Quit My Job and Plan to Wholesale
Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes
Quit My Job and Plan to Wholesale
Most Popular Reply
Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
8yWhat was your job?
Im always so confused by these, at what point did your job prevent you from doing a deal? Was it not possible to do both?
I guess depending on what the job was then maybe that plays into it some...but curious of the thought process on this..
556 Replies
- Wholesaler · Novi, MI · Member since 2016 · 1 post · 2 votes8yYou have made a big decision that will now require more action than research & studying. I too quit a job at Ford motor company and it took big Kahuna's to make that decision. Everyone was telling me that I was crazy for leaving a high paying job at the time but I knew that life had more to offer at the end of the road. I had already bought several properties at that point and was making decent money on the side flipping houses. My best friend cornered me and explained to me that there would never be a good time to leave and I would never realize my calling if I stayed at Ford. Once I quit it was amazingly scary but I never second guessed my decision. I had some really hard times at first then went on over the years to buying and selling over 75 homes. You are in a position now where you have to take action and network like crazy to make your dream come true. Best of luck to you in the near future.
- Real Estate Entrepreneur · Owasso, OK · Member since 2015 · 220 posts · 154 votes8y@Melanie Hartmann go for it! This is awesome!
- 8yNate StitchellPro MemberProvidence, RI · Member since 2017 · 28 posts · 5 votes@Melanie Hartmann why are you getting any negative feedback on your decision to make a decision for yourself. This is not a life debating platform @@BiggerPockets .com is a networking/ others helping others build success in real estate im confused on why us as a family of bugger pockets are worried how she gets involved we should be more appreciative that another person was gained in the market. She could bring a deal to one of you. “Luck is when the prepared meets opportunity” Good luck Melanie.
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Matt K.:
Originally posted by @D'kavvin Wilson:
Originally posted by @Caleb Heimsoth:
@D'kavvin WilsonIt sounds negative because 90 plus percent of wholesalers never do anything. Select few do a couple deals.
You can say that’s negativity but statistically most fail, it’s also just realistic. Conversely, it’s very hard to lose money in rentals OVER time (could be many years to make money but you get the point)
How many rich wholesalers do you know? I know zero. How many rich landlords do you know? Probably several. That’s not a coincidence
Anybody that is trying to do wholesaling I’m more then sure knows that it’s no easy sailing. Maybe there would be “RICH” wholesalers if people across the board did not give wholesalers a bad name and ACTUALLY HELP A WHOLESALER OUT instead of talking about... oooh 90 percent don’t make it they don’t do anything. HER CIMMENT WAS ABOUT HERE TRYING TO DO SOMETHING. And she is still getting drug down with negativity.
Don’t start with me on rental property’s I know just as many in the edge rental property owners because they just get in the game buying everything but don’t realize it’s certain areas to buy and hold and not to buy and hold. You guys are ridiculous ROBERT KIYOSAKI got y’all stuck on rent rent rent .... it don’t make sense if you don’t know what you are doing AND JUST AS MANY DONT JUST LIKE THESE SO CALLED WHOLESALERS YOU ARE SPEAKING OF.
May I should stick to the people that run bigger pockets because the members are lost in their own world.
You realize there's plenty terrible wholesalers out there that's where the bad rap comes from. Couple that with people locking up properties at silly prices with no way to close and no idea what they're doing... That's why they get a bad rap.
How can someone with no experience tell me an estimated rehab cost and arv when they don't even understand the numbers on either side. That's why the majority get a and rap, because many ruined it for the few that have a good system.
Heck even op said she's not confident enough with rehab numbers to risk her own money, so she rather wholesale vs flip. Not saying that's a bad business choice (it's smart for her) but further proves the point. Of course she can learn but construction has a learning curve and in this case it's passed on to the buyers, who hopefully perform their own due diligence.
