Wholesellers - Stop. Read this. Wholesaling is ...

Cody L. · 2022-04-29T09:44:02-07:00

...Dumb. [Sorry to be mean. My comments as an owner -- rant ahead] Seriously. How much are you guys paying for your "lists". How many of you think buying a list of: owners that got a red tag. owners that got an eviction. owners with an out of state address, etc is going to be the key to finding a distressed buyer. Here is screen shots of texts to my phone. Keep in mind: * I normally delete them. So this is just wants left (I get more)* This only includes texts that have the name "Sebastian" in them (which isn't even my name. It's the guy I sold it to. Which means I get texts about just this one property that are not on here as the 1st name isn't referenced thus didn't show in my search)* I sold this property maybe 15 years ago. It was literally one of my first SFH fix and flips. So daaamn, how out of date can this be? Do you think when you buy your lists to spam, that its not going to be someone that's got 100000 texts, emails, calls already? The lists you buy have out of date info. They're being bought by the same billion other people who saw some post on BP about how to make money with no money. And even if you get a reply, you still have to somehow get it under contract at a price that'll allow you to assign it to someone else (or double close). I just can't think there are people making money in this space. And if there are, it can't be more than 1% of the people. The rest are taking classes ($), buying books ($), buying lists ($), paying for text blasting ($), email blasting ($), having virtual assistance to call and spam people ($). Even if you do get a deal, after you subtract all your costs, what are you making per hour? Now I'm sure of the 1,000,000 readers of BP, a few might comment "Oh you're so wrong. Just last year I assigned a house and made $6,000!". And that's great. But -- and I don't want to sound like the filthy 1%'er I am -- couldn't you have added way more value to your life by spending that time and energy in a different aspect of RE? Enough rant. Here are some texts. Again, this is just for ONE house (that I sold a looooong time ago). And it's just the texts that have the buyers name and the ones I didn't delete. PS: I've actually replied to a few of them. I used to say something like "That's not mine, but if you'd like to offer on something of mine, here is a list of what I have", etc. Or sometimes I'll ask about what list they bought that had the specific property they're asking about. Know how many people replied back? Nearly zero. Which is crazy since if this is a numbers game (blast to 1,000,000 people. Hope 1% reply. Of those, hope 1% you can get under contract. Of that, hope 10% can make $). You'd think any reply would cause an action. But nope. So really -- maybe -- I just don't get it. Maybe I'm the dumb one. Maybe these guys are crushing it and I'm just pounding away on my keyboard on BP like a dork.

Caleb Bryant

Rental Property Investor · Huntsville, AL · Member since 2015 · 401 posts · 309 votes

4y

This thread is hilarious haha. There are definitely bad wholesalers, just like there are bad agents, bad landlords, bad (insert any job). But trust me, plenty of wholesalers are making real money. It isn't all just "Join my coaching program" though there definitely is some of that happening. Everyone I know who wholesales as more than just a side gig is making wayyyyy more than a typical W2, but most of the people I see who are angry are the people who aren't good at finding deals. Also, to the people who want wholesaling illegal, we will just double close it if that's the case lol

2 Reply

Dustin P.

Realtor · Tempe, AZ · Member since 2017 · 541 posts · 442 votes

4y

Quote from @Caleb Bryant:

This thread is hilarious haha. There are definitely bad wholesalers, just like there are bad agents, bad landlords, bad (insert any job). But trust me, plenty of wholesalers are making real money. It isn't all just "Join my coaching program" though there definitely is some of that happening. Everyone I know who wholesales as more than just a side gig is making wayyyyy more than a typical W2, but most of the people I see who are angry are the people who aren't good at finding deals. Also, to the people who want wholesaling illegal, we will just double close it if that's the case lol

You gotta love it, moderation on point

1 Reply

Scott M.

