My Take on Every Thread in the Wholesaling Forum

108 Replies

My Take on Every Thread in the Wholesaling Forum

1. Newbie with no Capital want to “begin real estate investing” by wholesaling

2. Current “wholesalers” offer encouragement, general advice, etc.

3. Real Estate Brokers tell OP that wholesaling is unethical, illegal, etc.

4. Other investors tell OP that chance for success is minimal, and that wholesaling is not investing

5. Inexperienced wanna be investors chime in that naysayers are just trying to kill someone’s dream, don’t listen to naysayers “haters just want to hate” , etc.

6. Thinly disguised point man for wholesaling guru states that he had great success only after paying for mentoring with this particular guru.

7. Jay Hinrichs points out that this particular guru was indicted in Oregon for fraud, and is being sued in Washington

8. Don Konipol votes on Jays post

9. OP asks another blatantly ridiculous question

10. #2 thru #8 above repeat again

Originally posted by @Don Konipol :

My Take on Every Thread in the Wholesaling Forum

1. Newbie with no Capital want to “begin real estate investing” by wholesaling

2. Current “wholesalers” offer encouragement, general advice, etc.

3. Real Estate Brokers tell OP that wholesaling is unethical, illegal, etc.

4. Other investors tell OP that chance for success is minimal, and that wholesaling is not investing

5. Inexperienced wanna be investors chime in that naysayers are just trying to kill someone’s dream, don’t listen to naysayers “haters just want to hate” , etc.

6. Thinly disguised point man for wholesaling guru states that he had great success only after paying for mentoring with this particular guru.

7. Jay Hendrick points out that this particular guru was indicted in Oregon for fraud, and is being sued in Washington

8. Don Konipol votes on Jays post

9. OP asks another blatantly ridiculous question

10. #2 thru #8 above repeat again

Would love to see the link. 

The wholesaling explosion phenomenon is intriguing, it once again, signals the Top of the maket. That along with the remarkable increase in real estate agents, it's kind of a bellweather. "Make money easy and fast with no experience and no money." 

Haha - I giggled a little bit. @Don Konipol do you think there is any content we can point folks to that would help them weight the pros and cons of getting started in wholesaling (realistically) so that we can get to the next level of nuance in these forum threads? 

How does one effectively connect with wholesalers? I posted in the forums a bit ago about trying to connect with a wholesaler so that I could do some brrrr investing. Crickets. Methinks I did something wrong.

Originally posted by @Don Konipol :

My Take on Every Thread in the Wholesaling Forum

1. Newbie with no Capital want to “begin real estate investing” by wholesaling

2. Current “wholesalers” offer encouragement, general advice, etc.

3. Real Estate Brokers tell OP that wholesaling is unethical, illegal, etc.

4. Other investors tell OP that chance for success is minimal, and that wholesaling is not investing

5. Inexperienced wanna be investors chime in that naysayers are just trying to kill someone’s dream, don’t listen to naysayers “haters just want to hate” , etc.

6. Thinly disguised point man for wholesaling guru states that he had great success only after paying for mentoring with this particular guru.

7. Jay Hendrick points out that this particular guru was indicted in Oregon for fraud, and is being sued in Washington

8. Don Konipol votes on Jays post

9. OP asks another blatantly ridiculous question

10. #2 thru #8 above repeat again

 😂

Originally posted by @Duane Alexander :

Other thinly veiled "wholesalers are bad" circle jerk post huh? Let me grab my seat.

No,  my point is not that “wholesalers are bad”.  First, it is intended to be humorous because  most wholesale threats follow the same formula.  Second, there is no doubt that wanna be investors with no Capital are attracted to wholesaling but do not understand how difficult it is and what it takes to do it profitably.  

Originally posted by @Don Konipol :
Originally posted by @Duane Alexander:

Other thinly veiled "wholesalers are bad" circle jerk post huh? Let me grab my seat.

No,  my point is not that “wholesalers are bad”.  First, it is intended to be humorous because  most wholesale threats follow the same formula.  Second, there is no doubt that wanna be investors with no Capital are attracted to wholesaling but do not understand how difficult it is and what it takes to do it profitably.  

