’t mean you are good at it just that you have been doing long. “
I use to think that way too when I was in my mid twenties. Nothing can replace experience. Through experience we continue to grow and learn and become better. I still learn every day and I know I will learn something new tomorrow and I will be smarter for it.

If you truly think that the length of time you have been doing something, is some indication of how good you are, you are honestly not very intelligent. Experience doesn't mean you are good at something, or that you are doing it correctly, or effectively right?

Look man:

Imagine knowing someone that fishes for a living. For 40 years he has been trying to catch fish by swimming after them. So far he caught 3 fish in 40 years.

With that 40 years of "experience" he must be one of the best fishermen in the world.. right?

The OP is doing this for 40 years, right?

Me.. with my 6 measly years of experience, am doing 4 to 12 leads a day, all free, all motivated, I don't do anything I don't lift a finger, I don't spend a cent.

DARE telling me I should be impressed that he has done it for 40 years already, and therefore should I somehow translate this as he being good at it. Gurlfriend please!

In fact, (no offense) but I found it embarrassing (no one is judging... we are all here to learn and improve) he has been doing it for 40 years to then write an ignorant post like this. He (in my eyes) is not a very good investor (I am not saying he isn't good.. I am just saying, in MY eyes, he is not anyone to look up to, and I just have 6 years experience).

I have been doing this for just 6 years right? Within 7 months of doing this, we have been making over $250,000 in profits every month... scaling to $1M/month. This is 7 months after I started. If his 40 years of experience gives him "skills", does it mean that my 7 months of experience, lacks me in skills? If the answer is "NO", then I have MATHEMATICALLY proven you wrong. Look up "Proof Theory" in the field of applied mathematics.

Experience on its own is no indication of anything. Experience, simply means you have been doing something for long. Experience+Intelligence on the other hand is a more complete model. Adding "intelligence" to the equation is what TRIES ensure that what you have been doing for so long is actually effective.

See the difference? Your flaw is thinking that experience means having done something the right way for a long time. Experience is great, but I take intelligence over experience any day. With intelligence one doesn't need much experience to succeed. Experience without intelligence... well you will be doing it for 30 years and still hustling to make it!

It is because of intelligence I have grown my business WITHOUT ANY EXPERIENCE into a multi million dollar company!

You are universally wrong, this is fact, not opinion no matter how much you reply, whine, or stomp your feet.

1 Reply
Luka Milicevic
Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
4y
I've never really met anyone that is nothing but a true wholesaler.
Usually it's investors just sending off deals they don't want, or that make the most sense as wholesales.
1 Reply
Will Sifert
Investor · Covington, LA · Member since 2012 · 517 posts · 317 votes
4y
Quote from @Jerryll Noorden:

Quote from @Will Sifert:

Quote from @Jerryll Noorden:

Quote from @Account Closed:

Sorry I didn’t read all of that, I stopped at the part where you said “the length of time you have been doing something doesn’t mean you are good at it just that you have been doing long. “
I use to think that way too when I was in my mid twenties. Nothing can replace experience. Through experience we continue to grow and learn and become better. I still learn every day and I know I will learn something new tomorrow and I will be smarter for it.

If you truly think that the length of time you have been doing something, is some indication of how good you are, you are honestly not very intelligent. Experience doesn't mean you are good at something, or that you are doing it correctly, or effectively right?

Look man:

Imagine knowing someone that fishes for a living. For 40 years he has been trying to catch fish by swimming after them. So far he caught 3 fish in 40 years.

With that 40 years of "experience" he must be one of the best fishermen in the world.. right?

The OP is doing this for 40 years, right?

Me.. with my 6 measly years of experience, am doing 4 to 12 leads a day, all free, all motivated, I don't do anything I don't lift a finger, I don't spend a cent.

DARE telling me I should be impressed that he has done it for 40 years already, and therefore should I somehow translate this as he being good at it. Gurlfriend please!

