Adam Zunder

Fixer upper gets listed for $250k. I offer $180k with 3% commission — I’m a licensed agent and my company is the buyer. Plan is to wholesale it for $190k. Needs $75k in work and will be worth $320k after repairs. Listing agent says too low. 4 weeks later our CRM notifies me the list price dropped to $225k. I follow up. Agent still says $180k is too low. Another month goes by. CRM notifies me again — price drops to $210k. I follow up. Agent says they think it’ll work. I draft the offer, send it over, and it gets accepted. We price the deal at $190k and sell it — signed contract and EMD in hand. While we’re still in DD, I tell the agent my buyer needs a $20k price reduction to move forward, but they’re ready to wire EM and waive the rest of DD. Seller meets us halfway. Price drops to $170k. We make $25k. That’s the exact play we run wholesaling MLS properties.

What would you say to a 48 year old who wants to start a new career in CRE brokerage? He’s interviewing at M&M and a few smaller shops as well but doesn’t have a full understanding of the CRE industry. He just really wants to be in CRE and start as a broker. Doesn’t understand the differences between firms and niches in the industry - basically he’s just taking a leap of faith He’s been in construction project management for years and wants a change. Not married, no kids and low monthly expenses (like $3k/month low) What would you tell this person? Other than it’s going to take three years before you make any money. Given all of this information what’s your brutally honest advice, pretend this is a friend of yours.