Metairie, LA · Member since 2008 · 165 posts · 1 vote
In my studies on wholesaling, I've come to realize the sellers who're desperate to sell really aren't that plentiful, especially in Louisiana.
I'm starting to wonder if all the fabulous money made in wholesaling as touted by these courses is really just a ploy to sell books. I belong to our local Reia and have yet to meet anyone who's even wholesaled a deal.
Starting to wonder if wholesaling is a myth concocted by shrewd marketing experts..... I say that because these people who supposedly pull in 5 figure checks just happen to "come across" a motivated seller or "stumbled upon" a rehab and the seller couldn't wait to get it off his hands..makes me wonder.....
Metairie, LA · Member since 2008 · 165 posts · 1 vote
18y
James, ok for starters here is my Craigslist ad:http://neworleans.craigslist.org/rts/545195583.html
I have also made contact w/ a lady by the name of Dana Dunton who used to be w/ our local REIA who said she'd look at the deals I send her, we could then partner and split the profits 50/50. I've sent her a couple FSBO'S but will have to call and follow up. Maybe my ad sucks? Also who are the people you know here? I bet i know them, if so, I guess those are the guys I should be asking for help. The only reason I haven't done fliers or the paper is b/c i already tried that, i just lost my job Friday(wholesaling for someone ironically) and money is tight. Any help would be appreciated, i must be doing something wrong somewhere...
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
18y
I too have friends in NOLA who I know are not lazy.
If a wholesaler has 100 leads a month, he'll be lucky to close one. Depends on what you mean by "leads" though. Some are better than others. But, regardless of whether you're getting them from ads, signs, or direct mailings, you need to have 1000's not 100's. If you find 1000 new names and addresses for direct mail each month, and you continue to send out letters to the 4000-5000 you've already sent mail to, you will get deals that will close. Every name and address you get should go into your database and get at least four or five letters.
Metairie, LA · Member since 2008 · 165 posts · 1 vote
18y
Jon, i don't have time to devote to 1000's of leads...i'm trying to pursue a music career and use real estate as a supplement..the wholesaling thing is just a way to generate extra income..so i'm happy w/ 100 or so leads even though the most i ever got in a month when i was trying to actively wholesale was maybe 15. who are the NOLA people u refer to? i bet i know them
If you are finding really good deals and the local buyers are too lazy to buy them, then pick out the best deals and buy them yourself.
If they are as good as you think they are, you will make plenty of money.
You keep saying the gurus have lied. So why don't you actually believe what you say? Most of them try to sell ther packages by making people believe that they can become multi-millionaires in a very short time period without doing any work at all.
So now that you've figured out that it is a lie and that actually there is a great deal of time and work involved in real estate, stop trying to get your millions without working and get to work and put some time and effort in.
I don't think real estate is hard. There isn't anything complicated or difficult to understand. But it is work, and you do have to put the time and effort into it.
Metairie, LA · Member since 2008 · 165 posts · 1 vote
18y
PNW, first off I don't want properties for myself. Second, I don't think it's so much lying as it is exaggeration, I just fdeel they should be more upfront. I guess that's asking too much....and then people wonder why real estate gets a bad rap
Portland , OR · Member since 2008 · 29 posts · 2 votes
18y
My goodness. If you think gurus should be honest, what's next? Asking your politicians not to lie? The only business in the world is the business of making money. They are making money, and you're sitting around talking about making money. If you want to sit and blame your lack of success on your area or gurus or Katrina, you'll never get anywhere. Take that energy and figure it out, or don't. We know that there ARE people making money from wholesaling, so why not you? If you have a reason, then why not figure out a way to circumvent that reason? If you have a square peg, and you're trying to get it in a round hole, complaining about the situation isn't going to make it work. Either find yourself a round peg or a square hole. Ya know?