Wholesaler · Chicago, IL · Member since 2011 · 219 posts · 38 votes
Hey everyone,
Just wanted to run this idea by the community and hopefully get some feedback on it:
In the past 6 months, I've been hiring unpaid interns for my real estate wholesale business. I've hired about 40+ so far and am actively working with about 10-15 interns. I'm basically teaching them step-by-step how to do deals by starting their own wholesale businesses.
Has anyone else come across this idea or has anyone actually been using this strategy in their business?
I'm curious to get some feedback on this topic to hopefully improve my internship program in the process.
Ken calm down. Yes, internships are bing cracked down on depending on how they are being used. I think the term intern here is more like a student or client fo a self employed person.
Universities and colleges have intern programs and I have used them, they work for a grade. I also kept them happy financially, take them out for dinner and lunch, pay for gas when we stopped etc. I was not making slaves out of them.
But some do and it's really the large corporate types that have invented slave labor for interns to work in order to get hired later on, that's where the abuse is.
ethics... i heard that somewhere... some csi type show... or was it some philosophy class in college? what's ethics?
America once had a strong sense of it... the direction and trend the way the country has been going in the last 20yrs definitely shows most of the country prolly doesn't know what the word is either! :) but that would be under another post for another day... filed somewhere under politics or philosophy or dream or something...
I ddnt see what ken larchers was referring to. U musta alrdy complied w his warnings! Haha.. darn..
No actually Ken never followed through with anything he threatened me with. I took the site down because I'm focusing on building my core real estate business now.
And William Bannister, I think you have the wrong idea. I was offering to coach individuals (for free) on how to start making money in real estate. I'm not looking for free labor. I'm offering my valuable time to teach others to become successful.
I'm actually charging for my coaching now because there are too many people asking for it and I just don't have the time to coach everyone.
Once I have 1000 units that I own then I plan to coach a few people. I figure having only a 100 units just makes me the rank of a 2nd lieutenant in this business. So until I at least get to 900 unit Im going to stick to making the simple posts on this forum.
I met a guy that humbled me. When I assigned my 100 unit deal in Memphis. This guy came from New York he said I want your property if the price is right, Im trying to do something here. After we had made the deal I asked him so you never told me what you where trying to do after we had driven past at least 1000 units he had already bought and rehabbed in that city in a 24 month span.
He said Im trying to take over the residential market in Memphis. We are moving 40 million dollars into this metro market we like the returns here. I couldnt tell I thought this guy was going to have a hard time getting a construction loan to close my deal he needed 500k to buy 100 units that needed total rehab.
I thought it was money to be rehabbing 2 homes and a 12 units apt building at the same time while this guy thinks its money to be rehabbing 3 different 100 unit apt buildings at the same time. this guy was all cash and had no financing at all. He was really proud of his properties as we spent the day driving around looking at his properties.
I am awed when i look at certain business men that are having the type of success they have in this business. I take little bits and pieces from each man I meet like this and apply it to my own business.
Not long after I met a guy that could sell anything you lay your eyes on and he was doing pretty well to with a 3rd party wealthy factory owner that was backing him. I learned a lot from this guy too he was a road warrior making all of America his back yard buying rehab apt complexes from the east coast to the plain states building a portfolio for a man that owned a factory that knew he only had a 5 year income expectancy left from his factory and was desperate to replace the income. He decided to start buying apt buildings to take care of the problem. the more you get involved in this business and just do it the more you learn. I learn the most interesting lessons when I just get busy in this business.