Member since 2018 · 8 posts · 5 votes

4y

Quote from @Stephen Keighery:

@Cody L. you nailed it when you said maybe you were the dumb one that doesn't get it. Lots of people don't know what they don't know but you seem to get it. Congrats 👏👏 👏

You must not be from Houston. I don't want to "out" Cody but if you are in Houston you'd know who he is. He's no dummy. He's one of the largest investors in the city (I've not met him in person, but did hear him speak as a guest to a RE club I'm in)

0 Reply

Shaimeir Lesane

Member since 2022 · 1 post · 0 votes

4y

I’m interested in building my buyers list and was wondering if I could get some help on how to invest virtually. I was wondering where I could find a coach that I could communicate with over the phone because my situation is a little different.

0 Reply

David Dirro

Rental Property Investor · Nashville, TN · Member since 2019 · 14 posts · 5 votes

4y

Great post! Very true. I constantly get spammed via text and phone calls. I think the same thing that they are spending so much money and time, but they can be more productive in life in other ways. I'm very sure a lot of them don't even know their numbers and profitability. Once such example was a guest on the BP podcast years ago. He knew they spend a lot on marketing and on salaries, the knew they make a lot, but he didn't know how profitable they were. When I step back and think about it, I'm not sure he was making any money really. Just churning a lot of activity.

In consideration of buying from a wholeseller, there is a large one in my market and they came off as very deceptive and sneaky in their dealings. Very bad experience. Never bought anything from them thankfully.

0 Reply

Stephen KeigheryBusiness Member

Rental Property Investor · New Orleans, LA · Member since 2018 · 717 posts · 555 votes

4y

Quote from @Scott M.:

Quote from @Stephen Keighery:

@Cody L. you nailed it when you said maybe you were the dumb one that doesn't get it. Lots of people don't know what they don't know but you seem to get it. Congrats 👏👏 👏

You must not be from Houston. I don't want to "out" Cody but if you are in Houston you'd know who he is. He's no dummy. He's one of the largest investors in the city (I've not met him in person, but did hear him speak as a guest to a RE club I'm in)

Sorry @Scott M., would you suggest I just agree with him because apparently he is a big deal in Houston? He obviously doesn't get wholesaling and is taking a small selection of interactions and thinking that is what wholesaling is.

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Scott M.

Member since 2018 · 8 posts · 5 votes

4y

Quote from @Stephen Keighery:

Quote from @Scott M.:

Quote from @Stephen Keighery:

@Cody L. you nailed it when you said maybe you were the dumb one that doesn't get it. Lots of people don't know what they don't know but you seem to get it. Congrats 👏👏 👏

You must not be from Houston. I don't want to "out" Cody but if you are in Houston you'd know who he is. He's no dummy. He's one of the largest investors in the city (I've not met him in person, but did hear him speak as a guest to a RE club I'm in)

Sorry @Scott M., would you suggest I just agree with him because apparently he is a big deal in Houston? He obviously doesn't get wholesaling and is taking a small selection of interactions and thinking that is what wholesaling is.

No not at all. Only suggesting he's not a dummy from what I've seen and heard.

0 Reply

Kyle Smith

Miramar , FL · Member since 2014 · 3 posts · 1 vote

4y

@Christopher Ransom

What are the other low cost ways to get into Real Estate?

1 Reply

Corby GoadeBusiness Member

Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes

4y

I don't wholesale, but I have no problem with it. I get lots of texts from people I don't want to talk to- family, friends, wholesalers, etc. I just don't respond to them, problem solved.

I don't see wholesalers any differently than any other niche of REI- 98% of us are talking big, doing very little. I do know a few wholesalers who are killing it, we work together and I get first dibs on the deals they bring. Everything is about relationships and partnerships.

