Hey all! I am having problems trying to do business in my market I live in the Washington D.C area and I have join a mentoring programm to help get my wholesale business off the ground. The programm has alot of pluses to get you on the ball. They also have a buyer lined up for you once you find a deal. The thing is that the criteria that they are looking for is hard to find that type of deals for example: a house 240k arv I need to get under contract for 108k to make a profit of 10k now this seems find and dandy but I havent seen any motivated sellers who are that motivated. Another thing is everyone is new in the program and thats all you really network with they do a good job of giving out information but I have not seen anyone have a deal go through. My problem is I think I should go in another area that the prices are more flexible and more motivated sellers basically further south but I dont have any buyers lined up. What should I do?
So you are getting mentoring from people that are new to the business? How is this helpful? If I wanted to learn how to sell cars I would want to learn from a seasoned salesman that can teach me the tricks of the trade, not a young salesman that has read a few books and has good ideas, but no experience.
I would suggest joining your local reia, meet up with successful wholesalers and learn from them, and probably for FREE! Plus with that you get to network with people that are actually doing it, not talking about it.
My two cents…
I agree. You might also want to check into the market for bank owned properties. It is a great source for leads in todays’ market because of the fact that there are a lot less people that can qualify for a home loan than there used to be. I have found that if you can prove your ability to close on a deal, you can pretty much name your price with banks that have been holding properties for awhile.
I would also pass on this group, it seems to be set up to feed upon itself.
What exactly are you trying to accomplish with real estate investing? Is raising large chunks of cash, or monthly income?
Yeah I understand what you all are saying, the programm has a buyer already line up for you as long as you bring them what they ask for the thing I see is that those deals are hard to come by in the d.c area. I know it could be done but there doesnt seem to be a strong pipe line where the sellers are that motivated
the group is feeding upon itself. I would back out.
I agree with you idea of looking outside of the DC area for properties. But only if you know the area and have someone that you can trust to manage whatever properties that you buy for you.
Hey Tunckey 06…
It seems you are in love with the notion that they have a buyer already lined up for you once you find a deal… But what you don’t realize is that based on the terms they will buy, NEARLY ANY INVESTOR IN DC OR AMERICA for that matter will buy because of the huge margin!
So don’t worry about being able to find a buyer for deals like that, anyone will buy that property! With that said, LEAVE THAT GROUP and join a REAL Investment club where you can learn from people who are actually doing deals…
In the land of the blind, the 1 eyed man is king!
I’m also in the DC area and trying to get started.
I’ve been to the only REIA listed in the DC area and it was a 3 hour pitch-fest. I did meet two other investors, but they weren’t much help.
It sounds like the group you’re in now is teaching you how to birddog for them! I’m assuming the group gets a cut of that huge profit margin.
PM me and we can chat a bit.