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
What 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
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Matt K.:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @MelanieHartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
As many, probably not, but there's still going to be negative. It's risky to leave a well paying job to start something you've never done before. Many people (myself included) would say take the route where once your part time job (wholesale/realtor/flipper/investor/whatever) starts to suffer because of your primary job then make the switch. But there is value of self satisfaction that doesn't have a number attached to it and for her she places a high value on it that may not translate to "smart" move but it's her life to live. Think about it from a numbers view and leave emotion out of it, she was making 70k yr working 10 mos out of the year. She was getting retirement, benefits, and paid time off (even if she didn't place value on them, they were there). In fact, she was making enough to save up a years worth of savings.... again meaning that she had a excess of money coming in each month. That from a numbers only point of view isn't a bad gig and something most people would think twice walking away from to start w/ a blank slate.
She now has "unlimited" income potential, but has to earn each one of those dollars. She has no PTO, no retirement, no employer match etc. She is now her own boss for better or worse. Note that most wholesalers going to make a few grand per deal... and take down a few deals per mo... The good ones are going to be part of teams, power by numbers.
Just because I say all this or others say something similar doesn't mean she can't, won't, or unable to be successful... it's that she's going to have to have bit of luck and lot of determination to make a go of it. The fact that she's posted to this thread time and time again shows she's at least motivated and she's already got a website etc....But back to the wholesaler part... they get a bad rap because they are seen as the used car salesman of the RE world... looking to make a buck off someone else and pass a problem down the line. Not always the case nor always the intention, but it's not realistic that someone with no experience can accurately price out a rehab or comps. You don't know what you don't know...
I've been working/in contact with a few wholesalers and yea, with certain ones, I definitely have already seen why wholesalers get a bad rap... wow... just, wow... I'm not ever drinking that kool-aid!
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Account Closed:
Whats her WHY? and whats this driving for $s, stickers.
I dont get what kids schooling has to do with successful wholesaling.
People get way toooooo caught up in podcast speaek n think it will make them financially free in 5 years.
1. You need a team.
2. You need a WHY.
1. =True
2. =True
Without good 1s and 2s, NOTHING in life will be fruitful or fulfilling. That's just facts!
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
out of curiosity what is it that is so different about being a realtor vs wholesaler for you?
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Matt K.:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
out of curiosity what is it that is so different about being a realtor vs wholesaler for you?
That's really a great question Matt. I just don't have time to answer it properly at this time. It's similar in a way as to why I became a school psychologist instead of a teacher. Watch people like Max Maxwell or Khang Le (Wholesale to Millions). They are killing it but are still "real." They might be able to answer that question for you.
- Flipper/Rehabber · Boca Raton, FL · Member since 2018 · 9 posts · 8 votes8y
Congratulations, Melanie. Only you know your own financial situation and leverage. I commend you for taking the risk. There is no reward unless there is risk and the bigger the risk, the bigger the reward. Money is not the only factor in this business. Time is one other factor and when you leverage that time to develop your business, your return on investment will be much higher than the money you are given by a traditional job.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Glad to see I wasn't totally off base on my thought process...
I took the simplified view and see wholesaler/realtor at opposite ends of the same spectrum. Wholesaler trying to get things as cheap as possible so they mark it up and get a bigger cut whereas realtor sells it as high as possible to get their cut... Both trying to get someone to sell a home... and "solve the problem" of completing the sale.- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Matt K.:
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Glad to see I wasn't totally off base on my thought process...
I took the simplified view and see wholesaler/realtor at opposite ends of the same spectrum. Wholesaler trying to get things as cheap as possible so they mark it up and get a bigger cut whereas realtor sells it as high as possible to get their cut... Both trying to get someone to sell a home... and "solve the problem" of completing the sale.hey Matt, check this scenario out
Take my team as an example.
I am said wholesaler right? And guess what my agent does. When she gets a potential lead, she convinces the seller (when it is feasible) to NOT list it with her and sell it to me.. the cash buyer.
3 guesses why.
If said house is a dump (ideal for a cash buy).. or even a not such dump, after we flip the house guess who will get the listing of a freshly brand new renovated home 3x the value it would be listed for if they had listed it with her.