4 Reply

Robert Wilson

Member since 2018 · 64 posts · 39 votes

4y

Wholesaling has become sooooo saturated. It was awesome 4-5 years ago, but now the cat's out of the bag so to speak, and everyone seems to be doing it or knows about it. Also, if you're telling the seller that you can pay cash and close quickly.... that doesn't differentiate you from your competition. Most retail buyers are offering higher than asking price, no inspections, and closing in 2 weeks or less. Wholesalers bring little to no value in this market. Btw, I'm a full time wholesaler, and after much denial, I've finally begun to accept reality. Sure there are still wholesale deals here and there, but like the OP said, it's a lot of work for very little return in this market.

1 Reply

Account Closed

Wholesaler · Tampa, FL · Member since 2022 · 3 posts · 2 votes

4y

Cody,

I understand there is a lot of people doing it the wrong way, but that doesn't mean every wholesaler is also doing it the wrong way by default or that wholesaling is not profitable at all.

Don't take my word, as I'm also a beginner, but I just had the chance to learn the information from real estate mogul Robert Shemin. He does it himself and shares multiple creative techniques to do wholesaling (including every other type of high-profit real estate deals), I just decided to start somewhere.

Trust me, there are a lot of rehabbers searching everywhere for a serious wholesaler so they can find great deals quickly and easier.

2 Reply

Andrea N Pressley

Rental Property Investor · Member since 2022 · 9 posts · 2 votes

4y

@Jerryll Noorden you really put the smack down on him!!! I haven't spoken to the right person yet, but I'm still very interested in Wholesaling THE RIGHT WAY

1 Reply

Nick C.

Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes

4y

Quote from @Robert Wilson:

Wholesaling has become sooooo saturated. It was awesome 4-5 years ago, but now the cat's out of the bag so to speak, and everyone seems to be doing it or knows about it. Also, if you're telling the seller that you can pay cash and close quickly.... that doesn't differentiate you from your competition. Most retail buyers are offering higher than asking price, no inspections, and closing in 2 weeks or less. Wholesalers bring little to no value in this market. Btw, I'm a full time wholesaler, and after much denial, I've finally begun to accept reality. Sure there are still wholesale deals here and there, but like the OP said, it's a lot of work for very little return in this market.

This is the first post any wholesaler has ever posted on this website showing any self awareness.

3 Reply

George Munoz

Real Estate Agent · Fort Lauderdale, FL · Member since 2018 · 360 posts · 213 votes

4y

By the way @Account Closed

I realized you just called a BPCON Speaker , Business owner and legit investor a BOOBOO, Dumb and a Walmart greeter.. ( @Jerryll Noorden )

I think people tent to over glorify Real Estate Niches like " Multifamily is the best!" or Flipping ! or Mobile home! etc.. and is not all about that. Each of those are strategies and tools to make money in real estate..

Same with Wholesale. For me Wholesale was and is one of the best thing that has happened to me . It gave me an introduction on real estate, Is like Real estate investing on steroids the amount of knowledge gained in a short amount of time is impressive, also it gave me the opportunity to get to 6 figures and transition to flip , Airbnb. still learning but if it wasn't through that avenue , it would have been very hard for me to scale.

So Real Estate is about having tools. eventually you will find a tool you feel comfortable using .Lets not bash one another.. We are all professional here

2 Reply

Al D.

Investor · San Francisco, CA · Member since 2017 · 303 posts · 327 votes

4y

@George Munoz I invest in Florida. For the benefit of my education, please advise whether a licensed RE agent in Florida is also allowed to be a wholesaler - and whether their brokers should be OK with that.

As far as I know, the FL agent/broker I have been doing business with for years does not do wholesaling - and I would think there’d be a conflict of interest if he did, certainly in my mind if I ever heard him say, “Now may be a good time to sell,” for one example.

0 Reply

Jerryll Noorden

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

4y

Quote from @George Munoz:

By the way @Account Closed

I realized you just called a BPCON Speaker , Business owner and legit investor a BOOBOO, Dumb and a Walmart greeter.. ( @Jerryll Noorden )

I think people tent to over glorify Real Estate Niches like " Multifamily is the best!" or Flipping ! or Mobile home! etc.. and is not all about that. Each of those are strategies and tools to make money in real estate..

