To Wholesale or not, that is the question!

16 Replies

I don't have any savings because of divorces and I helped my children & grandchildren start on a better foot than I did & I have a big (too big!) heart.

So with that being said...

I thought I was ready to try Wholesaling properties. However, after reading so many negative comments regarding Wholesalers, I'm not sure! I'm not the type to scam people out of anything. Been on the receiving end too many time...

Is it still possible to wholesale to get my feet wet in REI?

I'm currently on disability along with a tiny monthly retirement.

Any suggestions out there?

Updated almost 2 years ago

I took a couple of steps last night!I now have a domain! Checked for legalities for Kansas & I'm good for Wholsaling!Read the 1st - 4th blog steps of Jerryll's "How to start" blog. Still looking for 5-7 but found 8!Checked out the Carrot.com website & definitely going that way!Next steps - find a RE Atty, find a CPA, find a RE Agent (a fantastic one willing to work with!), find a Title company, set up new email & phone # thru Google. These tomorrows tasks!Top of the list are prayers for those who have been & might be affected by Dorian! May you all be safe!

@Cynthia Harrison Wholesaling can be a dirty word around here sometimes. Its a very controversial topic. The people who do it, support it and the people who oppose it are extremely vocal in their dislike for wholesalers. That being said, wholesaling gets advertised as the “easy” way to get into real estate with no cash and no credit and that is a lie. Wholesaling is difficult. It takes money to do marketing, it takes real estate knowledge and people skills to find and evaluate properties and put them under contract. I tell people who dont have the capital to do wholesaling that they need to start as a bird dog instead. Drive for dollars, collect a list of homes with tall grass, over flowing mailboxes, general dilapidation or other signs of vacancy and/or distress. Leads are incredibly valuable to wholesalers or real estate investors. Its a lot better then jumping in before you are truly ready, especially if you are on a limited or fixed income. Other than that look for other ways to make money (side hustles) and put that money aside to help you get your real estate investing off the ground. Having a big heart is an admirable quality, but you cant help others if you cant help yourself. If you and I are in the ocean drowning, you cant save me any more than I can save you. One of us has to get into a boat in order to save the other. Help yourself first. Then you can help whomever you want.

Just my 2 cents! Good luck! Feel free to DM me if you have questions!

@Lydia T. Thank you Lydia! I thought no one was going to respond because I gave out to much info...but I believe in honesty. How can you advise someone if you don't all the facts!

I found out the hard way about the helping! Both of my sons are doing very well now so having inherited their mom's giving nature they are willing to assist me with my new endeavors!

I've been practicing working up the #'s on some properties. Hoping to find 1 good deal to get my feet wet!

Thought I found a local mentor but not the right one. I plan on attending local meetings to meet more people as I'm not native to the Leavenworth KS area.

All advice is greatly appreciated please send more!

Sincerely!

Cindi

Hi @Cynthia Harrison ,

Yes, this can be a heated topic!  I'm pro-wholesaling, yet I understand some of the concerns of those who are against it.  It requires little investment (you can spend a lot of time and/or money, or both in marketing) so it attracts people who may be less then honorable.

I believe one of the most important things you can do (well, there's always learning, reading, listening, etc.) is to get active in your local real estate investors community. Meetup can be a great source of local investor meetings. Start attending them. Also find your local REIA (Real Estate Investors Association) and attend their meetings.

And above all, once you decide if it's really for you, keep at it.  Don't quit.  It can take a while, but the more you put into it, and the longer you keep at it, the more likely you are to be successful.

Good luck!

@Barry Pekin Thank you Barry! I'm taking the time to learn all I can so I can be successful not just jumping in head 1st.

Also I should have mentioned that I have had experience in RE. I was an agent in Western Upstate NY many moons ago plus I owned a duplex there as well.

I didn't mention it before because I know laws have change & so has my location! So I figured that I'm really starting from scratch & want to start & keep a good reputation.

Thank you for the encouragement!

@Cynthia Harrison I am personally new to real estate but I don't think wholesaling is "scammy" or "dirty." I've also never done wholesaling... but It is all about perspective. If you have a big heart as you said.. YOU are what make your business. Every business can be viewed as a bunch of crooks. Just depends who you've have the pleasure to work with in said business.

That said, I think it's based on what makes you happy whether you should do it or not. If you have the passion to wholesale do it. There are some pretty fantastic podcasts on the site surrounding wholesaling too.

Good luck!

J

Keep in mind that people think wholesaling is difficult simply because for most it is difficult to get motivated seller leads.

Wholesaling in itself is not difficult at all. I hate it  for sure, but .. I am good at it.

So do wholeslaing the right way and it is not difficult, more like annoying.

It is easy to have the seller agree with wholesaling the property if you are simply honest and explain what wholesaling is.

I will tell you this.. if a seller is willing to sell to a cashbuyer for cash, they are MORE eager to wholesale the property. Yes that is correct, sellers rather wholesale than sell to you in most cases. This is a fact.

Do you think if you had 10 to 30 leads a week pouring in your inbox guaranteed, that wholesaling would be difficult? No! Not at all. SO to be successful at wholesaling just focus on lead generation and you will be set!