I know several wholesalers who currently have businesses that gross a million plus that started with very little capital. In either case, since you know better than everyone else, why don’t you help  instead of making threads to make yourself feel more high, mighty, and more superior than the next guy? Posting another “herp derp look at those stupid young wholesalers over there that have it all wrong let’s laugh at them” type of thread helps nobody and adds to the problem.

There are plenty of wannabe lenders, realtors, and other real estate investors who have unrealistic expectations that you can make condescending corny threads about. Stay out of the wholesale section if newbies asking questions about wholesaling russles your jimmies so much. 

Originally posted by @BJ Marshall :

How does one effectively connect with wholesalers? I posted in the forums a bit ago about trying to connect with a wholesaler so that I could do some brrrr investing. Crickets. Methinks I did something wrong.

 This is how I connected with whole sellers.  Get a house that is out of state or local area from where you live.  The wantabe whole sellers will call you, text you, send you postcards with a photo of the house, or at least where Google thinks the house is, send you a pretend handwritten letter, send you  a yellow letter, basically annoy the heck out of you for the rest of your life.  These ambitious whole sellers will continue to contact you even 4 years after you sold the house.  Even after you have clearly told them no and that you already sold it--they will call 'in case you want to sell it again??'  

Choose the whole seller you like best, yellow letters, personal calls from LV (according to caller ID) with a Pilipino accent, or do you prefer the Indian accent?  Both are readily available!  Or maybe you love texts?  Or postcards?  Maybe you like the one that calls at 6 am with 'good news before you start your day', or the one that calls at 10:30 at night and ends the call with 'nighty-night'?

That is how you connect with a whole seller of your choice!

Originally posted by @BJ Marshall :

How does one effectively connect with wholesalers? I posted in the forums a bit ago about trying to connect with a wholesaler so that I could do some brrrr investing. Crickets. Methinks I did something wrong.

Local REIA's, search "YourCity Real Estate Investing" on Facebook, or "Sell Your House Fast in YourCity" on Google, and call all the people you find and ask to be on their buyer's list.

Originally posted by @Lynnette E. :
Originally posted by @BJ Marshall:

How does one effectively connect with wholesalers? I posted in the forums a bit ago about trying to connect with a wholesaler so that I could do some brrrr investing. Crickets. Methinks I did something wrong.

 This is how I connected with whole sellers.  Get a house that is out of state or local area from where you live.  The wantabe whole sellers will call you, text you, send you postcards with a photo of the house, or at least where Google thinks the house is, send you a pretend handwritten letter, send you  a yellow letter, basically annoy the heck out of you for the rest of your life.  These ambitious whole sellers will continue to contact you even 4 years after you sold the house.  Even after you have clearly told them no and that you already sold it--they will call 'in case you want to sell it again??'  

Choose the whole seller you like best, yellow letters, personal calls from LV (according to caller ID) with a Pilipino accent, or do you prefer the Indian accent?  Both are readily available!  Or maybe you love texts?  Or postcards?  Maybe you like the one that calls at 6 am with 'good news before you start your day', or the one that calls at 10:30 at night and ends the call with 'nighty-night'?

That is how you connect with a whole seller of your choice!

If this is a serious problem for you my first suggestion for you or anyone else who is serious about investing in real estate, is to own your properties under an LLC or even better a trust. Not only does this have a whole host of benefits, it also makes it near impossible for people skip trace your information.

Also keep in mind that most of the calls, texts, letters you get typically come from the same couple of companies who employ a team of people. If they call/text/mail you, tell them that they have the WRONG NUMBER/PERSON or that you don’t own the house. If you simply tell them you’re not interested they will just pass your info along to their other teammate, who will act like they’re calling from another company, in hopes of catching you at a better time when you’re now interested in selling. If you tell them that they have the wrong number or person, they will not waste time/money/resources on trying to contact you again.

But seriously if you don't own your properties under an LLC or Trust, you should start.

BTW, realtors cold call/text to find motivated sellers more than wholesalers do and they are way more realtors doing it. They literally do the same marketing we do. Why are there never any threads complaining about them? Hrmmmmm. Maybe cause there's an agenda and NAR....nevermind. You guys clearly aren't ready for that convo.

Duane I think you're taking this thread a little too personally. 

