All Forum Posts by: Account Closed

So, are you asking a question, or posting a rant?

So, are you asking a question, or posting a rant?

You need a solution? Get a job. Its really just that simple. Wholesaling is a commissioned sales job. No deals, no paycheck, and its tough to get by without a paycheck. So, go find a paycheck.

Then, spend less than you make. Save some money, fix the credit. Spend you spare time learning about real estate investing. You're not just going to jump into commercial real estate without having a LOT of cash and some experience. If already decided not to wholesale (fine with me, I think this is way oversold as a path to cash, leading to exactly the sort of frustration you're feeling.) You could still do fix and flips or buy and holds. You could also look for a real estate job like being an agent (also a commissioned sales job, though) or property management.

If you want to be in commercial real estate, you'll need to gain experience. That almost certainly means some SFR rentals. That's a fairly easy place to start. Its pretty forgiving in that if you decide its not for you selling is not too difficult. But you will need cash and good credit. Even with those, getting a loan is just about impossible without a plain old J.O.B.

Reminds me a bit of this thread:
http://www.biggerpockets.com/forums/69/topics/44807-i-need-help-badly

Originally posted by Michael Clay:

Say what's on your mind... I'm not offended at all... I listen to advice not BS... Or someone talking down on me.

Glad to hear. I was not trying to talk down at you at all. I just trying to get it across that it takes a lot of work. I'm 8 months into wholesaling, and haven't landed a deal yet. I haven't given up because I know I wasn't putting in enough effort. There was no outside factors.

J Scott put it best: read everything in the forums, and ask questions. They are plenty of people that are willing to help.

Best of luck

Originally posted by Michael Clay:

Originally posted by Financexaminer:

Wal Mart looks pretty good, you'll get an employee discount on a phone and a fax machine as well as some office supplies, maybe food too. You'll also get some gas money for your Benz!

It's kinda hard being in RE without a phone! Re-group and attack when you are organized. Good luck, Bill

@Financexaminer I'm speechless

I think the point Bill was trying to make is that investing isn't for everyone. You can't just be successful because you've decided that you WANT to be successful. There are some things that are required before you can be successful (or at least that make it much, much more likely), and it sounds like you need to work towards those things and then try again after you've improved your sitaution.

Specifically:

- You need good credit if you want to borrow money in this economy. If you want to get into Commercial deals, fix your credit;

- You need cash in this business, regardless of what anyone tells you. Go earn/save some;

- You need patience to be successful. Making two unsuccessful offers on lease options with no money down is nothing. Make 200 offers and then determine if you have a viable business model.

- You need some basic resources/tools. If you don't have a phone, how do you plan to talk to sellers/buyers? How do you plan to talk to agents, closing attorneys, inspectors, appraisers?

I think the advice you've been given -- while harsh -- is good advice. Go fix the financial situation first, then give RE a try once again...

In the meantime, stick around and read, read, read everything on this forum. By the time you're ready to invest again, you'll be much more knowledgeable about how to be successful.

Starting out wholesaling can be rough when you're hoping to do it full time without a job. I read a blog of someone that quit their job and struggled to get her wholesaling business off the ground. It is not glamorous or easy; it takes a lot of hard work. You need a job so you have money to get the necessitates such as a phone, and you'll need some money for marketing expenses.

As for no one buying your deals... Did you build your buyers list before you started putting properties under contract? Did you follow up with your potential buyers and ask why they weren't interested in the properties you were offering? There could be many reasons why your buyers weren't interested.

Like the others have said before. Re-group and go after it. It takes a lot of hard work! You're not going to start cashing those assignment contracts overnight. Good luck!

*** I apologize for any of this comes off as hostile. I just have the habit of calling it as a see it.