In fact, (no offense) but I found it embarrassing (no one is judging... we are all here to learn and improve) he has been doing it for 40 years to then write an ignorant post like this. He (in my eyes) is not a very good investor (I am not saying he isn't good.. I am just saying, in MY eyes, he is not anyone to look up to, and I just have 6 years experience).

I have been doing this for just 6 years right? Within 7 months of doing this, we have been making over $250,000 in profits every month... scaling to $1M/month. This is 7 months after I started. If his 40 years of experience gives him "skills", does it mean that my 7 months of experience, lacks me in skills? If the answer is "NO", then I have MATHEMATICALLY proven you wrong. Look up "Proof Theory" in the field of applied mathematics.

Experience on its own is no indication of anything. Experience, simply means you have been doing something for long. Experience+Intelligence on the other hand is a more complete model. Adding "intelligence" to the equation is what TRIES ensure that what you have been doing for so long is actually effective.

See the difference? Your flaw is thinking that experience means having done something the right way for a long time. Experience is great, but I take intelligence over experience any day. With intelligence one doesn't need much experience to succeed. Experience without intelligence... well you will be doing it for 30 years and still hustling to make it!

It is because of intelligence I have grown my business WITHOUT ANY EXPERIENCE into a multi million dollar company!

You are universally wrong, this is fact, not opinion no matter how much you reply, whine, or stomp your feet.

Your assumption and analogy is ****. If someone was "fishing" for a living and could only catch 3 fish over 40 years, they would have went out of business day 1. No one would continue to do something for a living that produces no results. So if you have been doing something for 40 years for a living, you have to be at least good at it or you would have failed and moved on to something else early on.

I never said length of time doing something = how good you are at it. There could be people who have been doing something for a short period of time that is more successful than someone who has been doing it for 10x longer than them, that is common sense. I responded to your comment "
The length of time you have been doing something doesn't make you
"good", "right" or "the expert" on it. It only means that you have been
doing "it" long. It doesn't mean you are doing it correctly. "

I will say it again, there is no substitute for experience. You are totally discounting the importance of experience, the longer they do something, the more they will learn from mistakes, from new situations or new methods, how things change over time. It most definitely will make YOU better the more you learn. You might think you know everything, but you don't. You simply don't know what you don't know. You will know a lot more about SEO in 10 years than you do right now. It doesn't mean you can't be great and better than others when you are new.

Another good thing that you will learn from experience is to not be so sensitive. I made a simple comment to not discount the importance of experience and you went on a long tirade, was quick to totally misinterpret what I said, you felt the need to insult me and get your feelings hurt all while patting yourself on the back about how awesome you are.

You have a huge chip on your shoulder. People don't care if you do a million in a day, a week, a year or what ever. You don't have to try to impress or prove anything to anyone. Why waste your time typing all of that crap? Instead why not listen to people even if you think you are better than everyone else you might just learn something from them instead of trying to prove why you are better. You can waste your time trying to prove yourself or you can spend your time learning more from others and bettering yourself... Obviously the choice is yours.

5 Reply
Brian Garlington
Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
4y
Quote from @Joe S.:

Quote from @Account Closed:

The truth about wholesaling real estate needs to be finally told from a real estate pro like myself with almost 40yrs in the real estate business with buying and selling properties all over Northern & Southern California. It's so much bad and borderline illegal information being taught by these Fake gurus that's just all lies!!!!....The facts are real estate so called wholesaling is extremely hard to do consistently and when you don't have no money, no nothing and you are flat broke an getting into real estate purchase contracts with sellers and lying to them about buying their property when you don't have any money is straight up FRAUD!!!! When you are living in your Momma's basement is the most stupidest thing you can get yourself into you are just asking for trouble because you don't know what you are doing!!!....Why this is being taught is absurd because you are falling in an area where you are brokering deals without a license and selling contracts which are selling securities without a license. That's what they don't tell the SUCKERS because it will never I mean never hold up in court when you get seud for fraud. What these so called wholesalers don't understand is that an real investor like myself needs to buy a fixer upper property at least 65%- 70% below market to make a profit on any deal because I have my own crews. That means a so called wholesaler needs to find a property at 50%- 60% below market to make any money if they know what they are doing it's impossible to do that consistently nobody is giving away properties these days. That's why 99.9% of them fail not lasting it's not an sustainable business model you can't buy at 75% -80% below market and make a profit with labor & products an supplies at all time highs just ask "Zillow Buys " that's why they got out the fix n flip business and they had Billions of wall street money!!!....It's about time an experienced pro like myself tells the public the truth because nobody is doing it be ME!!!!...I am sick and tired of these so called wholesalers calling me everyday about complete Trash deals wasting my time I block all of them Now!!!!