Also the bit about realtors doing more cold calling/texting isn't remotely true, although it may help other wholesalers sleep at night. I get dozens of mailers/cold calls/texts from wholesalers every month, 0 from realtors. I don't think it's a NAR agenda, anyone is welcome to start a thread about realtors here on BP, maybe they're just not as annoying. I'm not hating on the marketing wholesalers are doing, I know it works for the ones doing a ton of it, but let's be honest about it.

Originally posted by @Scott Trench :

Haha - I giggled a little bit. @Don Konipol do you think there is any content we can point folks to that would help them weight the pros and cons of getting started in wholesaling (realistically) so that we can get to the next level of nuance in these forum threads? 

Hi Scott,

@Will Barnard has a great post that used to be a sticky (not sure if it still is or not) called "the Truth About Wholesaling". It's something of a juggernaut, a really long read, rambles and goes off point at times......but gets down to the nitty gritty about how hard it is to do things (wholesaling) right. At the time I was relatively new, but folks like Will really helped me out and set me straight and I never looked back.

Speaking of which, @Eric James (sorry, at (@) thingy seems to not offer up your name....maybe it will link when posted) Your comment seems very broad:      "11. After a couple months of trying to be a wholesaler they are never heard from again on BP."

Of course, I'm sure it's meant to be humorous. As was @Brett Tvenge's. It's been 10 years or more. I'm still here, so it's humorous to me, but hasn't always been so. I've gone without posting sometimes for years at a time because posts and threads like these are for the most part very tedious, easily misunderstood and difficult to avoid.

I'm curious....do you believe that Agents and Brokers as a category have just as many questionable folks, trends and practices as other sectors? A license is a truly great thing to have and I encourage as many as I can to get one....but it isn't a magical-mystical-makes-everything-okay badge of honor is it? It's just I don't often see the licensed dealing with their own. I see them frequently trying to deal out jabs, funny or otherwise at others, particularly wholesalers, but rarely point that filter back at themselves or others in the same role. Could be missing it though...this site is really big and I limit myself to forum categories that reflect my interest.

This being an online and open forum, there are many here from all walks of life. The founders of BP meant for this to be an open discussion where people could learn without being bullied. But free speech is also encouraged and no one has to engage with anyone they don't wish to, however I've just never really understood the foray into topics that annoy, and the meanness displayed to people attracted to a site that was designed to attract those very people.

Lastly, @Duane Alexander (at (@) thingy still not working, apologies)....I hear you. I feel your pain and agree with most what you're saying. But this thread, as started and intended was not one of "those". I long ago gave up on trying to keep up with posts like "those" (Angry agents hating, trolling and flaming). 

But this one, as intended by @Don Konipol is indeed using humor to try to rectify what is certainly a problem....the problem being that the average newbie wholesaler does not often look before leaping. Instead of trying to use the search feature to learn the site, the people and the many resources available, they will start a new thread asking to be spoon fed information that has been dished out over and over again. It is indeed annoying.

Just last week, I encountered no less than 6 threads just like this one where "I'm starting my journey, decided on wholesaling and want you guys to teach me everything". Please note the answer that I, someone sympathetic to their cause, gave them. This exactly the the sort of thing that this thread is targeting, and I think Scott Trench nailed it.  

@Don Konipol and @Jay Hinrichs have contributed so much good content over time that they are foundational to this site and not a mean bone in there anywhere. They are the real deal and choose to help people on real, practical level which includes pruning back pie in the sky attitudes. I appreciate that because as mentioned, Will Barnard, Don and many many others did that for me and my business has thrived ever since.

TL;DR

New Wholesaler / Wholesaler wannabees: The search glass is your friend! Get enough education to ask concrete answerable questions

Agents / Brokers: You aren't the only ones here. I estimate that more than half of the traffic here concerns wholesaling in some form or another. If wholesalers / wholesaling annoys you why not leave them alone and stick to the threads where your buddies are so that everyone can enjoy the site as intended?

Annoyed by Marketing efforts?: Do "Dominoes" coupons that you get in the mail every week annoy you? Car warranty calls? All of the other services advertising to a "New Mover" list when you buy a new property? I don't know what to tell you. It's not going to change any time soon. Direct mail, calling, text, email, billboards, splash pages....every industry uses them and will continue to. Perhaps coping with it instead of railing against it would give more peace, more balance.

