REI Focus #28 : Common Mistakes Wholesalers Make (Part 2)

 The wholesale of a property might sound easy. However, there are common real estate wholesale mistakes that are frequently made by wholesalers while preparing for a purchase, as well as before and after the wholesale process. Learn the Common Mistakes Wholesalers Make.

In part 2 of this 2 part series, Glen Gallucci discusses common mistakes made by wholesalers.

“Hi Glen Gallucci from Peak Private Lending. Here today we're going to give you the tip of the week which is a continuation of our last video on the 20 common mistakes and questions that wholesalers has asked. Stay tuned. We're going to cover them today.

Hi Glen Gallucci from Peak Private Lending. Today's tip of the week some of the 20 common mistakes and questions that wholesalers make.

  • Taking Advice From Unqualified Advisors
    One of them is taking advice from unqualified advisors. This is something that I see a lot of beginners do and it's really a mistake. You don't want to be taking advice on people who don't understand the real estate business. This includes lawyers, accountants, neighbors, friends, relatives. They Take the advice from investors who are actually doing this business everyday. Those are the individuals that you should be listening to. You can find them at the meet up meetings.  NJREIGroup is our group which meets the first Tuesday of every month. We have a lot of seasoned investors, a lot of beginning investors, you can get great advice, we do presentations there. You may want to check that out.

  • Worst Enemy - Family
    Worst enemy believe it or not is our family. We just get advice from them and they don't really know the business either. Loved ones are merely trying to protect you. No nobody wants to see you get hurt or lose money. But you know they'll say “well you can't buy houses for 50 cents or 60 cents on the dollar”. Yes you can. They don't and that's the problem. But if you listen to investors that do that you will find out exactly how they do that.

  • My Spouse is Afraid to Take Risk
    The last thing is my spouse is afraid to take a risk. While  he or she may not understand how everything works so of course they may be fearful of it. Help them to become involved in the learning of the business. Speak with other investors, take them along to the meetings with you. They'll support you and they will help you. And that's what we do at our meetings. Husband and wife teams make great investor teams. We have a lot of husband and wife teams that we'd lend to.

  • Taking Financial Advice From People That Are Making Less Money Than You
    Lastly, taking financial advice from people that are making less money than you. You're Your out of work brother-in-law, rather than the person people are struggling to make a weekly paycheck. Free advice is almost worth exactly what it cost and that's nothing. So take advice from professional real estate investors and they will help you in this business. That's our tip of the week. See you next time. 
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