After years of being in the buy and hold side of real estate investing, I finally was a genuine 'Wholesaler"
It happened after years of reading about it, watching the video's and then going back to read again with the same question, reflecting my fear and confusion of "what is it again to be a 'wholesaler?" Not to forget, the opinions of some other's, that wholesaling is sleezy.
So what was finally different? I think the short answer is that it came from an organic process.
Norm and I have been a ma and pa operation of purchasing and landlording in North Adams, Ma. for 10 years. We started out driving here from NY, 3 hours, working the properties, using Dunkin Donuts bathrooms and driving home.
Now we have this awesome apartment that we love alot. Its great for our marriage too. We leave the family, (everyone's grown) and come for 3 days a week and work the business.
North Adams has been a blessing to us. It kept providing and showing us more and more. We also developed feelings about what aspects of the business we liked best and which not so much.
Out of this, we realized that we wanted to bring more tenants, homeowners, investors, and entrepreneurs to this area. So from this genuine interest and focus, things started to happen. I guess that could be called the law of attraction.
Some friend's of my daughter came from Illinois. They took the day to visit the area, and I took about 3 hours to show them. When they got back home he called me.
We spoke. he said I should find them a 4 family house. I told him I get $5000 for finding it for him. He was perfectly fine with that. I also said, that I probably will save him 2 or 3 times that fee in my negotiations with the seller. When I got of the phone, I knew, with my whole being, that I was wholesaling.
Since then, I have written to the owner of a condemned property. Its been that way for 10 years. The Assessor's assistant told me to forget it, that the owner is saving it for his daughter.
Another property I approached was my seedy neighbor's place. The drunks have been sitting outside there for as long as I've been here. I have no problem with them. some of them even work for me from time to time. Now though, its gotten messy with"new management" and the building inspector is encouraging me to please buy it. The owner's are very elderly, and have owned it forever. My vision is also to turn the worst street into the best and this property is strategic in this plan.
So at the end of the day, its a win win for me, my buyer and the revitalization of North Adams. Wholesaling is a new aspect of my business.