@Joshua Mcdougall Joshua thank very much for responding & your wishes! Wholesaling is "a way to the means" for me. My end game? To provide decent affordable homes for our military while being able to show my grandkids how to enjoy life without the 9 to 5 chain wrapped around their necks. My great grandfather always said that anyone that had money owned alot property. The only problem was the 80 yr difference in our age. I listened to what he said but didn't understand. Then that knowledge skipped a generation...

My plan is to read every book & listen to everyone with knowledge for a couple more months. 2020 will be an extremely busy year & hopefully just as productive!

I truly hope you too find your niche & go for it! Maybe someday we will meet & high each other!

Sincerely,

Cindi

@Jerryll Noorden Thank you so much for that Jerryll! I've read so much about you & your responses to other forum questions that I'm speechless that you replied!! Listening to some others made wholesaling sound more like selling used cars (not meant to be offensive). So coming from you makes all the difference!

I loved selling RE before because people came to me for something they already wanted & I was able to help them realize their dream. The commission was just the icing on the cake!

The responses to my question has put the wind back in sails!

BP has been so much more educational & helpful than other systems I've checked out.

Thank you again so much, Cindi

Originally posted by @Cynthia Harrison :

@Jerryll Noorden Thank you so much for that Jerryll! I've read so much about you & your responses to other forum questions that I'm speechless that you replied!! Listening to some others made wholesaling sound more like selling used cars (not meant to be offensive). So coming from you makes all the difference!

I loved selling RE before because people came to me for something they already wanted & I was able to help them realize their dream. The commission was just the icing on the cake!

The responses to my question has put the wind back in sails!

BP has been so much more educational & helpful than other systems I've checked out.

Thank you again so much, Cindi

 Wait.. I am famous??

Hear that MAAA? I am famoso!

yay

Originally posted by @Cynthia Harrison :

@Jerryll Noorden Thank you so much for that Jerryll! I've read so much about you & your responses to other forum questions that I'm speechless that you replied!! Listening to some others made wholesaling sound more like selling used cars (not meant to be offensive). So coming from you makes all the difference!

I loved selling RE before because people came to me for something they already wanted & I was able to help them realize their dream. The commission was just the icing on the cake!

The responses to my question has put the wind back in sails!

BP has been so much more educational & helpful than other systems I've checked out.

Thank you again so much, Cindi

 Cindi, and Elmore

Don't thank me.

Let me tell you my story.

I quit my job before I started REI.

I had no plan B! I had a plan "do or die". But unlike pretty much the rest of the world, I didn't just jump in. I poked around. I asked a billion questions on here... I was collecting data. 

I wanted to answer 2 questions:

What do you need to become successful

and

why are so many unsuccessful

You know the answer to both these questions?

Leads!

You need leads to be successful and the reasons o many investors fail is because.. they do not have leads.

Leads is the answer to everything.

So what did I do? I solved the problem. As simple as that. Driving for dollars, cold calling, DMM... Facebook ads, PPC... all these strategies have NOTHING on SEO.

So I locked myself in my room and I wouldn't come out till I solved the SEO secret.

Obviously I did. I did it by not following the masses. I did it because I am smarter than anyone else. I don;t care if this is true, it is important YOU believe it. You have to KNOW this.  I am not talking about telling yourself this and hope one day you will believe it. NO! I think beyond a doubt I am smarter, better, stronger, more motivated and I want this more than anyone else.

Again I couldn't care less if this is true or not, In my eyes it is.

So once you believe this.. do you think I have a SINGLE doubt I will make it? Of course not, It is not a matter if if, it is a matter of when.

Suddenly your actions are no more of  " I'll try". Suddenly your actions are determined, "I WILL".

Mindset, confidence (not cockiness), being resourceful is what you need. If you are going to wholesale, stop asking BP what they do, how they do, simply to try the same thing. Ask them how and what, only to fish out why those methods do not reliably deliver results, and find a better way.

That is exactly what I did and the result?

Now you have 2 types of people. 

One type sees this and they get pissed. They will call me a show off, and just drown in bitterness.

The other kind sees this and says.. Ohhgaadamn. This IS POSSIBLE??? For Free?

"This is what I needed to step up and if he can do it I sure as hell can"... they get inspired, they get excited. And they will start to do!

So the question to ask yourself is this... which one am I...

OK so then become the alpha and dominate your environment. You do not need to be on top of the hill to be the king of the hill. You are on your way up steadily to claim your throne at the top! So it will take one step at a time, and you may still be at the bottom of the hill, but your name is up there on the throne. Go claim it!

You think I was born on top? I TOOK it! it was not handed to me! So go take it!

Monkey power yo!

Originally posted by @Elmore Johnson :

@Jerryll Noorden Good advice and very encouraging. I'm new to this and I'm looking forward to getting educated on wholesaling, the proper way.

 Than you friend. Dude, seriously.. reach out to me if you need anything. You guys are too kind and polite. It burns! Ha!

:D

@Cynthia Harrison

There is a lot of sound advice in this thread. I agree that lead gen is maybe the hardest part right now.

Look into ways to partner up with others. How can you help them and how can they help you. And keep networking here.