Just the other day there was a post on here where a wholesaler got a "good deal" on like a six Plex, yet he was 200/unit off on rent..which is probably the easiest thing to figure out. Sure it might be a good deal for someone , but 200/mo off in rent (800 vs 600) is a problem.
Not exactly what I said. I said estimating rehab costs was my weakest knowledge area currently - not that I have not enough understanding to risk it for myself. It's because I do not have enough money to risk it for myself currently. Fixing-n-flipping... it's not just about rehab costs and purchasing. The holding costs, what if the property doesn't sell, reliable comps, unexpected repairs, etc. etc. etc.
I was not in place to risk that much money for myself. I walked away from a deal that everyone told me would be good (contractor, my realtor, various lenders, etc. - They get paid regardless. My bottomline is not their main concern). I'm so glad I walked away. That deal was garbage. It would have been great at the price I wanted to purchase the property for but it went out off for $60k - $70k more than I offered. The profit margin for me and my situation (access to funds) was not enough to risk it at that price. If I had all cash for purchase, rehab, and holding, and was a realtor myself to save on commissions, then sure. I did not/am not.
Too many people out here are greedy and snapping up any and everything.There were no reliable comps in the area (it was a unique property), sale prices were not easily predictable and the property had a lot of things going against it (it's unique location, not being sold since it was built in 1953, etc., etc., etc.) and I paid for a contractor for the quote (because it is my weaker area). After holding costs, bumping up the costs of the rehab for buffers, calling out the contractors for missing several key components in their contract that they didn't factor into the original numbers (maybe to make it seem like a good deal), etc. etc. etc. It just was not worth the risk for me and my situation. An unexpected or unaccounted cost of 10-20K or two would have potentially ate everything up. That was too big of a project with not enough meat on the bones. Again, estimating rehab costs is my weakest area but I am not completely useless at it.
Buyers of wholesale deals... why is it only on the wholesaler to provide completely accurate numbers? I have wholesalers sending me deals and I've sent a few out just because you don't know everyone's situation but I state that these are not good deals - because I can tell they are not. My neighbor who manages accounts for Home Depot has recently told me that the costs of certain materials has risen drastically - given all of the natural disasters that have happened in the area and across the states. In my example above, EVERYONE told me it was a good deal and some (lenders) tried to make me feel silly for not pursuing it. Then I explained what they weren't accounting for and they stopped trying to throw wool over my eyes.
If your bottom line is at stake than you run the numbers for your deals and don't rely on anyone else to do it for you. I am not keeping accurate or regular track of material costs because I am not a rehabber. Only you know your situation. Maybe you have a GREAT contractor who gives you GREAT deals. Maybe you run a flipping business with your family. You can purchase higher than someone who doesn't have "deals" like this going for them and still make the same amount of profit. Big-time flippers can "afford" to loose money on a few deals here and there because their business is huge it doesn't matter. For smaller flippers, one deal that looses money could ruin them. It's all relative.
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Nate Stitchell:
@Melanie Hartmann why are you getting any negative feedback on your decision to make a decision for yourself. This is not a life debating platform @@BiggerPockets .com is a networking/ others helping others build success in real estate im confused on why us as a family of bugger pockets are worried how she gets involved we should be more appreciative that another person was gained in the market. She could bring a deal to one of you. “Luck is when the prepared meets opportunity” Good luck Melanie.Thank you Nate! My thoughts exactly. Haha, what can you do? They just assume I'm a silly girl making silly decisions and want to make me believe that about myself. Joke's on them!
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Matt K.:
You should see the checks flippers pull in ;)
we never get checks we only accept wires.. :)
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Melanie Hartmann:
Originally posted by @Account Closed:
@Melanie Hartmann I'm sure you realize this by now, but don't EVER let ANYONE tell you what you CAN or CANNOT do! Only YOU know what works for YOU! I had soooo many people tell me that I shouldn't leave my corporate job, because it was so secure and safe, and blah freakin blah. Look, I am not the type of person who works well in a box of any kind. I have my own ideas, my own desires, my own passions and the determination and discipline to make things happen.
