5 Types of People You Should Be Aware of When Wholesaling Real Estate

Real Estate investing is probably the quickest way you will get to your dream income. Wholesaling will be your way into this industry. As you start building your business and generating leads, you will need to know what type of people you’re talking to. Whether it is another wholesaler, a seller, a potential buyer, there are certain personality types you must try to avoid or learn to deal with. These types of individuals can waste your time, energy, and ultimately money. Take notes because you will need to look out for The Big Talker, The Middle-Man, The Weasel, The Yapper, and The Snob.

The Big Talker – The saying, “Big Hat, No Cattle”, comes to mind. At first you won’t know you have a Big Talker because they will be saying things you want to hear. But start listening for giveaways that will make them more talk than anything. Phrases like, “I am the best wholesaler in town”, or “my deals beat everyone’s in town”, are typical of a Big Talker. Big Talkers are more stealth in their approach. If they claim to have a property under contract but they don’t have pictures or proof that they control it, it’s because they don’t and are wasting your time. Always make sure you ask for proof of their contracts!

The Middle-Middle Man – This is the person who takes one deal from one wholesaler and tries to put it under contract to wholesale it themselves, with no notice or permission from original wholesaler. Most people will argue that this is part of the game, but just remember that when this happens, it tends to kill more deals than sell them. If another wholesaler comes to you and he has a buyer, it’s ok to work with them because you know what they are doing. It’s the wholesaler who just lies and steals to do deals who won’t help you get deals sold.

The Eager Weasel – This person has not seen the property, only a picture of the outside from your ads and wants to put everything under contract. The Eager Weasel will a) low ball your asking price, b) send you a crappy proof of funds letter, and c) are very vague when it comes to giving you detailed information about what they want. These guys are just trying to wholesale your deal and are not smart enough to get their own properties. If you suspect an eager weasel, ask for a detailed list of their previous deals. Smoke them out so they know they won’t be able to do bad business with you.

The Yapper – Wholesaling properties can be the most interesting way to get started in real estate. Once you begin generating leads, you will come across tons of various types of people, who will talk you to death. When it comes to wholesalers/buyers, this person will yap all day about potential deals they have or done or want to do. Sellers who are typically in a distressed situation will talk about their life and what has been going on, who owes them money, and create a story as to why they are selling. Remember, listening is a great part of any negotiation but you must learn how to properly cut people off and get to the point. If any phone call goes over 10 minutes, even 7 minutes, it’s wasting time.

The Real Estate Snob – Wholesaling is looked down upon by realtors and attorneys because they are ignorant to this unique niche of investing. Realtors think you need to be licensed and so do attorneys, and they will tell you that wholesaling is illegal and will be very difficult to deal with. Your best bet is to just get rid of them from your network, if your networking just excuse yourself and move onto the next person. Wholesaling real estate is your business and nobody else’s!

For more information about wholesaling, or Wholesale Properties in Chicago, please go to my site, http://www.ChicagoCashFlowProperties.com