A pro with only one one post And no pro account??
You know I’m just kidding now. Lol

0 Reply
Brian Garlington
Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
4y
At that rate sounds like he does 250 wholesale deals a year.........
If you think about it, maybe the other poster is potentially trying to prevent more people to get into wholesaling. Utilizing a clickbait type of title is a great way to get attention, which is exactly what he did.
Here on BP I tend to give very little credence to anyone who is not readily transparent with their picture. Just like on LinkedIn, this is a Social Media Website but catered towards real estate investors and when someone is vague about their appearance it is a red flag. Pictures of your kids are cute as are, pictures of dogs and cats,...but when you don't have a clear picture of yourself here on BP it makes you wonder what else they may be hiding.
Just my two cents.
2 Reply
Dustin P.
Realtor · Tempe, AZ · Member since 2017 · 541 posts · 442 votes
4y
Yeah man wholesaling sucks, anyone doing it should definitely stop right now. Shoot me over your list of contacts first though but then for sure get out of the game, it's not sustainable
4 Reply
Lydia R.
Investor · Austin TX · Member since 2016 · 1k+ posts · 2k+ votes
4y
@Scott Schultz I love that! Never take advice from someone you would trade places with. That is the gem in this thread that started with so much negativity and flat out complaining. Thank you very much!
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Quote from @Account Closed:

I have bought & sold over 10,000 properties in my 40yrs in the real estate business I have Mastered the game the very best in my field of distress foreclosure properties in the S.F. Bay Area which is one of the most expensive areas to live in the United States with the average median price home at $1.7m!!!...I have survived recession, downturns in the Market and many, many other things and came out bigger and stronger because of my experience.... These rookies that been around a couple years and are in these low cost BOO-BOO Markets will be wipe out in the next recession.

do you remember Al Florida and Shep .. they had an office next to me in Oakland on 11th st.. at the time I had just took over Langer Mortgage and my big client was Ray Castor. But that was the old days they were forclosure buyers and you walk in their office and they had the legal papers all clipped out and suit cases full of cash :)

I now dont do much in CA since the price points are so high and there was a race to the bottom on lending for fix and flip by the bottom I mean rates and points.. you enjoy the absolute lowest rates and points in the SF bay area compared to other markets..

So I work extensively in Boo Boo land these days and carved out a niche in the sub 100k fix and flip that no one wants to do for better or worse these markets are pretty much dominated by wholesalers.. but what you see or what I see on the huds is in each market I work I and I work 7 markets. there is maybe one or two recurring wholesale companies where I can say the owner is making significant income probably 300 to 500k net a year maybe more maybe a little less.. then you have all the others who come and go and fade away..

To be a big time wholesaler you do need to be vertically integrated and you need significant capital for lead gen.. Just like we now see prime time TV adds from we buy houses folks, and the offer pads of the world.

however there is no question that in many to most markets its just simply a violation of real estate brokerage laws to bring two parties together when your sole business model is to make fee's like 99% of wholesalers do.