One of the motivational speeches I listen to on Spotify (Fearless Motivation) said it best: "I refuse to conform to what OTHERS want for me, what others believe I should do with MY LIFE. I refuse to be a slave to the system. I refuse to believe in the impossible, because I KNOW NOTHING IS IMPOSSIBLE." And remember, most people make decisions based on fear. It is scary to not have a sustained income, but you will figure it out! There are all KINDS of opportunities out there that will allow you to make income on your own terms. When you are not under someone else's thumb, and YOU control your schedule, you have time to learn, time for self-improvement, time to focus on building your business and your brand. So here I am, years later, more happy, stress free and making more money than I ever did sitting at a desk being a robot, under utilized, under paid, and under appreciated.
I had people tell me rental arbitrage would never work, and I couldn't turn it into a business, yet here I am, year after year, deal after deal, making it happen. I had people say there was no way to build a network of business professionals and corporate employees to host in the short-term rentals that my clients manage, yet client after client, after client, stay in those rentals and return to those rentals month after month.
So as you can see, people are REALLY good at telling you what THEY haven't figured out how to do. Stay strong, STAY POSITIVE, be creative, learn, brush off the negativity, take advice from people who HAVE DONE WHAT YOU ARE TRYING TO DO, and above all, live your life the way YOU want to live your life! Best of luck to you and please keep me updated with your progress! :)
Thank you Charity! This was post was amazing. I hope you write, blog, or present in some fashion! I'm so happy to hear that you went against the grain and went after what you wanted!
Your words ring so true. I know I'm not going to sit on my @$$ and expect big things to happen. I'm learning and going hard at this. SEO, backlinks, building a website, posting content, etc. etc. etc. Two weeks ago I would have HAD NO FREAKING CLUE what you were talking about or how any of that worked. I'm learning and applying. I'm excited. Every time someone tells me this was dumb or I won't make it, honestly, it just makes me smile now in anticipation of how wrong I will be proving them. I was terrified but now I'm beyond excited.
You are so right about the job! I really couldn't understand why people want to keep doing that to MAYBE be ok when they retire. Then I realized, we are all so often told that's what we HAVE to do and most are afraid of uncertainty. I loved my field, but where I worked killed my joy and love of the profession. Yes, I could get a job elsewhere, but it's really all more of the same. Hands are tied by people dictating to us what our jobs have to be rather than what they could be. All the lovely stuff I was taught in grad school - well I don't have time to apply it in real life due to having to satisfy all the legal requirements of my job. I wasn't helping children. I was testing, determining which "box" this student fit into so they could or could not receive special education services, and writing reports (oh those awful awful reports), fighting with parents, children, and co-workers, crying in the bathroom on the regular while seeing so many others I worked with attempting to cry in secret as well. I just couldn't. I KNEW there had to be a better way to help myself and help these children. I really hope to have a charity of some sort to help these kids out in Baltimore City. I've lived here all my life and it resonates with me deeply but what I was doing wasn't helping them or me. I also don't believe in the special education laws and how we determine who receives services and who doesn't or the system in general. It's a joke! I couldn't keep pretending that it was meaningful or helpful to these kids. It was eating my soul up.
So yes, I'm greedy or self-serving in getting into real estate. I want to be rolling in the dough and have freedom of my time (eventually). However, once I get there, I will give back. There's only so much one needs and there's more than enough to go around!
well when you get there you can provide a home for our charity aherohome.org and yes giving back is a great thing to do for those of us blessed to have been in this business for many decades... its the logical step.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @D'kavvin Wilson:
Originally posted by @Caleb Heimsoth:
@D'kavvin WilsonIt sounds negative because 90 plus percent of wholesalers never do anything. Select few do a couple deals.
