Is Wholesaling or Working with Wholesalers a good option for your REI business?
Looking for the secrets to wholesaling properties and making your wallet whale over with wealth? Think again…
Would you like fries with that?
Imagine you’re in the McD’s drive-through you’re already envisioning that bag of hot fresh salty fries that most likely won’t last the drive home. when you get to the window, you hand the cashier your money.
She takes it and recklessly slips the bills crinkled and all into the money slots and with brute force smashes the change into the black dividers in the drawer.
With a half smile she looks at you and says do you want to come inside sir?
Your response… >>UH, What?<<
She proceeds to tell you that you need to go in and dunk your own fries into the fryer and make sure they’re good and salted.
You bark back in protest, what do you mean to make my own fries?
She furrows her brow and answers yeah that’s how we do things around here.
I think you might be tempted to say “F” the fries, I’m out.
Where am I going with this?
As I research different programs out there I think there is a disclaimer that is often forgotten about.
-And I’m gonna talk about that in a moment.
…caused me to flip the finger to flipping houses. Who knew? Risk and Reward can be such a tight rope walk… It all changed for me when I met a dude who had a day job creating websites he owned to make money online. He kicked his career to the curb when he discovered that there was money to be made online by owning digital properties that produce every single month.
Before I get into the specifics of it, I can tell you that typically I can be pretty impatient. I want things now. I want them fast, and I want to believe that things can come fast.
I wanna order the fitness program and have 6 pack abs mañana. Truth is though….it ain’t gonna happen.
Wholesaling Houses 101
One of the things in the real estate biz that is huge is having leads, and there are many ways to generate the leads. That’s why many seminars promote networking events, buyer and seller lists, etc.
I believe many newbies getting into real estate investing expect to generate cash by simply finding the right properties online, in the MLS database or through some other type of search. They then expect to make the contact (with the seller), make the deal and MAKE SOME MONEY. But the truth is real deals can be a bit tricky to find.
Nobody really likes to talk about this.
-Quick Question:
If you knew that you needed to send out $10,000 worth of mailers every month would you really be hot to trot on the real estate investing game?
But that is exactly what I have found. Many real estate investors have to send out tons of marketing material in order to find the right deals and in order to make the money that they so desire. I believe this area is often glossed over. It’s left for students to find out the hard way. That is when they aren’t making any money and are wondering what they are doing wrong.
For me, when I bought my first property, I slowed down. I wasn’t so much a real estate deal maker as I had become a contractor, trying to get my home rent-ready.
I believe you have to be prepared going in. Have money or time set aside for marketing, and do a lot of it. YOU ARE GONNA NEED LEADS.
Wholesaling Real Estate for Beginners
Hey Let’s go to Starbucks.
Picture this…crisp morning. I ordered an espresso (doppio) from the friendly young 20 something barista behind the counter. Roughly $3 bucks later, I’m sitting with a friend of mine that I have gotten to know from some of the leadership training I’ve been doing.
What’s he want? LEADS… heard I was the guy to do it.
and the conversation that I had with him was all about real estate investing. He told me that when he first started in real estate, he enjoyed going out buying the properties making the offers and then doing the refurbishing.
He said after the first few realized it was a lot of work.
He discovered that he could use his skills in finding the property and simply put those properties out to other investors that really wanted to do the heavy lifting.
He said it was faster money and easier work.
Ever since he moved to my area, he is amenable to make it happen like he did when he was living in Texas. He had a system them there but has not worked here.
Wow…that was the first time I really got the sense of how important the market you are in is.
Certainly, not all markets are created equal. GUESS…You gotta know your market and know yourself.
The Skinny on Wholesale Seminar Secrets
When I was first involved in REI, I figured that no one would sell their secrets if they were making a lot of money implementing them on their own. These days, I have come to believe that there are so many marketing opportunities that it is impossible for any one person to take advantage of all the deals to be had. So.. diversification into selling your secrets is kinda natural. It’s a natural sequence and progression of business success.
But you gotta keep your head straight in this game.
Keep charging forward with your eyes wide open.
CONCLUSION
Always keep in mind: The price of entry to real estate investing isn’t just the cost of your ticket for the seminar, the prices of books or courses that you’re taking. Rather, it is advertising and marketing your business.
Gettin’ the word out, Oscar!
This is where a wholesaler can come in. After dropping tons of cash on finding the right properties, you may be tempted to see if a wholesaler can help you. I say, “If you know a wholesaler who you can trust, you might be able to save some time. Just make sure that they indeed know more than you do. Especially if you are just starting out.
No matter what you do with your life, your time, your career, you have to calculate the cost. Don’t leave the back-end of your goals to chance my improper consideration, funding or using a pan theory to handle business matters.
What is the pan theory?
You know… it’ll all pan out in the end. Trust me, that doesn’t happen in real life. Mostly just the movies.
I hope you learned something in the post and it helps you choose to wholesale wisely or buy from wholesalers really wisely.
Thanks for hanging with me so long.
Catch ya real soon,
Paul *(Real Estate Spy)