So she makes a LOT more commission by working with.. yup a (smart) wholesaler.
No no.. agents and wholesalers don't have to be on the opposite ends. Don't put strategies and jobs on the spectrum... ... it is people and their stupid ignorant and lack of creative thinking that should be placed on the spectrum.
The art of wholesaling is a strategy as is the art of being an agent. These strategies do not oppose each other. It is a stupid selfish impatient wholesaler and an agent without vision that are on the opposite ends.
What do you think..
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Jerryll Noorden:
Originally posted by @Matt K.:
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Glad to see I wasn't totally off base on my thought process...
I took the simplified view and see wholesaler/realtor at opposite ends of the same spectrum. Wholesaler trying to get things as cheap as possible so they mark it up and get a bigger cut whereas realtor sells it as high as possible to get their cut... Both trying to get someone to sell a home... and "solve the problem" of completing the sale.hey Matt, check this scenario out
Take my team as an example.
I am said wholesaler right? And guess what my agent does. When she gets a potential lead, she convinces the seller (when it is feasible) to NOT list it with her and sell it to me.. the cash buyer.
3 guesses why.
If said house is a dump (ideal for a cash buy).. or even a not such dump, after we flip the house guess who will get the listing of a freshly brand new renovated home 3x the value it would be listed for if they had listed it with her.
So she makes a LOT more commission by working with.. yup a (smart) wholesaler.
No no.. agents and wholesalers don't have to be on the opposite ends. Don't put strategies and jobs on the spectrum... ... it is people and their stupid ignorant and lack of creative thinking that should be placed on the spectrum.
The art of wholesaling is a strategy as is the art of being an agent. These strategies do not oppose each other. It is a stupid selfish impatient wholesaler and an agent without vision that are on the opposite ends.
What do you think..
In this example, you'd want to get the house as cheap as possible correct? Then when you flip it (at which point are you still a wholesaler, not a flipper?) you want the agent to sell it for as much as possible rather than as cheap as possible correct? I mean I get there's some level of small detail here and there about time on market/holding costs etc that play into the as much as possible but I think the point stands.
Wouldn't the process look like this:
Wholesaler gets property under contract (lowest price of transaction)
Adds assignment fee (lower acquisition costs, more room for higher fee)Flipper/Investor/Someone buys it (at discount of "market value)
They add repairs/profit (lower acquisition cost/repairs, more room for profit)
Realtor markets/sells it (highest price of transaction)
Collects commision from sale of property (based off sale price).
I guess my confusion is what makes a wholesaler fundamentally different than an agent? The main thing that stands out to me is that a wholesaler typically can't collect commision (hence the assignment fee) but a realtor could. But I don't really see how that's a positive or really much more than a technicality...
Again, for context this is in response to
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Jerryll Noorden:
Originally posted by @Matt K.:
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Glad to see I wasn't totally off base on my thought process...
I took the simplified view and see wholesaler/realtor at opposite ends of the same spectrum. Wholesaler trying to get things as cheap as possible so they mark it up and get a bigger cut whereas realtor sells it as high as possible to get their cut... Both trying to get someone to sell a home... and "solve the problem" of completing the sale.hey Matt, check this scenario out
Take my team as an example.
I am said wholesaler right? And guess what my agent does. When she gets a potential lead, she convinces the seller (when it is feasible) to NOT list it with her and sell it to me.. the cash buyer.
3 guesses why.
If said house is a dump (ideal for a cash buy).. or even a not such dump, after we flip the house guess who will get the listing of a freshly brand new renovated home 3x the value it would be listed for if they had listed it with her.
So she makes a LOT more commission by working with.. yup a (smart) wholesaler.
No no.. agents and wholesalers don't have to be on the opposite ends. Don't put strategies and jobs on the spectrum... ... it is people and their stupid ignorant and lack of creative thinking that should be placed on the spectrum.
The art of wholesaling is a strategy as is the art of being an agent. These strategies do not oppose each other. It is a stupid selfish impatient wholesaler and an agent without vision that are on the opposite ends.
