Issues with Mentorship

2 Replies

I wasn’t sure where to post this but here it is. And it’s long.

A little about me, I'm a newb and after about a year and a half of books, podcast, webinars, REIA meetings, etc. I've finally decided to take action and start off with wholesaling.

A guy I met at a REIA works for a hard money lender. My initial contact with him was me trying to help my father with his property issues. Anyways, he calls me a few months later just to follow up and I mentioned to him that my dad is dragging his feet but I decided to start wholesaling. He stated that they offer help for wholesalers getting started. Explaining that they would provide several list, help from his team with CMA's, skip tracing, double checking to make sure its a good deal before I make an offer and even the buyers list.

You couldn’t grind the smile off my face. This is everything I needed to get started and now there are no more excuses. The only catch was I had to split the first 3 deals with them. I had no problem with this especially because he let me chose how we would split it. I chose 50/50.

So! I got business cards, flyers, signs etc. and start my marketing. The first two weeks were super slow, but the last two weeks have been better! He helped me on my first lead with comps, confirmed the deal was good and sent me a contract to make the offer. This is where the issues start.

I filled out the Contract and sent back to him to make sure I filled it out correctly. He had me make corrections and I resent to confirm. I planned on making the offer that day as it was still early in the day. He didn’t get back to me until the next day around noon. At that time on Saturday I called the seller and he wanted to wait until Monday because he had family stuff planned for the weekend.

Called the seller yesterday and made my offer, seller said he had another offer that was a bit higher than mine. I called my guy to ask for advice, no answer. I txt him about upping my offer to win the deal to see if it was still worth it, which by the numbers it should be, but it being my first deal, I just need confirmation. He said he would call me but never did and still hasn’t.

I have also let him know that I needed to talk to him about offering credit repair, which he told me he had a girl that does it, and also if I have to use the title company that is all the way in Addison which is 45 minutes from my seller when there are several closer.

At this point, I’m confident this is a deal. Comps I did came in lower than the ones he gave me, but he’s from Dallas and admittedly doesn’t know the Fort Worth as well. I will be calling his boss today to talk about the situation.

That being said, I have two more leads that I’ve gotten and now just don’t have the help I thought I was going to have.

All of this will not stop me from achieving my first deal. A friend of mine is worried that I won't be able to sell it if I decide to just do the deal without the help of this guy. But I told him I have BiggerPockets and my local REIA group I can get this deal done. Because if there is one thing I've learned from Josh and Brandon, if the deal is good then the money will be there. I just need my guy to confirm the deal is still good.

To me, this is somewhat of a test to see how bad I want it. Which I do! Wholesaling is what will get me into the game.

@Roberto Ramos cut the emotion out of what you are doing. All the "i want this bad" and "this is a test" is a mindset that is going to sink you. 

Do you own the home you live in? if the answer is no, start there

You need to learn the basics of a real estate transaction, and you can learn them by purchasing your own home.

Purchasing a home will bring you a quick win, and then you can focus on learning are the ins and outs of wholesaling while you are building equity.