593: The Ethical Wholesaler: Putting People Before Property Profits w/Jamil Damji
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 7 April 2022
⏱️ 78 minutes
🧾️ Download transcript
Summary
The words “ethical” and “wholesaling” are rarely used in the same sentence. For the most part, many real estate investors and agents look at wholesalers as deceptive, hard to read, and for the most part just looking to make a quick buck. While this may be true for many new wholesalers, it's far from the truth for Jamil Damji. If anything, Jamil wants to put an end to inexperienced, and often financially dangerous wholesaling.
You could say Jamil was made to be a wholesaler. He had hustle, cold calling skills, and the will to succeed after being rejected from medical school simply due to his age. He set up a website-building business and got the hang of cold-calling quite quickly. After overhearing a discussion about a real estate deal between his partner and his partner’s father, Jamil decided to take his sales skills and turn them into something a bit more profitable. He made a phone call to a local property owner, secured a deal for his partner, and walked away with a $47,000 assignment fee.
Now, Jamil runs one of the most respected wholesaling companies in the United States. He’s set up an “everyone wins” style of wholesaling where sellers, buyers, and intermediaries in between all get paid fair prices while incentivizing each party to do what’s best for the other. This is a brand new concept in the field of wholesaling and one that Jamil wants to see flourish throughout the industry. If you want to learn how Jamil and his team do sixty to eighty deals a month, all while building a loyal customer base, this is the place to be.
In This Episode We Cover:
How wholesaling works and why so many new investors start with it
The best types of listings to call to find motivated sellers plus where to build your buyers list
Why illegalizing (or at least licensing) wholesaling would be favorable for the industry
How wholesalers can work with agents to build each other’s businesses faster
The biggest mistake wholesalers make when trying to assign contracts to buyers
Building a “win-win” system so everyone in the transaction becomes a repeat customer
And So Much More!
Links from the Show:
Coming Soon: BiggerPockets's On The Market Podcast
David Greene Real Estate Youtube Channel
Connect with Jamil:
Check the full show notes here: https://www.biggerpockets.com/blog/real-estate-593
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Transcript
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| 0:00.0 | This is the bigger pockets podcast show, five, ninety, three. |
| 0:04.9 | If you're a realtor and your job is to talk to people about value, to talk to people about what is, you know, |
| 0:10.8 | how much your house is worth and how, how I came to this price and, and what I can possibly get you |
| 0:16.0 | on the open market. Yet I've not been taught how to do that in licensing school. That's a big problem. |
| 0:22.6 | And nobody's talking about that. Nobody's talking about the fact that, that even the education that |
| 0:27.7 | they're putting realtors through isn't standardized. We don't have agents learning the adequate |
| 0:36.4 | things that they need to learn in order to speak intelligently about real estate and real estate value. |
| 0:47.5 | What's going on everyone? My name is David Green and I am your host of the bigger |
| 0:50.9 | pockets real estate podcasts, the best real estate podcasts in the whole entire world. |
| 0:55.6 | If you're looking to gain financial freedom through real estate, you, my friend, are in the right |
| 1:00.7 | place. Bigger pockets is a community of over two million other people all trying to do the same |
| 1:05.2 | thing as you build well through real estate, create a better life for themself and find financial |
| 1:10.1 | freedom. We help you do that by bringing in experts in the field to talk about how they do it, |
| 1:16.0 | creative minds to sort of wake the juices up in your own and people who have walked this path |
| 1:21.8 | before you to share how they did it. Today's guest is fantastic. My co-host Rob and I are |
| 1:27.1 | interviewing Jamil Damjee. Thank you. You're not editing this out. You've stalled. I win. |
| 1:36.1 | Yeah, I can't remember if it was Damjee or Domjee, but it is Damjee. Thank you, Rob. You got |
| 1:40.8 | that right. Who is a wholesaler who gets deals from a variety of sources, but he does it |
| 1:45.9 | differently than other people. Jamil's entire philosophy is to do this ethically where everybody wins. |
| 1:51.0 | He's actually created a sustainable business model where lead after lead after lead keeps |
| 1:55.8 | coming back to him and he doesn't have to worry about ripping somebody off and then running into |
| 1:59.8 | them at the grocery store and not wanting to be able to share his face. Jamil is a new member of |
... |
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