You can say that’s negativity but statistically most fail, it’s also just realistic. Conversely, it’s very hard to lose money in rentals OVER time (could be many years to make money but you get the point)
How many rich wholesalers do you know? I know zero. How many rich landlords do you know? Probably several. That’s not a coincidence
Anybody that is trying to do wholesaling I’m more then sure knows that it’s no easy sailing. Maybe there would be “RICH” wholesalers if people across the board did not give wholesalers a bad name and ACTUALLY HELP A WHOLESALER OUT instead of talking about... oooh 90 percent don’t make it they don’t do anything. HER CIMMENT WAS ABOUT HERE TRYING TO DO SOMETHING. And she is still getting drug down with negativity.
Don’t start with me on rental property’s I know just as many in the edge rental property owners because they just get in the game buying everything but don’t realize it’s certain areas to buy and hold and not to buy and hold. You guys are ridiculous ROBERT KIYOSAKI got y’all stuck on rent rent rent .... it don’t make sense if you don’t know what you are doing AND JUST AS MANY DONT JUST LIKE THESE SO CALLED WHOLESALERS YOU ARE SPEAKING OF.
May I should stick to the people that run bigger pockets because the members are lost in their own world.
reading between the lines Burnt out landlord syndrome is the number one target of wholesalers.. its your bread and butter so to speak.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Matt K.:
Originally posted by @D'kavvin Wilson:
Originally posted by @Caleb Heimsoth:
@D'kavvin WilsonIt sounds negative because 90 plus percent of wholesalers never do anything. Select few do a couple deals.
You can say that’s negativity but statistically most fail, it’s also just realistic. Conversely, it’s very hard to lose money in rentals OVER time (could be many years to make money but you get the point)
How many rich wholesalers do you know? I know zero. How many rich landlords do you know? Probably several. That’s not a coincidence
Anybody that is trying to do wholesaling I’m more then sure knows that it’s no easy sailing. Maybe there would be “RICH” wholesalers if people across the board did not give wholesalers a bad name and ACTUALLY HELP A WHOLESALER OUT instead of talking about... oooh 90 percent don’t make it they don’t do anything. HER CIMMENT WAS ABOUT HERE TRYING TO DO SOMETHING. And she is still getting drug down with negativity.
Don’t start with me on rental property’s I know just as many in the edge rental property owners because they just get in the game buying everything but don’t realize it’s certain areas to buy and hold and not to buy and hold. You guys are ridiculous ROBERT KIYOSAKI got y’all stuck on rent rent rent .... it don’t make sense if you don’t know what you are doing AND JUST AS MANY DONT JUST LIKE THESE SO CALLED WHOLESALERS YOU ARE SPEAKING OF.
May I should stick to the people that run bigger pockets because the members are lost in their own world.
You realize there's plenty terrible wholesalers out there that's where the bad rap comes from. Couple that with people locking up properties at silly prices with no way to close and no idea what they're doing... That's why they get a bad rap.
How can someone with no experience tell me an estimated rehab cost and arv when they don't even understand the numbers on either side. That's why the majority get a and rap, because many ruined it for the few that have a good system.
Heck even op said she's not confident enough with rehab numbers to risk her own money, so she rather wholesale vs flip. Not saying that's a bad business choice (it's smart for her) but further proves the point. Of course she can learn but construction has a learning curve and in this case it's passed on to the buyers, who hopefully perform their own due diligence.
Just the other day there was a post on here where a wholesaler got a "good deal" on like a six Plex, yet he was 200/unit off on rent..which is probably the easiest thing to figure out. Sure it might be a good deal for someone , but 200/mo off in rent (800 vs 600) is a problem.
not to mention in many states to put up a website like this OP is doing and not own the property and not be licensed is flat illegal LOL its brokering real estate without a license and a clear violation.. I suspect it is in Maryland to they probably just don't enforce it unless someone files a complaint..
