Is a group of wholesalers working together legit

Wholesaling
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Is a group of wholesalers working together legit

Stephen Noonan
Rental Property Investor · Parlin, NJ · Member since 2020 · 3 posts · 2 votes

New to wholesaling and since I don't know anyone in this field I joined a JV wholesaling group.

Is a group of people pooling information for monthly fee legit when it comes to wholesaling.

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Will Long
Flipper/Rehabber · Roanoke, VA · Member since 2018 · 67 posts · 64 votes
6y

I don’t see why not.  The only thing that would concern me, is everyone trust worthy and do they practice good and fair business.   Other than that I think it’s a great idea..

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  • Will Long
    Flipper/Rehabber · Roanoke, VA · Member since 2018 · 67 posts · 64 votes
    6y

    I don’t see why not.  The only thing that would concern me, is everyone trust worthy and do they practice good and fair business.   Other than that I think it’s a great idea..

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  • Stephen Noonan
    OP
    Rental Property Investor · Parlin, NJ · Member since 2020 · 3 posts · 2 votes
    6y

    @Will Long so far everyone is extremely nice and helpful. Its only been a few days so time will tell.

    Thank you for the feedback.

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  • Brandon VukelichBusiness Member
    Real Estate Broker · Tacoma, WA: 🏢 27 LTRs 🏡 3 STRs · Member since 2018 · 549 posts · 458 votes
    6y

    I've never been part of a wholesaling "group" but I've co-wholesaled deals with another wholesaler.  Questions I would have are: Is there someone in the group that takes point negotiating?  Have the contracts being used been reviewed by a local attorney?  

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  • Kyle J.
    Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
    6y

    @Stephen Noonan I don't wholesale, but I can definitely see the value of coming together as a group of like-minded individuals for the collective benefit of the members, helping each other out, collaborating, strategizing, sharing information, etc.  Sort of like a wholesaling mastermind group.  

    The only questions I would have if I were in your shoes are: why do you need to pay a fee to do this and who does the fee go to?  If the fee was going to cover some hard/actual costs, like for a meeting room you needed or food for a group meeting or to bring in an expert/paid speaker that you all wanted to hear from, then I wouldn't have a problem with that.  On the other hand, if the fee was just going to some "guru" who organized this meeting and didn't contribute anything more than passing around the collection plate, then I'd seriously question the need for the fee.

    The real benefit should be the information you guys share amongst each other in the interest of learning and helping each other out, not helping just one of the members (or supposed "guru") pad his/her pockets through the collection of fees.

    Just my two cents.

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  • Stephen Noonan
    OP
    Rental Property Investor · Parlin, NJ · Member since 2020 · 3 posts · 2 votes
    6y

    @Kyle J.

    Hey Kyle thanks for the input.

    The monthly subscription plan I have gives me access to deal machine, podio, auto dialing and skip tracing and nighly meetings going over everything

    It also includes a team leader/mentor who goes over everything and help analyze our deals

    So far it seems great and I'm thankful for all the feedback on this forum. Being so new to everything its nice hearing from different people

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  • Account Closed
    Flipper/Rehabber · New York, NY · Member since 2019 · 340 posts · 122 votes
    6y

    @Stephen Noonan in the day and age of the internet you shouldn’t really be paying for information. If you are a newbie you need to find a mentor. That’s your best bet. Hope this helps. I am in the business of running an efficient and strategic business for example wholesaling and flipping homes. We all have the same 24 hours why are some more successful than others ... it’s because their processes are more efficient and effective then others. Don’t be a sheep. Figure out what works for you and get a mentor as well if you can :) dm me if you have further questions.

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