Same with Wholesale. For me Wholesale was and is one of the best thing that has happened to me . It gave me an introduction on real estate, Is like Real estate investing on steroids the amount of knowledge gained in a short amount of time is impressive, also it gave me the opportunity to get to 6 figures and transition to flip , Airbnb. still learning but if it wasn't through that avenue , it would have been very hard for me to scale.

So Real Estate is about having tools. eventually you will find a tool you feel comfortable using .Lets not bash one another.. We are all professional here

Thank you my man.

And yes you are exactly right!

Allow me to brag a bit OK?

I am a robotics scientist having worked with NASA, IHMC (Institute For Human And Machine Cognition), and IIT (Istituto Italiano di Tecnologia [The Italian Institute Of Technology])

Developing the most advanced sci-fi robotic humanoids and exoskeletons the world has ever seen.

And he calls me "Dumb", damnit!

3 Reply

Dom Battezzato

Rental Property Investor · SAN DIEGO · Member since 2022 · 90 posts · 42 votes

4y

Bart, I also get these calls since I am an absentee owner and investors think I will sell my house for under market value. For instance I have a property I bought for 110K and it rents for $1,600 and I received a 95k offer for it?? Not sure why I would sell it.

To all wholesaler out there, name your favorite food restaurant in town. Then ask yourself why they don't call you or knock on your door asking if you want to order. My point is when you're hungry you are motivated enough to get in your car and drive to the store and order. Now, as an investor this is called a credible website for your market where you are ranked #1 on google so motivated sellers come to you and you get all the leads.

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Adrien C.

Property Manager · Griffith, IN · Member since 2015 · 1k+ posts · 913 votes

4y

Quote from @Don Konipol:

I THINK that there’s a huge difference between the few full time, proven successful individuals who wholesale and the vast majority of wanna be, no cash, little knowledge spammers who try for 3-6 months and are then move on to the next “hot thing”.

I ASSUME that there are (may be ) some long term very successful wholesalers making a fortune at it. I say assume because I have never been able to verify this. Which is quite unusual since I’ve been in one aspect of real estate investing or another for 43 years. You’d think that in 43 years I would run across people who made millions wholesaling, but I haven’t. Now, I’ve made millions in 1- property investing 2- private mortgage loans, 3- buying existing notes and 4 syndication. And I’ve been able to verify others who made millions in property brokerage, property assemblage, rental investing, commercial property investing, loan brokerage, direct lending, etc. But, the wholesalers I met were either gone in a very short period of time, or were just “earning a living” over a long period of time. Oh, I’ve come across people who CLAIMED to have made millions as wholesalers, BUT, they either had a very strong motivation to lie (like they were selling a program or mentorship) or their claim just didn’t seem REAL.

In fact, I did some research that of course is NOT a statistically verifiable example, and found that in the few instances I researched the wholesalers claiming huge earnings were LYING THROUGH THEIR TEETH. Does this mean that no wholesalers are earning big bucks. Absolutely not. As I stated, I believe that a very very small percentage are PROBABLY earning A LOT of money. It’s just that I have never run into them.

And please, before you answer and tell me that you’re the wholesaler earning $500,000 per year; is your business based on selling something the sale of which relies on people believing you are earning big bucks utilizing the system you’re selling? If so, I believe that IF you’re earning BIG BUCKS it’s probably from the SALE OF THE SYSTEM TO WHOLESALER WANNA BES, and not from wholesaling activity per se.

it seems to me that someone who GETS RICH wholesaling would need a somewhat substantial organization to accomplish this. So, I don’t THINK that the individual working by himself, with a couple of contract individuals, or virtual assistants, would be able to earn enough from this activity to build real wealth. So to build real wealth that individual would need employees to leverage their expertise and time, and cash invested in systems, salaries, marketing sales, working capital, purchasing properties they can’t flip right away, etc. in other words an INTENSIVE business situation. Which sounds A LOT different that what wholesaling is portrayed as by the people selling the mentorship services.

