Challenges in Wholesaling

[Benny Sanquintin]

What are some challenges you faced at the beginning of your wholesaling career?

[Don Konipol]

@Benny Sanquintin

1. Lack of expertise

2. Lack of knowledge

3. Lack of capital

4. Not having sufficient contacts or referral base

5. Not knowing how to estimate repair costs or even identify repairs

6. Entering a field where there’s too much competition

7. Sellers who can expose their property on the interest without realtor participation

8. Listing services charging sellers $300 to list on MLS

9. Having to provide proof of funds when you don’t qualify

10. Not having the proven experience or track record to be credible.

11. Not having experience to answer sellers questions

12. Skirting or possibly violating rules, regs or laws in some areas

13. Liability for missteps and possible lawsuits

14. Not being able to provide large earnest money deposit being demanded in this market

15. Not being able to offer a no contingency contract being demanded in some markets

16. More governmental publicity suggesting wholesaling is a scam

17. Not being able to complete purchase if an end buyer is not found

18. Believing you’re a real estate investor when in actuality your not an investor, you’re a broker without licensure (may be legal depending on how it’s done and local law)

19. If you do receive license you may be operating in an area of conflict of interest

20. Competing against more and more wholesalers for less and less market

And probably many more I haven’t thought of