Mentorship/Teaming up for Wholesaling

Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes

There are many ways to start out where you are right now and build from there. What you need to do is learn as many strategies as you can. Keep in mind, your successful wholesaling opportunities will be based more on the terms you negotiate, than on the overall price.

The terms are how the property is paid for, and how the seller gets paid. The overall price is just the playing field you are working with.

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Don KonipolBusiness Member

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

7mo

Quote from @Jacob Quintero:

Howdy!

I got into wholesaling about a month and a half ago. I've been dialing tons of agents trying to find my first deal to no avail. I've submitted a good amount of offers, but they're all getting thrown out. I know it takes time to find a deal, but I feel like I haven't gotten anywhere.

I have about $1k liquid a month to do marketing 'Direct to Seller' and I'm thinking of changing my approach to that instead of spending nothing and doing 'Direct to Agent'. I have no idea where to begin though (setting up my pipeline, setting up marketing, handling an offer where there isn't an MLS listing) and am currently looking for someone to mentor me/team up with me. Willing to split my first couple deals at a higher split to you or JV exclusively with you if you have a cash buyer list.

I've already been putting in the work, so I know I'm more than capable of acting on good advice. I just need 'the advice' to act on haha.

Here’s the TRUTH

To SCALE and make “wholesaling” worthwhile financially, you need (1) a $5,000 - $10,000 MONTHLY marketing budget (2) the ABILITY to manage people (3) sales ability (4) negotiating ability (5)knowledge of real estate principles, finance and law (6) knowledge of your chosen real estate market (7) the ability to accurately identify repair, rehab, and upgrades and the knowledge to accurately cost them.

Your “tale” is the same for 98% + of the people who try to wholesaling. You’re competing with people who have 25years of experience, 6 - 7 figure capital, etc. The fantasy that one can be successful in this endeavor with limited experience and limited capital is put forth by people who have something to sell (like mentorships, leads, SEO), and attested to by people who badly want to believe it’s a way out of the workforce.

There was a poster on BP many years ago who used to say if you want to sell real estate than instead of trying to wholesale why not get your real estate license and work as a licensed salesperson? And I see the wisdom in his remark. However, 90% of people trying this route end up not making enough money to stay. Let’s be blunt. Wholesaling, brokerage , etc isn’t real estate INVESTING. It’s a commissioned sales gig in which you pay all the expenses and costs and do not receive a salary, base, or even a “draw”.

Private Mortgage Financing Partners, LLC

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Joe VilleneuvePro Member

Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes

7mo

Here's one of the big problems as I see it. The words "quick" and "easy" are part of the thought process of those wanting to "start out" in REI doing wholesaling. The reasoning is you can be quick to start (as in not needing the knowledge of true REI's), and it's easier than doing full REI because you don't need a lot of knowledge, and don't need to build a team. Both of these statements are the opposite of what a wholesaler (a successful one) is.

A wholesaler, in order to be a success, must know everything the REI knows that you are trying to wholesale to. How else are you going to provide what they want? This means you have to know more in the way of strategies as well, since not all the REI you want to deal with know/use a lot of strategies, but if you have a volume of buyers, they will likely use a variety of different strategies. This also is important because you have to be the one that negotiates the deal. You're not just sending them properties; you are sending them packaged deals.

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Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
7mo
Quote from @Joe Villeneuve:

Here's one of the big problems as I see it. The words "quick" and "easy" are part of the thought process of those wanting to "start out" in REI doing wholesaling. The reasoning is you can be quick to start (as in not needing the knowledge of true REI's), and it's easier than doing full REI because you don't need a lot of knowledge, and don't need to build a team. Both of these statements are the opposite of what a wholesaler (a successful one) is.
A wholesaler, in order to be a success, must know everything the REI knows that you are trying to wholesale to. How else are you going to provide what they want? This means you have to know more in the way of strategies as well, since not all the REI you want to deal with know/use a lot of strategies, but if you have a volume of buyers, they will likely use a variety of different strategies. This also is important because you have to be the one that negotiates the deal. You're not just sending them properties; you are sending them packaged deals.
Excellent point!
Private Mortgage Financing Partners, LLC
Website View Page
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Janice Carter

Real Estate Broker · Atlanta · Member since 2024 · 1k+ posts · 607 votes

7mo

Jacob, you are clearly putting in the effort and that counts. The challenge is that agent outreach is extremely competitive and margins are typically thin for wholesalers. With $1,000 per month, direct to seller can absolutely work but only if you stay disciplined. Keep it simple and choose one solid list (for example, absentee owners), focus on one outreach channel like cold calling or targeted mail and use a basic CRM to track and manage follow up. The real money is in consistent follow up, not just lead volume.

Mentorship can accelerate your learning but make sure you understand the underwriting fundamentals yourself instead of relying solely on someone else’s buyer list.

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Dennis Bamford

Investor · Indianapolis · Member since 2024 · 93 posts · 50 votes

7mo

Hello Jacob,

So far everyone that has answered your post has given you good advice. The one thing I didn't read was if you're going to do wholesaling you better be ready for the grind, months without a deal, hundreds of phone calls that go nowhere, deals falling through because sellers lied, buyers bailing of you at the last minute.

You will definitely increase your conversion rate if you buy leads, but even that will come with its own pitfalls, leads are old, bad contact info and everyone else has already called that lead before you.

If your serious about doing wholesaling, then your mindset needs to be ready for the GRIND, it's a numbers game.

Dennis

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Travis Goodwin

Wholesaler · Charleston WV · Member since 2026 · 246 posts · 137 votes

7mo

First off, a month and a half is honestly not that long in this business, so do not get discouraged yet. Most people quit right before things start to click.

Calling agents can work, but the challenge is you are usually competing with retail buyers and other investors looking at the same MLS deals. That is why many wholesalers eventually move toward direct to seller marketing.

If you have about $1k a month, I would keep it simple. Pick one or two solid lists like tired landlords, tax delinquent owners, or driving for dollars. Then focus on one outreach method like cold calling, texting, or simple direct mail. The key is consistency and conversations with motivated sellers.

You do not need a complicated pipeline at the beginning. A basic spreadsheet to track leads, follow ups, and offers is enough. When a seller is interested, you just get the property under a purchase agreement and send the contract to a title company or closing attorney to open escrow. Then you find a cash buyer and assign the contract.

My biggest advice is focus less on the perfect system and more on having real conversations with property owners and following up. That is where most deals actually come from.

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Mentorship/Teaming up for Wholesaling

Mentorship/Teaming up for Wholesaling

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