States are now cracking down in IL they got specific.. but that will not stop guru's from selling their systems and or people from breaking the laws.. But it is what it is.
Podcast Guest on Show #222
JLH Capital Partners51 Review
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6 Reply
Patrick Kaiser
Real Estate Agent · Mesa, AZ · Member since 2020 · 46 posts · 76 votes
4y
Quote from @Jay Hinrichs:

Quote from @Account Closed:

I have bought & sold over 10,000 properties in my 40yrs in the real estate business I have Mastered the game the very best in my field of distress foreclosure properties in the S.F. Bay Area which is one of the most expensive areas to live in the United States with the average median price home at $1.7m!!!...I have survived recession, downturns in the Market and many, many other things and came out bigger and stronger because of my experience.... These rookies that been around a couple years and are in these low cost BOO-BOO Markets will be wipe out in the next recession.

do you remember Al Florida and Shep .. they had an office next to me in Oakland on 11th st.. at the time I had just took over Langer Mortgage and my big client was Ray Castor. But that was the old days they were forclosure buyers and you walk in their office and they had the legal papers all clipped out and suit cases full of cash :)

I now dont do much in CA since the price points are so high and there was a race to the bottom on lending for fix and flip by the bottom I mean rates and points.. you enjoy the absolute lowest rates and points in the SF bay area compared to other markets..

So I work extensively in Boo Boo land these days and carved out a niche in the sub 100k fix and flip that no one wants to do for better or worse these markets are pretty much dominated by wholesalers.. but what you see or what I see on the huds is in each market I work I and I work 7 markets. there is maybe one or two recurring wholesale companies where I can say the owner is making significant income probably 300 to 500k net a year maybe more maybe a little less.. then you have all the others who come and go and fade away..

To be a big time wholesaler you do need to be vertically integrated and you need significant capital for lead gen.. Just like we now see prime time TV adds from we buy houses folks, and the offer pads of the world.

however there is no question that in many to most markets its just simply a violation of real estate brokerage laws to bring two parties together when your sole business model is to make fee's like 99% of wholesalers do.

States are now cracking down in IL they got specific.. but that will not stop guru's from selling their systems and or people from breaking the laws.. But it is what it is.

They have recently passed new laws targeting wholesaling in AZ as well
2 Reply
Matt M.
Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
4y
I have yet to be brought a good lead after being in tons of lists.
I looked at a “deal” last week, it was totally the opposite of what I was told about the property. Total trash, total lies.
7 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Quote from @Patrick Kaiser:

Quote from @Jay Hinrichs:

Quote from @Account Closed:

I have bought & sold over 10,000 properties in my 40yrs in the real estate business I have Mastered the game the very best in my field of distress foreclosure properties in the S.F. Bay Area which is one of the most expensive areas to live in the United States with the average median price home at $1.7m!!!...I have survived recession, downturns in the Market and many, many other things and came out bigger and stronger because of my experience.... These rookies that been around a couple years and are in these low cost BOO-BOO Markets will be wipe out in the next recession.

do you remember Al Florida and Shep .. they had an office next to me in Oakland on 11th st.. at the time I had just took over Langer Mortgage and my big client was Ray Castor. But that was the old days they were forclosure buyers and you walk in their office and they had the legal papers all clipped out and suit cases full of cash :)

I now dont do much in CA since the price points are so high and there was a race to the bottom on lending for fix and flip by the bottom I mean rates and points.. you enjoy the absolute lowest rates and points in the SF bay area compared to other markets..

So I work extensively in Boo Boo land these days and carved out a niche in the sub 100k fix and flip that no one wants to do for better or worse these markets are pretty much dominated by wholesalers.. but what you see or what I see on the huds is in each market I work I and I work 7 markets. there is maybe one or two recurring wholesale companies where I can say the owner is making significant income probably 300 to 500k net a year maybe more maybe a little less.. then you have all the others who come and go and fade away..

To be a big time wholesaler you do need to be vertically integrated and you need significant capital for lead gen.. Just like we now see prime time TV adds from we buy houses folks, and the offer pads of the world.

however there is no question that in many to most markets its just simply a violation of real estate brokerage laws to bring two parties together when your sole business model is to make fee's like 99% of wholesalers do.

