I almost don’t know where to start. There is So Much to say about wholesaling myths and inaccuracies. It’s the perfect industry to lead people astray, because the stakes are so high, and there’s so much money flying around, and nobody wants to believe they’ll fail. But fail, they do. A lot. After spending money the don’t have, or time they can’t affort to spend.
I’ve been around wholesaling for almost two years now. And every time I turn around, I see real estate investing and wholesaling misrepresented and misconstrued in ways that lure people into it under false pretenses… and then abandon them in their hour of need, when things get tough.
There is a whole lot that people never tell you when they invite you to get involved in wholesaling.
And there’s a lot that they say has more to do with selling mentoring programs and guru packages, than has to do with turning you into a successful real estate professional.
One of my biggest pet peeves is that people portray wholesaling as a really easy alternative to more complicated real estate investing. They tell you that you don’t need any capital to get involved, that you can start in real estate without needing a license. That you can start doing deals within a month and can bring home these fat five figure checks on a regular basis what they do Don’t tell you is how complex it can be and how hit and miss it often is.
For so many people, there is so much that people never tell new wholesalers that they absolutely need to know. One of the reasons they need to know it, is so they don’t get entangled in what is essentially a whole new business with a lot of legal ramifications and financial responsibility… without knowing what the hell they’re actually doing.
On this site, I’m going to take some time to break down a lot of the myths that people make about wholesaling and real estate investing in general. I do this in hopes that people who are seriously considering wholesaling will get into it from an informed point of view, versus just buying into a package deal that a guru (who claims they’ve done x-number of deals in less than a year), sell someone. For a whole lot of money, and not many results at all.
Another thing that I hope to achieve is instilling a real desire for professionalism among aspiring wholesalers. As a wholesaler You are a bridge between property owners who need to sell, and investors who need to buy. You play an important role, and it’s critical that your game be as sophisticated as your business partners’ games are.
If you really want to get into wholesaling, then do it the right way from the start, and understand what it is that you are getting yourself into… before you’ve spent a whole lot of money, time, attention, and passion… on some smoke-and-mirror bait-and-switch scheme.