A wholesaler has offered to teach me the business. The deal is that 1. I pay for his gas when we are riding together. 2. We split any deals that result from our riding together 50/50 and 3. I pay him the first $1500 of my share as tuition for his teaching me.
He supposedly has a list of 1500+ investors and has been doing this for about 20 years.
Is this a good deal? Is there anything I need to watch out for so I’m not being taken advantage of? Is $1500 a reasonable amount to pay for this knowledge? Or should I keep looking for someone else to help me get started?
Have you ever heard of the old saying–50% of something is better than 100% of nothing? My understanding from what you’ve written is that if you don’t find a property that makes you money, you owe him nothing. If you make money, you have to give him a portion of it. And once you’re comfortable with his knowledge, you can go in business for yourself. Sounds fair to me.