October 13, 2023

Real estate investing isn’t just for millionaires, it’s for regular people like you and me. Bigger Pockets' mentor Jamil Damji says in an ad for Astroflipping. He coined the term ‘astroflipping’ from the idea that astronauts flip through space. And so Jamil also aims to flip properties indefinitely. 

Astroflipping teaches a 4-step simplified process on the right way of doing real estate wholesaling. The first step is to find a property, the second step is to put the property under contract, the third is to find a buyer, and the fourth and final step is to sell the contract. He says all you need to do is follow the blueprint and do the same steps he teaches in the course. Astroflipping has two variants, Astro Accelerator for beginners and the Astro Accelerator Executive for current realtors who want to scale their biz. The accelerator course is a 6-week training while the executive course is 7 weeks long. Astroflipping isn’t transparent about the price. You need to book a call to get the full details. Some reports say the Astro courses range from $5,800 to $7,500. Inside the course students get

lifetime access to step-by-step training material, 

downloadable contract templates, 

exclusive online community and, 

twice-a-week group coaching calls for 6 months. 

The executive package has exclusive features such as 2 custom-made websites, CRM set-up, workflow training, team building, organization training, and 9 live coaching calls with Jamil. 

Who is Jamil Damji? He’s Bigger Pockets’ subject expert in real estate wholesaling. Jamil is originally from Calgary, Alberta, Canada. He has a kinesiology degree and calls himself the best friend of money guru Pace Morby. Jamil has been in the real estate biz since 2002. He co-founded KeyGlee Investments with Josiah Grime, Hunter Runyon, and Rahima Blaza. Now, he’s the chief business development officer of the agency. KeyGlee Investments is a real estate franchise based in Arizona, USA. The company has made over 6,000 fix-and-flip deals since it started and it’s now operating in 118 markets. They currently make 60 to 80 deals per month. Aside from his Bigger Pockets stint, Jamil also stars in A&E’s Triple Digit Flip. 

Astroflipping and Real Estate Wholesaling Business Model

Astroflipping is a legitimate course and real estate wholesaling has the potential to scale to 6 figures. Jamil has been in the biz for over a decade and has successfully built a national real estate franchise with his partners. Bigger Pockets trusts him enough to make him a subject mentor in property wholesaling. He's a credible figure in real estate business. 

What I like about Astroflipping is that the program is comprehensive, especially the executive package. Aside from the usual modules, coaching, and online community, the program has valuable add-ons you can't find in other wholesaling courses. Features like personalized websites, workflow training, CRM set-up, and team-building are helpful for start-up investors. Aspiring investors who have limited capital may find wholesaling more affordable. Compared to the traditional method, wholesaling has quicker returns. So, your capital isn’t stuck in a single investment. Real Estate Skills estimates that it only takes 21 days or fewer to profit from wholesaling properties. The advantage of wholesaling versus traditional investing is that you don’t own the property. Once the contract is sold, you’ll be making quick profits. Wholesaling properties also require less initial capital. According to New Silver, you’ll only need less than $5k for each deal. You don’t need to pay the whole property value upfront, only earnest money to secure the property with a contract. It’s usually around 1% to 3% of the total purchase price according to Rocket Mortgage. Earnest money is refundable in most transactions. 

Real estate wholesaling is a promising investment opportunity, but it’s not without consequences. Jamil said it himself, you could lose your earnest deposit and put yourself in legal trouble in this biz. I find it weird that he publicly admits this while openly promoting Astroflipping as a beginner-friendly course. He knows the consequences and still puts naïve investors at risk. 

Wholesale real estate has serious consequences if not done right. That’s why it’s heavily regulated in some states, while others ban it completely. The Real Estate License Act of 2000 prohibits unlicensed realtors from engaging in real estate transactions in the state of Illinois. Oklahoma’s Real Estate License Code only allows the wholesale of properties to licensed realtors. Other states that heavily regulate wholesale properties are Texas, Florida, Rhode Island, New Jersey, Pennsylvania, Maryland, and North Carolina. You may need to consult a real estate attorney to walk you through the laws and regulations on real estate wholesaling if you’re serious about joining. 

According to ZipRecruiter, wholesale real estate persons make $52k (annually) on average, approximately $4,300 monthly. It’s still far from the 6-figure income that Jamil and other gurus promise. Is it worth investing in real estate wholesaling with Jamil Damji as coach? I would say no because of all the risks and limitations involved in this biz. There are better business models that are less risky, have more flexible terms, and have bigger income potential.

About the Author Pamela Salvana

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