Bottom line - MOST people interested in real estate are interested in real estate INVESTING - not in the real estate BUSINESS. So, the people selling the wholesaling mentorship’s present it as a method of real estate INVESTING, or as way to get into real estate investing. It is NOT. wholesaling is a real estate related BUSINESS. As such the skills, expertise, experience needed to succeed are FAR GREATER than what’s required to be a successful passive real property investor. And quite frankly, most wanna be wholesalers DO NOT possess the skills, expertise, knowledge , experience, and capital necessary to succeed in the wholesaling business.

And one more thing. I have completed over 600 real estate deals in my life AS A PRINCIPAL. And guess what. I have NEVER been presented with a good deal by a wholesaler. NEVER. Not even when I used to do some residential deals. In fact here is what I’ve concluded. Most good purchases relating to commercial and investment property are done directly real estate investor to real estate investor! When one party is either a user (such as a company utilizing their property for their business) or is an inexperienced investor, a broker usually is involved. But not a wholesaler. So it must be that wholesaling is basically restricted to the single family home market of sellers who, for one reason or another, can’t sell their property on their own AND can’t be helped by a broker. A rather narrow market.

My company has made millions wholesaling. Started in 2016 and did 70+ houses. From 2017-2019, we did over 100 a year. We also kept some as rentals and did a few flips in there so we understood what our buyers had to do. We aren't typical wholesalers. We closed on everything- maybe did 2-3 assignments a year. So it's possible. But like anything, it's a discipline. We paid for good education, good software, and worked out As off. I know dozens of people from masterminds I was members in making millions annually wholesaling. But that's the exception. I know dozens locally trying to do it and they completely suck. Like everything, it's about providing value.

0 Reply

Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

4y

Quote from @Al D.:

@George Munoz I invest in Florida. For the benefit of my education, please advise whether a licensed RE agent in Florida is also allowed to be a wholesaler - and whether their brokers should be OK with that.

As far as I know, the FL agent/broker I have been doing business with for years does not do wholesaling - and I would think there’d be a conflict of interest if he did, certainly in my mind if I ever heard him say, “Now may be a good time to sell,” for one example.

in 2011 to 2013 I funded about 200 deals for a turn key operator there in Orlando area. and 90% of them came from a brokerage that was wholesaling they NEEDED the license to legally wholesale a lot of this inventory was foreclosure type inventory but for sure this brokerage that was the main stay of their business. From the many threads on the subject in FLA what is not legal is contract assigning in FLA without a license IE wholesaling. Once all that hangover inventory was run through this company folded shop and went back into traditional brokerage activity.

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George Munoz

Real Estate Agent · Fort Lauderdale, FL · Member since 2018 · 360 posts · 213 votes

4y

Quote from @Al D.:

@George Munoz I invest in Florida. For the benefit of my education, please advise whether a licensed RE agent in Florida is also allowed to be a wholesaler - and whether their brokers should be OK with that.

As far as I know, the FL agent/broker I have been doing business with for years does not do wholesaling - and I would think there’d be a conflict of interest if he did, certainly in my mind if I ever heard him say, “Now may be a good time to sell,” for one example.

My broker is ok,, And we disclosed to the seller. ( so initially Im always the buyer) if they want to much on the property I don't force it and I offer to list it if it qualify for retail sale. So since Initially is a transaction between buyer and seller I'm just buying directly and I have to legally disclose I am an agent and operate under brokerage the seller have to sign and understand that point in an addendum.

