All Forum Posts by: Rob Rice

Interesting.  Thanks Bill.

Im just going to look into getting licensed.  Most of my mentors did the same.

wow... nice thread.  What does it take to become an assistant?  Is it just asking a license holder?  

Do you get all the perks without the responsibility?

Thanks for the input on your thoughts about MLS though.

Lol....

I don't know what you mean about practicing real estate, however it's not illegal to be a principal within a real estate transaction on the buyer or seller side.  I think your confusing what agents and brokers do compared to investing.  Check out some of the free articles on BP.  It will explain a lot of information for you.

Thanks Chris.

Wow.So many points to talk about.LOL

You are right Dave.There are so many guys out there that don't know what they are doing.

I get newbies all the time that try to partner with me on a deal and don't have a clue.They put anything under contract just to try and make sugar from sh*t and It blows up in their face, they lose credibility, and waste the time of people who actually could be buyers if only it was a true deal.

I will make 2 points.  One for Dave who started the thread, and One for the newbie wholesalers who don't have a clue.

Point #1.  For Dave.

Emptor cavete=Buyer beware.

I suggest you don't even do business with a wholesaler without having a first time 5 minute conversation about their experience in Real Estate, how did they come about this property, and how did they come up with their ARV.

I actually do the same thing with people who call about my deals.  I’m trying to find a buyer, however if this is my first time speaking with them, I will ask them about their real estate experience, if they understand about assignments, if they understand that I’m wholesaling the property, and basically have a meeting of the minds about what my intentions are and If I can answer any questions for them.

That is what a good wholesaler should do.  If someone doesn’t want to give me 5 minutes to have a meeting of the minds, they are not someone who I want to do business with anyway.  I don’t care how good the deal is.  You should do the same.

In defense of the comment about another chance to bash wholesalers…

There are just as many BS cash buyer, time wasting, wanna be investors out there as there are wholesalers who don’t have a clue.

I’m an Investor first, and a wholesaler second.  I keep 1 out of every 5 deals on average to either fix and flip, or hold for rentals.  Every deal I contract is one that I would keep or fix or flip myself.  I just like the idea of a fast nickel instead of a slow dime.  Not to mention that my strengths are in the areas of Marketing, Negotiating, and Sales….I love that part of the business and wholesaling fits that mold.

So let me put this out there.  I’M PROUD TO BE A WHOLESALER.  11 years since my first real estate deal, and I have been involved in the buying or selling of about 200 deals residential and commercial.

I did it morally and legally, and paid my dues.  That’s why my number is public. LOL…

Sorry about the emotional blowup BP… I just had to get it out..

Now

Point #2.  For Newbie Wholesalers.

Go get educated.  I hate to agree with the wholesale bashers, but they are right.  Learn how to do your business.  Stop thinking that you can read a 20 page ebook, call up some “Handy Man Special” signs, partner with a wholesaler, market their deals, get a cut, and that makes you an investor.  It does not.

Real wholesalers, know their business, know what their buyers want, and know how to keep them coming back. They know marketing, how to talk to sellers, and negotiate without lying and being a scumbag. They know how to evaluate a deal for a true ARV, true repairs, and a true profit.You don't have to fudge numbers. Present the true ones. If someone wants it they will buy it, if they don't then they won't. Plus true numbers will tell you information about the deal, the market, and where you need to improve in your business. Here is something to think about newbies.

I give my buyers a copy of my original purchase contract.  This builds tons of credibility, I let them know how much I’m making up front.  I make money wholesaling through volume, good business practices, and doing what I say I’m going to do.  We all should do the same no matter our experience level in Real Estate.

Also.. Be ready to defend yourself against the negatives… If you are good and honest about what you do, It won’t be a problem.

I have said my part.  That was a great topic Dave.  I guess I needed to vent huh…LOL..

If anyone has questions they want answered from a real life wholesaler… connect with me.

Good luck all. 

P.S.  This just turned into an article.  LOL...I'm going to post it on my BP Blog if anyone wants to pass it on. 

Thanks.  I appreciate the input.  Do you work under a broker, or on your own?

Hey BP. I was considering getting my Realtor's license mostly for the MLS access.

My question is: Who has started out investing, and acquired their Realtor's license, and how did it affect you on the wholesaling side.

Any feedback would be greatly appreciated.

Thanks.

Great, welcome aboard William.

If you are going to get into wholesaling as an agent, it is super.  It is legal.  You must disclose the fact that you are an agent, to a seller as soon as the conversation goes toward the business of purchasing their home.  You must decide when that time is.  

The wholesalers that I know that are licensed agents don't do any of there business using the resources provided by their broker's house. Most of them started as an investor, and just went to get their license simply for MLS access. Go to a REIA in your area and find some wholesalers. Trust me, some of them are licensed agents. Good luck, and go for it, plus ask questions.

Rick you are correct, I didnt know about the price for teardowns.  Thanks for the Info.  I still think that the money for the marketing campaign would be a much better way to locate a simular if not better deal if one has the cash on hand.