States are now cracking down in IL they got specific.. but that will not stop guru's from selling their systems and or people from breaking the laws.. But it is what it is.

They have recently passed new laws targeting wholesaling in AZ as well

can you cite the code number or expound on it please.
Podcast Guest on Show #222
JLH Capital Partners51 Review
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0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Quote from @Account Closed:

Hey Jay those 3 people you mentioned Shep, Big Al Florida, Ray Castor are legends in Oakland and Bay Area real estate Market. I learned the business studying them when I started out in the early 80s. Shep is gone and Ray Castor passed away. But Big Al Florida is still active in the Foreclosure game. I am the only one still around since the early 80s from my era that lasted in the foreclosure game because Big Al , Shep , Ray Caster started back in the 70s...Its nobody still around doing it big like myself in the Oakland S.F Bay Area from my era I am the last man standing "The Flip King" ....."The King of The Flip"

Did you know Jack and Tilly Langer I ended up owning langer mortgage Jack did thousands of loans in Alameda county. Also Bruno Brunsell did you know him ?? and the Athena nile club :)
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Paul Merriwether
Investor · Oakland, CA · Member since 2015 · 141 posts · 82 votes
4y
Quote from @Jay Hinrichs:

Quote from @Account Closed:

I have bought & sold over 10,000 properties in my 40yrs in the real estate business I have Mastered the game the very best in my field of distress foreclosure properties in the S.F. Bay Area which is one of the most expensive areas to live in the United States with the average median price home at $1.7m!!!...I have survived recession, downturns in the Market and many, many other things and came out bigger and stronger because of my experience.... These rookies that been around a couple years and are in these low cost BOO-BOO Markets will be wipe out in the next recession.

do you remember Al Florida and Shep .. they had an office next to me in Oakland on 11th st.. at the time I had just took over Langer Mortgage and my big client was Ray Castor. But that was the old days they were forclosure buyers and you walk in their office and they had the legal papers all clipped out and suit cases full of cash :)

I now dont do much in CA since the price points are so high and there was a race to the bottom on lending for fix and flip by the bottom I mean rates and points.. you enjoy the absolute lowest rates and points in the SF bay area compared to other markets..

So I work extensively in Boo Boo land these days and carved out a niche in the sub 100k fix and flip that no one wants to do for better or worse these markets are pretty much dominated by wholesalers.. but what you see or what I see on the huds is in each market I work I and I work 7 markets. there is maybe one or two recurring wholesale companies where I can say the owner is making significant income probably 300 to 500k net a year maybe more maybe a little less.. then you have all the others who come and go and fade away..

To be a big time wholesaler you do need to be vertically integrated and you need significant capital for lead gen.. Just like we now see prime time TV adds from we buy houses folks, and the offer pads of the world.

however there is no question that in many to most markets its just simply a violation of real estate brokerage laws to bring two parties together when your sole business model is to make fee's like 99% of wholesalers do.

States are now cracking down in IL they got specific.. but that will not stop guru's from selling their systems and or people from breaking the laws.. But it is what it is.

@Jay Hinrichs

Al Florida & Shepard (the Dog) changed CA foreclose laws. Because of their activity approaching homeowners that received pre-foreclosure notices.

Chris your name sounds so familiar from back in the day. I worked for IBM servicing their machines at Alameda Cty computer room where I first met Al Florida. Al was a computer operator that figured out the pre-foreclosure data first came through their systems prior to appearing in EAST BAY publications. Al took that info & with Shepard's real estate Broker knowledge knocked on homeowner doors. They initially took title to the properties through Quit Claim deeds giving the owners maybe $3k - $5k. Their system worked well for a very long time. However laws changed, while Al & Shepard became wealthy. :) :)

Al taught me how to change my clutch in my 1965 GTO, Al owned a 1966 Green GTO. We were young men enjoying life in Oakland & Berkeley, CA. I too was buying rentals yet doing it all wrong. I did all the work while Al realized the money was in getting the deal & having others do the grunt work. Al eventually graduated to foreclosure sales ... from what I read in the papers they were rigging the purchases.