- 8yMatthew RassaPro MemberInvestor · Eldersburg, MD · Member since 2016 · 9 posts · 1 voteHello! Good luck in your venture! We are always looking for good resources so keep us in mind when you have some properties. ~Matthew
- Realtor · Miami, FL · Member since 2018 · 19 posts · 12 votes8y
@melanie Hartmann,
I know this is new to you, as it is for me as well, I lost my job in January 2018 and was unable to find work ( Age discrimination) which is hard to prove. but taking the initiative I started wholesaling properties, I am actually closing on my first deal today. But it will work for you as you have the right attitude and drive to make it. Once you start wholesaling you will see there are a lot of websites that cater to wholesalers. Do some research and you will find quite a few places where you can market your deals, so you won't have to spend ANY money on marketing. You can also get other wholesalers to market your deals and close them faster. Hats off to you and good hunting.
- 8yChris JacksonPro MemberInvestor · Southold, NY · Member since 2016 · 173 posts · 154 votes
Step 1) use the attention you are getting on this post and attending to by answering all these 300 comments in 7 days to your advantage ---->
1A) Get your online presence up IMMEDIATELY and get your BP signature with a phone number and website and email address. even if you do not have have you website up get your domain up with a coming soon page that details out what you do.
1B) Set up your facebook page for your company
1C) On that website add tracking codes from google analytics and FB cookie tracking code so you can retarget all the traffic you would have gotten and will be getting once you set up your signature. As people comment they will be clicking on your link learning to see who you are, doing basic due diligence on you and getting the cookies set so you can remarket to them. Once somebody goes to your site with an FB cookie you can set up an audience and market to that audience of those people that have come to your website or FB page.
In the next 24 hours I would stop looking to comment on these posts and spend the time getting your signature up on BP and then begin commenting again.
Use this attention to your advantage! Go get em :)
- Real Estate Agent · Dallas Tx · Member since 2018 · 9 posts · 12 votes8y
Originally posted by @Matt K.:
Originally posted by @D'kavvin Wilson:
Originally posted by @Caleb Heimsoth:
@D'kavvin WilsonIt sounds negative because 90 plus percent of wholesalers never do anything. Select few do a couple deals.
You can say that’s negativity but statistically most fail, it’s also just realistic. Conversely, it’s very hard to lose money in rentals OVER time (could be many years to make money but you get the point)
How many rich wholesalers do you know? I know zero. How many rich landlords do you know? Probably several. That’s not a coincidence
Anybody that is trying to do wholesaling I’m more then sure knows that it’s no easy sailing. Maybe there would be “RICH” wholesalers if people across the board did not give wholesalers a bad name and ACTUALLY HELP A WHOLESALER OUT instead of talking about... oooh 90 percent don’t make it they don’t do anything. HER CIMMENT WAS ABOUT HERE TRYING TO DO SOMETHING. And she is still getting drug down with negativity.
Don’t start with me on rental property’s I know just as many in the edge rental property owners because they just get in the game buying everything but don’t realize it’s certain areas to buy and hold and not to buy and hold. You guys are ridiculous ROBERT KIYOSAKI got y’all stuck on rent rent rent .... it don’t make sense if you don’t know what you are doing AND JUST AS MANY DONT JUST LIKE THESE SO CALLED WHOLESALERS YOU ARE SPEAKING OF.
May I should stick to the people that run bigger pockets because the members are lost in their own world.
You realize there's plenty terrible wholesalers out there that's where the bad rap comes from. Couple that with people locking up properties at silly prices with no way to close and no idea what they're doing... That's why they get a bad rap.
How can someone with no experience tell me an estimated rehab cost and arv when they don't even understand the numbers on either side. That's why the majority get a and rap, because many ruined it for the few that have a good system.
Heck even op said she's not confident enough with rehab numbers to risk her own money, so she rather wholesale vs flip. Not saying that's a bad business choice (it's smart for her) but further proves the point. Of course she can learn but construction has a learning curve and in this case it's passed on to the buyers, who hopefully perform their own due diligence.