What do you think..
what you describe is why so many get on BP and say agents are scum bags.. that is a total violation of licensure laws.. and ethics.
there is a broker here in Oregon going to get in a lot of hot water for this right now.. depends on how your state views the marketing of a property you don't own.. when your not licensed.. which in our state is a clear violation and you will get a fine and a cease and desist.. and a broker who is aiding and abeting could easily lose their license..
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Being a realtor - an actual realtor, is quite different than being a wholesaler. And being a realtor is terribly unappealing to me.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Melanie Hartmann:
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Being a realtor - an actual realtor, is quite different than being a wholesaler. And being a realtor is terribly unappealing to me.
the mission is the same.. nothing different and that's OK not everyone wants to be a wholesaler or in sales at all. sales is a tough gig..
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Being a realtor - an actual realtor, is quite different than being a wholesaler. And being a realtor is terribly unappealing to me.
the mission is the same.. nothing different and that's OK not everyone wants to be a wholesaler or in sales at all. sales is a tough gig..
Check this out this video on YouTube "Subscriber First Wholesale Deal Interview #15: Vi Made Over 60K within 2 months-Wholesaling Houses." The first bit of this video has a very very simplified reason as to why being a realtor is unappealing to me. The reason starts at minute 1:50 to about 2:50.
- Brentwood, NY · Member since 2018 · 39 posts · 6 votes8yI dont think i have seen such an extensive discussuon on a post before. Lol...i say this....get all the information you can. You are an adult capable of weighing things out...good and bad. You made a bold move. Continue to be bold. Some of greatest inspirations come from thise who defy conventional thinking. The negatives are much easier to see. Do what you have to do to succeed. I wish you all the best
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Melanie Hartmann:
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Being a realtor - an actual realtor, is quite different than being a wholesaler. And being a realtor is terribly unappealing to me.
the mission is the same.. nothing different and that's OK not everyone wants to be a wholesaler or in sales at all. sales is a tough gig..
Check this out: https://www.youtube.com/watch?v=fC75N9khVXs. The first bit of this video has a very very simplified reason as to why being a realtor is unappealing to me. The reason starts at minute 1:50 to about 2:50.
its OK that you don't want to be a realtor.. I don't either I have not sold retail real estate in decades.. but my wife does and she loves it and well she has sold almost 12 million so far this year.. do the math.. she is very good at it.. has been doing it for 25 years and its all referral based she spends ZERO on marketing.. now tell me a wholesaler that spends ZERO on marketing.. has no website etc etc.. this is why realtors who are good and make it to year 10 have it made.. 90% or more of their business just comes to them in repeat business and referrals.. no marketing constantly no working in the hood in bombed out houses..etc etc like you will be doing in Baltimore.. I know Balt I know what the wholesalers sell there I know how dangerous those areas are .. I would never in a thousand years let my wife even go there. Yet your dream is to do that.. but again the Mission with a wholesaler and a realtor is to bring two parties together for expectation of compensation is it not ? how one does it is a little different.. unless of course your telling us that you will personally buy these then re market them as the owner ( which is what I do) then in that case your a for real investor flipper developer etc. not an agent or wholesaler..
Originally posted by @Melanie Hartmann:
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Being a realtor - an actual realtor, is quite different than being a wholesaler. And being a realtor is terribly unappealing to me.
How? You keep saying this but I don't get it....
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Matt K.:
Originally posted by @Melanie Hartmann:
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @Jeremy Baxter:
I haven't read through all 400+ replies, but I have a question. If @Melanie Hartmann had posted all the same details originally but said "realtor" instead of "wholesaler", would she be getting the same amount of negative responses? Just curious.
Melanie, I think it's awesome that you're doing this.
Never thought about that but Jeremy, given that so many have asked why I didn't choose to become a realtor or told me that's what I should have done instead I would have initially said no. Though in actuality, I believe I would still have gotten the same amount of negative responses. Change and uncertainty is scary - so why leave something "solid" for something "liquid" that could easily slip through your fingers?
Now I can't be sure, but it seems like only one person who actually was a wholesaler told me it didn't work for them and they had to do something else and just cautioned me. Everyone else it seems who questioned it haven't done it. I've had many more people who have said they did the same or similar and it's working out for them... so... yea, I'm going to keep doing it until it's impossible for me to do it anymore.