@Account Closed It's good to know Al is still alive & doing well. Say hey to him for me when you speak to him again. Wishing you both continued success in real estate.
Paul Merriwether
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Quote from @Paul Merriwether:

Quote from @Jay Hinrichs:

Quote from @Account Closed:

I have bought & sold over 10,000 properties in my 40yrs in the real estate business I have Mastered the game the very best in my field of distress foreclosure properties in the S.F. Bay Area which is one of the most expensive areas to live in the United States with the average median price home at $1.7m!!!...I have survived recession, downturns in the Market and many, many other things and came out bigger and stronger because of my experience.... These rookies that been around a couple years and are in these low cost BOO-BOO Markets will be wipe out in the next recession.

do you remember Al Florida and Shep .. they had an office next to me in Oakland on 11th st.. at the time I had just took over Langer Mortgage and my big client was Ray Castor. But that was the old days they were forclosure buyers and you walk in their office and they had the legal papers all clipped out and suit cases full of cash :)

I now dont do much in CA since the price points are so high and there was a race to the bottom on lending for fix and flip by the bottom I mean rates and points.. you enjoy the absolute lowest rates and points in the SF bay area compared to other markets..

So I work extensively in Boo Boo land these days and carved out a niche in the sub 100k fix and flip that no one wants to do for better or worse these markets are pretty much dominated by wholesalers.. but what you see or what I see on the huds is in each market I work I and I work 7 markets. there is maybe one or two recurring wholesale companies where I can say the owner is making significant income probably 300 to 500k net a year maybe more maybe a little less.. then you have all the others who come and go and fade away..

To be a big time wholesaler you do need to be vertically integrated and you need significant capital for lead gen.. Just like we now see prime time TV adds from we buy houses folks, and the offer pads of the world.

however there is no question that in many to most markets its just simply a violation of real estate brokerage laws to bring two parties together when your sole business model is to make fee's like 99% of wholesalers do.

States are now cracking down in IL they got specific.. but that will not stop guru's from selling their systems and or people from breaking the laws.. But it is what it is.

@Jay Hinrichs >>

do you remember Al Florida and Shep .. they had an office next to me in Oakland on 11th st.. at the time I had just took over Langer Mortgage and my big client was Ray Castor. But that was the old days they were foreclosure buyers and you walk in their office and they had the legal papers all clipped out and suit cases full of cash :) <<

Al Florida & Shepard (the Dog) changed CA foreclose laws. Because of their activity approaching homeowners that received pre-foreclosure notices.

Chris your name sounds so familiar from back in the day. I worked for IBM servicing their machines at Alameda Cty computer room where I first met Al Florida. Al was a computer operator that figured out the pre-foreclosure data first came through their systems prior to appearing in EAST BAY publications. Al took that info & with Shepard's real estate Broker knowledge knocked on homeowner doors. They initially took title to the properties through Quit Claim deeds giving the owners maybe $3k - $5k. Their system worked well for a very long time. However laws changed, while Al & Shepard became wealthy. :) :)

Al taught me how to change my clutch in my 1965 GTO, Al owned a 1966 Green GTO. We were young men enjoying life in Oakland & Berkeley, CA. I too was buying rentals yet doing it all wrong. I did all the work while Al realized the money was in getting the deal & having others do the grunt work. Al eventually graduated to foreclosure sales ... from what I read in the papers they were rigging the purchases.

@Account Closed It's good to know Al is still alive & doing well. Say hey to him for me when you speak to him again. Wishing you both continued success in real estate.
Paul Merriwether

as i mentioned I officed next to them and they would have their rolls in the garage suitcase full of cash and a pistol. they were intimidating as hell at the foreclosure sales.. Colluding or bid rigging is still ripe to this day..
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JLH Capital Partners51 Review
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2 Reply

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