LOL, I get those kinds of requests.
That’s very solid feedback Rando.
Wholesaling is enormously competitive in my area. All the wannabies are led to believe it’s the ‘no-money and no-credit’ way to get started as an investor.
Sure, but finding and tying up deals requires something …like time, dedication, wasted time, gas money, postage, more gas money, emailing, writing, waiting, experience, thinking, negotiating …and the list of time and money consuming things goes on.
That trips up the unicorn chasers sitting in their underpants.
Frankly, the ones that mostly believe this, are the lazy people. They always confuse “no down payments” with “no money to invest.” Well, there’s “no money to invest” and there’s “no down payment.” Two different things.
I can invest without down payments routinely. However, it costs money to find and sift for the sellers who’ll bend over and give me these deals. And what happens when we find a deal worth $30,000 in equity profits, but the seller is three payments behind? Gotta have some money to make money on that deal.
It seems that the people I can help most, are the ones already working at it. They ask the really good questions.
Otherwise, I get emails from people asking loaded questions like, “How can I find motivated sellers?”
Never mind, it’s like asking a brain surgeon, “How you you do brain surgery?” There are so many facets involved that it requires a LOT of explaining and study, if not researching the market.
So, I qualify the newbie by asking them,
Me: What have you done so far to find them.
Them: Well, I haven’t really done anything yet.
Me: Why not?
Them: Because I didn’t want to waste my time doing the wrong things.
Me: So, you don’t want to waste your time doing the wrong things, but you’re happy to waste mine making up the difference?
I’m not actually that harsh, but there’s no free lunch. Either we need to buy some training, or we need to go out and train ourselves. The “training ourselves” is a lot more dangerous and risky, but it IS doing something, if not creating a lot of great questions.
But asking for free seminars is pretty much a dead end.
In the past, I blindly suggested to newbies that they find and attend local reiclub-type meetings, and hook up with seasoned investors, to ask for their help. Today I ask, “Where has that ever worked?” My bad.
I’ve found that few active investors can teach what they know, or have the patience. Others aren’t that interested in creating competitors, or starting from scratch with a bunch of newbies. There’s too many of them, and there’s no money in it. At best, it’s a distraction, and at worst a nuisance.
Never mind the most newbies are merely curious, and not serious. Once they discover there’s work involved, or money required …they’re gone on to the next shiny, no-money, no-work, and-no-effort object.
I probably sound negative.
Anyway, great post!