Let’s face it — real estate wholesalers get a terrible rep, and it’s for good reason! The biggest complaints I receive from other investors is that wholesalers never have any real deals, they are super flakey, they fall out of contracts constantly, and they are typically just a huge hassle to deal with!
This needs to change, and the change is now, with us!
How to Analyze a Real Estate Deal
Deal analysis is one of the best ways to learn real estate investing and it comes down to fundamental comfort in estimating expenses, rents, and cash flow. This guide will give you the knowledge you need to begin analyzing properties with confidence.
5 Ways to Be a Wholesaler Other Investors (Actually) Want to Work With
In today’s post, I want to share ways we can raise the standard in the wholesaling industry — because we’re not here to take advantage of people. We’re not scam artists. We’re here to do business!
Actually do what you say you’re going to do.
Real estate wholesalers have a terrible reputation of saying one thing and then doing another.
A lot of it stems from not actually owning or having full control of the property. If you want other investors to like you, make sure that if you say something, you actually do it!
If you say you’re going to close on a house, close on the house.
People in this business need to know they can trust you. That you’re a person of integrity. That you value your reputation. That your word is final. That you’re a (wo)man of your word.
Do what you say you’re going to do, regardless of what it is.
Don’t talk big.
If you are brand new, don’t act like you are bigger than you are.
One of the biggest pet peeves I have is when an investor calls me — who is not wholesaler but an end buyer — and they start the conversation with something to this effect:
Hi! We buy 50-100 houses per month. We’re going to be your new best buyer. We have money backing us up. We’re the best thing since sliced cheese, and I want you to send me everything you have and we’ll buy everything!
Related: Newbies, Want to Succeed at Wholesaling? Focus on Finding Deals! Here’s How.
When people talk like that, I instantly know they’re going to be a waste of time.
Those type of investors always give me the runaround. They never make offers on properties I send them. They never move forward and they just become a huge waste of time!
Don’t think you need to present yourself as something bigger than you are. If you are someone who takes action, a person of your word who has integrity and is easy to work with, then that’s all you need.
I’ll work with a brand new investor any day of the week as long as they are level-headed, and I’m confident they’ll actually do what they say they’re going to do.
If you are an inspiring real estate investor, there is absolutely no reason why you should present yourself as something bigger than you are.
Leave enough margin in the deal for your end buyer to make money.
I hear a lot of investors say, “Oh, you don’t really have a deal. Wholesalers don’t have any real deals because they know how to analyze comps.”
Guys, it’s simple. You need to know how to analyze deals, and you do that by running comps.
You need to know that you actually have a deal before buying. Otherwise, you’re not going to make any money, and that will upset investors.
It’s not a good thing for your reputation because no one will want to work with you.
There is definite room for improvement when it comes to the professional side of being a wholesaler.
If you show up to a networking event or if you are interacting with a potential buyer and your shirt is halfway tucked in, papers falling everywhere, or you answer the phone in an unprofessional manner, investors will not take you seriously!
Have a uniform as a wholesaler, prepare presentations, and have a professional website — these things will make you stand out as a professional wholesaler!
My team and I have just recently bought uniforms. Our uniforms are really slick — branded t-shirts or collared shirts that really make us look like we know what we’re doing.
Prepare in advance, and have presentations of the property prepared. Have tasks completed before someone asks you.
For example, if you are approaching a lender, prepare a really nice presentation that documents all of your income statements and everything the lender needs.
The final thing I want to leave you guys with is…
Don’t be greedy.
So many wholesalers get a bad reputation because, to be frank, they charge way too much! They take way too much profit in the deals they are trying to wholesale.
Just have a heart of generosity.
Have a heart of being a servant — because if you do that and do it well, I promise you, people will genuinely like you!
They’ll want to work with you over everybody else because if you actually have deals as a wholesaler, you’re an investor’s best friend since you have properties for them. You make their lives super easy because now they don’t have to look for deals.
So if you do this thing right, you’re going to have more business than you know what to do with!
To conclude this post, these things will make you stand out and become very likable in this business. You’ll have people saying, “I like this guy. He’s solid. He actually has real deals. He actually does what he says he’s going to do, and he doesn’t talk big. He’s not boastful and prideful, he’s super professional, and I really like working with this guy.”
Wholesalers: Anything you’d add to this list? Those of you who work with wholesalers: How do YOU wish wholesaling would change?
Let me know your thoughts with a comment!