Just the other day there was a post on here where a wholesaler got a "good deal" on like a six Plex, yet he was 200/unit off on rent..which is probably the easiest thing to figure out. Sure it might be a good deal for someone , but 200/mo off in rent (800 vs 600) is a problem.
How many wholesalers have you helped? Until then you have no fight in this since you are just big dog status. This status was about a woman quitting her job and looking for guidance not a bunch of negativity and discouraging comments when this is “SUPPOSE” to be an uplifting community. If you are going to tell her what she is doing wrong THEN TELL HER HOW TO FIX IT WHICH NOBODY DID SO SHUT IT!
- Realtor · Schaumburg, IL · Member since 2011 · 289 posts · 118 votes8yAwesome! Best of luck.
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Chris Jackson:
Step 1) use the attention you are getting on this post and attending to by answering all these 300 comments in 7 days to your advantage ---->
1A) Get your online presence up IMMEDIATELY and get your BP signature with a phone number and website and email address. even if you do not have have you website up get your domain up with a coming soon page that details out what you do.
1B) Set up your facebook page for your company
1C) On that website add tracking codes from google analytics and FB cookie tracking code so you can retarget all the traffic you would have gotten and will be getting once you set up your signature. As people comment they will be clicking on your link learning to see who you are, doing basic due diligence on you and getting the cookies set so you can remarket to them. Once somebody goes to your site with an FB cookie you can set up an audience and market to that audience of those people that have come to your website or FB page.
In the next 24 hours I would stop looking to comment on these posts and spend the time getting your signature up on BP and then begin commenting again.
Use this attention to your advantage! Go get em :)
In all my running around getting my brand/presence up elsewhere, I completely overlooked adding some of that to my signature on BP! That's done now. It's all a work in progress but it's getting there. Thank you Chris!
- Investor · Palm Bay, FL · Member since 2014 · 49 posts · 25 votes8y
So you have a background in construction or investing and know how to Analyze rehab costs? You know all the comps in the area you plan to wholesale? Have a real estate license? Experience flipping or ??
- Investor · Palm Bay, FL · Member since 2014 · 49 posts · 25 votes8y
Originally posted by @D'kavvin Wilson:
Originally posted by @Matt K.:
Originally posted by @D'kavvin Wilson:
Originally posted by @Caleb Heimsoth:
@D'kavvin WilsonIt sounds negative because 90 plus percent of wholesalers never do anything. Select few do a couple deals.
You can say that’s negativity but statistically most fail, it’s also just realistic. Conversely, it’s very hard to lose money in rentals OVER time (could be many years to make money but you get the point)
How many rich wholesalers do you know? I know zero. How many rich landlords do you know? Probably several. That’s not a coincidence
Anybody that is trying to do wholesaling I’m more then sure knows that it’s no easy sailing. Maybe there would be “RICH” wholesalers if people across the board did not give wholesalers a bad name and ACTUALLY HELP A WHOLESALER OUT instead of talking about... oooh 90 percent don’t make it they don’t do anything. HER CIMMENT WAS ABOUT HERE TRYING TO DO SOMETHING. And she is still getting drug down with negativity.
Don’t start with me on rental property’s I know just as many in the edge rental property owners because they just get in the game buying everything but don’t realize it’s certain areas to buy and hold and not to buy and hold. You guys are ridiculous ROBERT KIYOSAKI got y’all stuck on rent rent rent .... it don’t make sense if you don’t know what you are doing AND JUST AS MANY DONT JUST LIKE THESE SO CALLED WHOLESALERS YOU ARE SPEAKING OF.
May I should stick to the people that run bigger pockets because the members are lost in their own world.
You realize there's plenty terrible wholesalers out there that's where the bad rap comes from. Couple that with people locking up properties at silly prices with no way to close and no idea what they're doing... That's why they get a bad rap.
How can someone with no experience tell me an estimated rehab cost and arv when they don't even understand the numbers on either side. That's why the majority get a and rap, because many ruined it for the few that have a good system.