Also Since I don't exclusively wholesale, I buy for myself too and acquire investment opportunities too, for a company. So when I am initially talking to the seller (at that particular moment I may not know what strategy to use, either, Retail it, rent it, Flip, seller finance or Wholesale ? so it may vary.. Either way if we wholesale we will make ourselves liable in the event of not performing and 98% of the time we close and then re sale, even though is legal in the state of Florida to assign a contract with or with no liability..

On the AS is standard FARBAR purchase agreement from the Estate of Florida on point 7 page # 2 you will be able to see it where wholesale comes in place.

2 Reply

Charles Brucato

Rochester, NY · Member since 2022 · 10 posts · 13 votes

4y

I'm new to the game (Closing on my first property in June) so I don't have the experience of many on here but to me wholesaling seems like something that is pushed on and pursued by people trying to cut corners instead of just saving up $ and buying a property. It doesn't seem like a sustainable business model in any way, shape or form. I could see someone maybe getting into it here and there if the deal is handed to them on a silver platter but you could never convince me that this is an actual strategy to build wealth. It honestly just seems like the rise of social media has people scamming those who don't know any better into buying their courses and ebooks and wasting their time just like day traders and others.

1 Reply

Jerryll Noorden

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

4y

Quote from @Charles Brucato:

I'm new to the game (Closing on my first property in June) so I don't have the experience of many on here but to me wholesaling seems like something that is pushed on and pursued by people trying to cut corners instead of just saving up $ and buying a property. It doesn't seem like a sustainable business model in any way, shape or form. I could see someone maybe getting into it here and there if the deal is handed to them on a silver platter but you could never convince me that this is an actual strategy to build wealth. It honestly just seems like the rise of social media has people scamming those who don't know any better into buying their courses and ebooks and wasting their time just like day traders and others.

You admit you are new, and thus it is a safe assumption that you by no means are an expert on./. well anything yet... YET you start your "new into this game with": "you could never convince me that this is an actual strategy to build wealth".

You are an empty vessel with absolutely no substance to base any conclusions on, yet you already go ahead and you can't be convinced of anything based on that limiting mindset you have currently as a noob.

Way to go dude!

Look man...

Wholesaling is a strategy. It is a solid one. Not because 90% of the people attempting that strategy do it wrong, can you conclude that the strategy is wrong right?

AGAIN, and I am honestly tired of dealing with sheer stupidity.. but again...

Not because guns are the leading cause of death in a city, does it mean guns are bad right?

Guns also protect people and save lives. A gun in the wrong hands makes a bad situation.. doesn't mean a gun is bad.

Answer me this though.. you REALLY do not have to be smart to see this, yet YOU and so many others simply are so DENSE you still can't see it.

AGAIN:

WHOLESALING IS A STRATEGY! WHOLESALING IS NOT "BAD PEOPLE THAT SCAM OTHERS"

It is absolutely astounding to me.

I also realize it is pointless to keep on fighting this fight.

Stupid is as stupid does... I guess.

So to each their own

Don't like wholesaling .. don't do it. Just don't advise others (wrongfully) not to do it because YOU simply suck at it!

Deal?

Do we all have a deal? So just do it, don't do it.. who cares!

1 Reply

Charles Brucato

Rochester, NY · Member since 2022 · 10 posts · 13 votes

4y

Quote from @Jerryll Noorden:

Quote from @Charles Brucato:

I'm new to the game (Closing on my first property in June) so I don't have the experience of many on here but to me wholesaling seems like something that is pushed on and pursued by people trying to cut corners instead of just saving up $ and buying a property. It doesn't seem like a sustainable business model in any way, shape or form. I could see someone maybe getting into it here and there if the deal is handed to them on a silver platter but you could never convince me that this is an actual strategy to build wealth. It honestly just seems like the rise of social media has people scamming those who don't know any better into buying their courses and ebooks and wasting their time just like day traders and others.

You admit you are new, and thus it is a safe assumption that you by no means are an expert on./. well anything yet... YET you start your "new into this game with": "you could never convince me that this is an actual strategy to build wealth".