Thanks for reading. 

    @Jerry Puckett I was by no means trying to be humorous. How many times do you see on this thread ‘one post wannabe’s’ asking for all the secrets because some guy on YouTube tells them it’s easy. It’s not easy, it’s for seasoned investors. The second an educated member comes on here and tells them it’s not going to be easy they are gone and onto the next get rich quick idea.

    Originally posted by @Nick C. :

    Duane I think you're taking this thread a little too personally. 

    Also the bit about realtors doing more cold calling/texting isn't remotely true, although it may help other wholesalers sleep at night. I get dozens of mailers/cold calls/texts from wholesalers every month, 0 from realtors. I don't think it's a NAR agenda, anyone is welcome to start a thread about realtors here on BP, maybe they're just not as annoying. I'm not hating on the marketing wholesalers are doing, I know it works for the ones doing a ton of it, but let's be honest about it.

    I take it personally because I feel like a lot of you guys look at wholesalers as the bottom rung, while reaping all of the benefits that come from wholesalers' deals. Rather that be as a lender lending money to flippers who get their deals from wholesalers or as a realtor being able to list a flip that was sourced from a wholesaler. Everybody hates wholesalers but love the deals they provide because they don't have the gravitas to do the grind that wholesalers do everyday. It's hypocritical and laughable at best. 

    Originally posted by @Duane Alexander :
    Originally posted by @Lynnette E.:
    Originally posted by @BJ Marshall:

    How does one effectively connect with wholesalers? I posted in the forums a bit ago about trying to connect with a wholesaler so that I could do some brrrr investing. Crickets. Methinks I did something wrong.

     This is how I connected with whole sellers.  Get a house that is out of state or local area from where you live.  The wantabe whole sellers will call you, text you, send you postcards with a photo of the house, or at least where Google thinks the house is, send you a pretend handwritten letter, send you  a yellow letter, basically annoy the heck out of you for the rest of your life.  These ambitious whole sellers will continue to contact you even 4 years after you sold the house.  Even after you have clearly told them no and that you already sold it--they will call 'in case you want to sell it again??'  

    Choose the whole seller you like best, yellow letters, personal calls from LV (according to caller ID) with a Pilipino accent, or do you prefer the Indian accent?  Both are readily available!  Or maybe you love texts?  Or postcards?  Maybe you like the one that calls at 6 am with 'good news before you start your day', or the one that calls at 10:30 at night and ends the call with 'nighty-night'?

    That is how you connect with a whole seller of your choice!

    If this is a serious problem for you my first suggestion for you or anyone else who is serious about investing in real estate, is to own your properties under an LLC or even better a trust. Not only does this have a whole host of benefits, it also makes it near impossible for people skip trace your information.

    Also keep in mind that most of the calls, texts, letters you get typically come from the same couple of companies who employ a team of people. If they call/text/mail you, tell them that they have the WRONG NUMBER/PERSON or that you don’t own the house. If you simply tell them you’re not interested they will just pass your info along to their other teammate, who will act like they’re calling from another company, in hopes of catching you at a better time when you’re now interested in selling. If you tell them that they have the wrong number or person, they will not waste time/money/resources on trying to contact you again.

    But seriously if you don't own your properties under an LLC or Trust, you should start.

    BTW, realtors cold call/text to find motivated sellers more than wholesalers do and they are way more realtors doing it. They literally do the same marketing we do. Why are there never any threads complaining about them? Hrmmmmm. Maybe cause there's an agenda and NAR....nevermind. You guys clearly aren't ready for that convo.

     Mine are in a Trust.  They get the address from the tax assessor's office that they send the tax bills to.

    I have never, ever received a text from a realtor that was not under a contract relationship with me, nor received a phone call at 6 am or after 9pm.  They never send me yellow letters either.  Only thing I get from them is a post card about houses they have listed in the neighborhood or a card saying "if you want to sell, please call me".  Never harassing or daily.