Heck even op said she's not confident enough with rehab numbers to risk her own money, so she rather wholesale vs flip. Not saying that's a bad business choice (it's smart for her) but further proves the point. Of course she can learn but construction has a learning curve and in this case it's passed on to the buyers, who hopefully perform their own due diligence.
Just the other day there was a post on here where a wholesaler got a "good deal" on like a six Plex, yet he was 200/unit off on rent..which is probably the easiest thing to figure out. Sure it might be a good deal for someone , but 200/mo off in rent (800 vs 600) is a problem.
How many wholesalers have you helped? Until then you have no fight in this since you are just big dog status. This status was about a woman quitting her job and looking for guidance not a bunch of negativity and discouraging comments when this is “SUPPOSE” to be an uplifting community. If you are going to tell her what she is doing wrong THEN TELL HER HOW TO FIX IT WHICH NOBODY DID SO SHUT IT! I'm not sure defending her is doing her any favors. Wholesaling (Flipping contracts) Requires experience. Otherwise you just waste investors time with deals that don't work. First thing gugru's do is cram the wholesaling crap down every young broke kids throat. These folks are just being realistic. Without experience its highly unlikely a wholesaler will be sucessfull
- Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes8y
Originally posted by @D'kavvin Wilson:
Originally posted by @Matt K.:
Originally posted by @D'kavvin Wilson:
Originally posted by @Caleb Heimsoth:
@D'kavvin WilsonIt sounds negative because 90 plus percent of wholesalers never do anything. Select few do a couple deals.
You can say that’s negativity but statistically most fail, it’s also just realistic. Conversely, it’s very hard to lose money in rentals OVER time (could be many years to make money but you get the point)
How many rich wholesalers do you know? I know zero. How many rich landlords do you know? Probably several. That’s not a coincidence
Anybody that is trying to do wholesaling I’m more then sure knows that it’s no easy sailing. Maybe there would be “RICH” wholesalers if people across the board did not give wholesalers a bad name and ACTUALLY HELP A WHOLESALER OUT instead of talking about... oooh 90 percent don’t make it they don’t do anything. HER CIMMENT WAS ABOUT HERE TRYING TO DO SOMETHING. And she is still getting drug down with negativity.
Don’t start with me on rental property’s I know just as many in the edge rental property owners because they just get in the game buying everything but don’t realize it’s certain areas to buy and hold and not to buy and hold. You guys are ridiculous ROBERT KIYOSAKI got y’all stuck on rent rent rent .... it don’t make sense if you don’t know what you are doing AND JUST AS MANY DONT JUST LIKE THESE SO CALLED WHOLESALERS YOU ARE SPEAKING OF.
May I should stick to the people that run bigger pockets because the members are lost in their own world.
You realize there's plenty terrible wholesalers out there that's where the bad rap comes from. Couple that with people locking up properties at silly prices with no way to close and no idea what they're doing... That's why they get a bad rap.
How can someone with no experience tell me an estimated rehab cost and arv when they don't even understand the numbers on either side. That's why the majority get a and rap, because many ruined it for the few that have a good system.
Heck even op said she's not confident enough with rehab numbers to risk her own money, so she rather wholesale vs flip. Not saying that's a bad business choice (it's smart for her) but further proves the point. Of course she can learn but construction has a learning curve and in this case it's passed on to the buyers, who hopefully perform their own due diligence.
Just the other day there was a post on here where a wholesaler got a "good deal" on like a six Plex, yet he was 200/unit off on rent..which is probably the easiest thing to figure out. Sure it might be a good deal for someone , but 200/mo off in rent (800 vs 600) is a problem.
How many wholesalers have you helped? Until then you have no fight in this since you are just big dog status. This status was about a woman quitting her job and looking for guidance not a bunch of negativity and discouraging comments when this is “SUPPOSE” to be an uplifting community. If you are going to tell her what she is doing wrong THEN TELL HER HOW TO FIX IT WHICH NOBODY DID SO SHUT IT!