You are an empty vessel with absolutely no substance to base any conclusions on, yet you already go ahead and you can't be convinced of anything based on that limiting mindset you have currently as a noob.

Way to go dude!

Look man...

Wholesaling is a strategy. It is a solid one. Not because 90% of the people attempting that strategy do it wrong, can you conclude that the strategy is wrong right?

AGAIN, and I am honestly tired of dealing with sheer stupidity.. but again...

Not because guns are the leading cause of death in a city, does it mean guns are bad right?

Guns also protect people and save lives. A gun in the wrong hands makes a bad situation.. doesn't mean a gun is bad.

Answer me this though.. you REALLY do not have to be smart to see this, yet YOU and so many others simply are so DENSE you still can't see it.

AGAIN:

WHOLESALING IS A STRATEGY! WHOLESALING IS NOT "BAD PEOPLE THAT SCAM OTHERS"

It is absolutely astounding to me.

I also realize it is pointless to keep on fighting this fight.

Stupid is as stupid does... I guess.

So to each their own

Don't like wholesaling .. don't do it. Just don't advise others (wrongfully) not to do it because YOU simply suck at it!

Deal?

Do we all have a deal? So just do it, don't do it.. who cares!

Go sell your bs to someone else. I graduated college 5 months ago so yeah it is my first deal. Also not sure why you need to get so defensive at something that wasn’t specifically directed at you. I’ve seen how generational wealth is achieved and it sure as hell isnt through wholesaling houses. Seems like that’s what you do and you’re awfully mad at the world and need the validation of internet strangers so yeah that lifestyle is not for me. Good luck.

5 Reply

Don KonipolBusiness Member

Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes

4y

For some reason it bothers me that the term “wholesaling” as used in real estate is used to incorrectly describe the activity of “flipping or assigning” contracts. True wholesaling is the PURCHASE of a property(s) at a wholesale or lower price and the SALE of that property at a higher, maybe “retail” price.

So here’s the confusion. A poster on this thread discussed how successful he was as a wholesaler, and said that he purchases 100s of properties per year and only does 2 or 3 assignments. So this is a very different activity than what’s thought of as wholesaling in RE. This is like what the ibuyers (what Zillow lost billions$ trying to do) do, actually complete the purchase and then market and sell the property to the end buyer.

I guess the real point about flipping, or wholesaling (as the term is commonly used in RE) is

1. Even if a very small percentage are earning significant money, the VAST majority who attempt this endeavor are totally unsuccessful at it

2. Unlike the misinformation put out by people with a built in bias, a significant investment in time, education, and money is needed to make wholesaling a viable business

3. It is a real estate related BUSINESS, not real estate INVESTING

4. As to # 3 above, it requires a whole different, more diverse and deeper skill set to be successful than does real estate investing.

5. It is NOTHING like what is being promoted by most of the gurus, mentors, coaches, etc who profit by selling their services to people wanting to get into real estate “investing” with little or no money. “ I don’t have any money and little knowledge and I’m completely new to real estate so I’m going to start by wholesaling properties and then I’ll obtain the capital and knowledge to buy properties myself”.

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Reza Ebirahimii

Wholesaler · san antonio and Dallas · Member since 2022 · 6 posts · 2 votes

4y

Quote from @undefined:

undefined

I'm in the Texas virtual market and I'm a novice
I have never delivered to any nonsense buyer or seller. The basis of my work is honesty and friendly help to both parties. Those who spread nonsense and insist on the correctness of their nonsense have created the mentality that wholesalers are stupid, they are full of nonsense, wholesale should be illegal and ...
I hope that all the wholesale partners will achieve this way of thinking, even if a few months have passed without a deal and money, so that they do not start delivering nonsense and disturbing the nature of this work.

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Wholesellers - Stop. Read this. Wholesaling is ...

Wholesellers - Stop. Read this. Wholesaling is ...

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