    Originally posted by @Lynnette E. :
    Originally posted by @Duane Alexander:
    Originally posted by @Lynnette E.:
    Originally posted by @BJ Marshall:

    How does one effectively connect with wholesalers? I posted in the forums a bit ago about trying to connect with a wholesaler so that I could do some brrrr investing. Crickets. Methinks I did something wrong.

     This is how I connected with whole sellers.  Get a house that is out of state or local area from where you live.  The wantabe whole sellers will call you, text you, send you postcards with a photo of the house, or at least where Google thinks the house is, send you a pretend handwritten letter, send you  a yellow letter, basically annoy the heck out of you for the rest of your life.  These ambitious whole sellers will continue to contact you even 4 years after you sold the house.  Even after you have clearly told them no and that you already sold it--they will call 'in case you want to sell it again??'  

    Choose the whole seller you like best, yellow letters, personal calls from LV (according to caller ID) with a Pilipino accent, or do you prefer the Indian accent?  Both are readily available!  Or maybe you love texts?  Or postcards?  Maybe you like the one that calls at 6 am with 'good news before you start your day', or the one that calls at 10:30 at night and ends the call with 'nighty-night'?

    That is how you connect with a whole seller of your choice!

    If this is a serious problem for you my first suggestion for you or anyone else who is serious about investing in real estate, is to own your properties under an LLC or even better a trust. Not only does this have a whole host of benefits, it also makes it near impossible for people skip trace your information.

    Also keep in mind that most of the calls, texts, letters you get typically come from the same couple of companies who employ a team of people. If they call/text/mail you, tell them that they have the WRONG NUMBER/PERSON or that you don’t own the house. If you simply tell them you’re not interested they will just pass your info along to their other teammate, who will act like they’re calling from another company, in hopes of catching you at a better time when you’re now interested in selling. If you tell them that they have the wrong number or person, they will not waste time/money/resources on trying to contact you again.

    But seriously if you don't own your properties under an LLC or Trust, you should start.

    BTW, realtors cold call/text to find motivated sellers more than wholesalers do and they are way more realtors doing it. They literally do the same marketing we do. Why are there never any threads complaining about them? Hrmmmmm. Maybe cause there's an agenda and NAR....nevermind. You guys clearly aren't ready for that convo.

     Mine are in a Trust.  They get the address from the tax assessor's office that they send the tax bills to.

    I have never, ever received a text from a realtor that was not under a contract relationship with me, nor received a phone call at 6 am or after 9pm.  They never send me yellow letters either.  Only thing I get from them is a post card about houses they have listed in the neighborhood or a card saying "if you want to sell, please call me".  Never harassing or daily.

      A realtor is who taught me how to use mojo dialer. When I was researching how to cold call motivated sellers, more than half of the material I was looking at was from a realtor.

    If you can be found using your trust, then you need to fire your lawyer who drew up the papers to create your trust. It can cost thousands to break down the veil of a well constructed trust. 

    Regardless, if a person can make 10-15 grand and put his family in a better position by calling or texting 2500 people just like you a month, just to get that one yes, who are we to laugh and make fun of them for doing so? Are you willing to do that to get a deal? Doubt it. That’s why 90% of real estate investors on this forum struggle to get deals in a market this hot while wasting time laughing at or whining about wholesalers.


    Originally posted by @Duane Alexander :
    Originally posted by @Don Konipol:
    Originally posted by @Duane Alexander:

    Other thinly veiled "wholesalers are bad" circle jerk post huh? Let me grab my seat.

    No,  my point is not that “wholesalers are bad”.  First, it is intended to be humorous because  most wholesale threats follow the same formula.  Second, there is no doubt that wanna be investors with no Capital are attracted to wholesaling but do not understand how difficult it is and what it takes to do it profitably.  

    I know several wholesalers who currently have businesses that gross a million plus that started with very little capital. In either case, since you know better than everyone else, why don’t you help  instead of making threads to make yourself feel more high, mighty, and more superior than the next guy? Posting another “herp derp look at those stupid young wholesalers over there that have it all wrong let’s laugh at them” type of thread helps nobody and adds to the problem.

    There are plenty of wannabe lenders, realtors, and other real estate investors who have unrealistic expectations that you can make condescending corny threads about. Stay out of the wholesale section if newbies asking questions about wholesaling russles your jimmies so much. 

    #5!