Man, being a realtor - that's also not for me. At all. I would get my license but not be a realtor. I don't care to go into the reasons as they really don't matter to anyone but me. Haha, but being a realtor to me is almost as bad as being a teacher. I will wholesale instead of being a realtor and was a school psychologist instead of a teacher. Yup, that's me. :)
I don't get it why you think being a realtor is different than a wholesaler.. its the exact same thing. your brining two parties together for expectation of compensation.. One is in an industry the other is on an island.. one has huge market potential the other has only distressed or deeply discounted properties to go after.. both have huge burn out rates.. I have owned 3 brokerages over the years and my dad had a real estate company .. so been around this stuff all my life.. 50% of agents never make it a year.. and based on the post on BP I see I would say 9 out of 10 that say they are going to wholesale to make money so they can buy and hold and retire in 10 years on passive income.. well that is verbatim virtually everyone.. very few make it.. there are only so many Jerrylls out there.
I work in the industry and see the huds.. the successful wholesaler and by that I mean making 300 to 500k a year are far and few between but those that do .. have pretty big companies.. vertically integrated.. I see the lone wolf wholesaler being more like a used car salesmen buying cars at auction then reselling them.. and that can be a great business..
Anyway just was a little amused at your thought of a realtor and a wholesaler being distinctly different when in fact they are exactly a like only the wholesaler has a much smaller amount of inventory to work with.
Being a realtor - an actual realtor, is quite different than being a wholesaler. And being a realtor is terribly unappealing to me.
How? You keep saying this but I don't get it....
And that's ok! :P
In all seriousness, why not try googling realtor vs. wholesaler? There a lot of articles and several YouTube videos on describing the distinction. Might help you clarify a why and/or the difference. My personal reasons for or against one or the other really aren't relevant or necessary - nor do I have the desire to defend or explain them. They only matter to me :)
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @David Medina:
I dont think i have seen such an extensive discussuon on a post before. Lol...i say this....get all the information you can. You are an adult capable of weighing things out...good and bad. You made a bold move. Continue to be bold. Some of greatest inspirations come from thise who defy conventional thinking. The negatives are much easier to see. Do what you have to do to succeed. I wish you all the bestA man of reason over here instead of just doubt! I like it! Thank you David!
@Melanie Hartmann that lady from your video, going to assume she's a top performer in her role as a wholesaler..... she'd probably do equally well and be a top performer as a agent.... Not sure why she'd listen to someone who gave her average numbers when she's not an average person.
Have you seen the prices of commercial real estate... less agents, and absurd prices...- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Matt K.:
@Melanie Hartmann that lady from your video, going to assume she's a top performer in her role as a wholesaler..... she'd probably do equally well and be a top performer as a agent.... Not sure why she'd listen to someone who gave her average numbers when she's not an average person.
Have you seen the prices of commercial real estate... less agents, and absurd prices....
- Timonium, MD · Member since 2018 · 14 posts · 6 votes8y@Melanie Hartmann my husband and I are in Baltimore and are looking for a duplex, let me know if you find one!
- Insurance Agent · Bedford Texas · Member since 2017 · 16 posts · 7 votes8y@Melanie Hartmann your life, your dreams, on your terms. I applaud you for taking this step. It amazes me that in an entrepreneurial forum, you can have so many question another persons path toward their financial freedom. Forget the negative, Rock on and take massive action. We are our only limits 💪
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Jay Johnson:
@Melanie Hartmann your life, your dreams, on your terms. I applaud you for taking this step. It amazes me that in an entrepreneurial forum, you can have so many question another persons path toward their financial freedom. Forget the negative, Rock on and take massive action. We are our only limits 💪True story Jay! True story
Thank you for spreading the right mindset. Now, if only this was more contagious than the other...
The Facebook groups centered around wholesaling - that's where I go now if I need practical advice and to share my victories. They get it, they live it, they breathe it, they do it. It's awesome to see the real-life, day-to-day struggles and victories. *Not gonna lie about the added bonus* I LOVE when people post the checks they get. It's changing lives all across the country. Those podcasts/videos/documents/tips are also extremely helpful as well! It's win-win all around over there.
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