Define help, because I'm not a charity and won't buy a bad deal just to help someone. But a good performer I help plenty. My realtors treated me with respect on a tiny purchase...I've helped them by simply telling others of the service I got.
Look at my votes, I help here plenty. I get messages non-stop and I answer them an help over and over. In fact even in this very thread I've helped. That other wholesaler I posted about, I helped there by correcting his numbers and then offering to help review them with him.
Speaking of help though, what have you done to help?
- Real Estate Agent · Dallas Tx · Member since 2018 · 9 posts · 12 votes8y
Originally posted by @Charles Borrelli:
So you have a background in construction or investing and know how to Analyze rehab costs? You know all the comps in the area you plan to wholesale? Have a real estate license? Experience flipping or ??
- Real Estate Agent · Dallas Tx · Member since 2018 · 9 posts · 12 votes8y
Lol wow I don’t even no how to answer this.... what do I need a real estate license for? ( please don’t day to run cma’s) I can use a agents login for that. Why do I need to have a background in construction( when I have contractors and mentors just go with me to the house I’m looking to get under contract and get their more professional analysis. Do I have experience flipping ... yes I do as if matter of fact.
I don’t have to know how to do everything I just need to no how to find the people that know what I need to know.... you guys are killing me
- Investor · Palm Bay, FL · Member since 2014 · 49 posts · 25 votes8y
Originally posted by @D'kavvin Wilson:
Lol wow I don’t even no how to answer this.... what do I need a real estate license for? ( please don’t day to run cma’s) I can use a agents login for that. Why do I need to have a background in construction( when I have contractors and mentors just go with me to the house I’m looking to get under contract and get their more professional analysis. Do I have experience flipping ... yes I do as if matter of fact.
I don’t have to know how to do everything I just need to no how to find the people that know what I need to know.... you guys are killing me
- Investor · Palm Bay, FL · Member since 2014 · 49 posts · 25 votes8y
Originally posted by @D'kavvin Wilson:
Lol wow I don’t even no how to answer this.... what do I need a real estate license for? ( please don’t day to run cma’s) I can use a agents login for that. Why do I need to have a background in construction( when I have contractors and mentors just go with me to the house I’m looking to get under contract and get their more professional analysis. Do I have experience flipping ... yes I do as if matter of fact.
I don’t have to know how to do everything I just need to no how to find the people that know what I need to know.... you guys are killing me
Well OK except my post had nothing to do with you so you don't need to answer it,, It was in response to the original post. I'm a full time rehabber. If you have deals we buy them. There's no emotion in it. But 90% of the wholesalers try to pass on crap that is not accurately assessed. But hey... If you dont care what buyers think....
- Investor · Palm Bay, FL · Member since 2014 · 49 posts · 25 votes8y
Originally posted by @D'kavvin Wilson:
Lol wow I don’t even no how to answer this.... what do I need a real estate license for? ( please don’t day to run cma’s) I can use a agents login for that. Why do I need to have a background in construction( when I have contractors and mentors just go with me to the house I’m looking to get under contract and get their more professional analysis. Do I have experience flipping ... yes I do as if matter of fact.
I don’t have to know how to do everything I just need to no how to find the people that know what I need to know.... you guys are killing me
Well OK except my post had nothing to do with you so you don't need to answer it,, It was in response to the original post. I'm a full time rehabber. If you have deals we buy them. There's no emotion in it. But 90% of the wholesalers try to pass on crap that is not accurately assessed. But hey... If you dont care what buyers think....
- Rental Property Investor · San Antonio, TX · Member since 2016 · 85 posts · 40 votes8y
Burned the boats - love it. No job = Failure is not an option.
Best,
-John
- Rental Property Investor · Fond Du Lac, WI · Member since 2015 · 261 posts · 78 votes8y@Melanie Hartmann Whoa. Best of luck!
Join the conversationCreate a free account to reply, vote on answers and follow this thread.