What do you think about this fast route in becoming a full-time investor?

Question

Hi, everyone!

Lately, in real estate, I've learned that it's important to identify your goals, and my goal is currently making money reasonably fast to be rich, not wealthy. So the best strategy for me would probably be to fix and flip I presume.

So far as a new wholesaler, I've been cold calling for about 2 weeks and have met with a seller already, and I want to do fix and flips later on. But now that I've experienced how to wholesale, I think it's faster to get more income with a sales job and invest earlier. So here's the plan in my head, get a sales job, get enough money to invest with hard money and get deals with my wholesaling and sales skills, and eventually quit my sales job to become a successful flipper and then eventually invest into other passions of mine.

I think for everyone time is valuable and I would love to get your feedback to know if this is a fast route to investing in real estate with the advantage of having wholesaling skills or even a team.

Wyatt Wolff · Answer

@David Sanchez

I love the confidence and enthusiasm. I would look into tech sales, and other high ticket sales. If you are as confident as you seem, you will do well. Learn the product inside and out, and then sell. Not the other way around or you will break your own confidence.

That said, find someone you can shadow/ mentee under. If your goal is to move fast, you will have to dedicate almost all of your income (at first) to learning the skillset and the ropes. Pay your dues, if you will. Mega Cap companies hire consultants to tell them what they need to know, they streamline the learning. They pay to remove the time and error barrier. Do the same.

Lastly, treat it like a professional athlete would treat a sport. Break it down. How do you sound when you speak? Cadence, syntax, etc. (Thats your footwork). Do you know the product (thats knowing the rules of the game). Do you rest/rehab yourself and your mind enough? Much more.

Check back in a year?

Good luck and God Speed buddy

Shawn Parsh · Answer

David,

There are many ways to make money in real estate the trick is to find what works for you and the people you interact with. It's difficult to give advice when I don't know any details about your situation. For example, do you own a home now, do you have disposable income each month, what are your skills?

I like buying properties that need work, in your case just starting out I would say cosmetically distressed properties. Do the rehab work and build quick equity. I like what Jaron suggested. Many people have started their investing career the same way. What I will say is that if you have an income to pay a mortgage or lease payment I would get started investing sooner than later.

Jaron Walling · Answer

@David Sanchez Welcome to BP and welcome to your future! I agree with some of your post but you're making assumptions that some novice investors make. They think they can invest with ZERO DOLLARS and make big jumps. In reality that's completely false. REI requiring skin in the game or creative sacrifices.

Wholesaling is for the birds. That's just my opinion. Too many people think they can do it without every "owning" or remodeling property. It becomes a problem for other investors and sometimes burns motivated sellers. Nothing wrong with wholesaling but it shouldn't be you're only form of income when starting out! I strongly agree with finding another "normal" sales job. It doesn't have to REI related but you need income to become bankable and to buy RE. The only goal is buying opportunities and OWNING ASSETS. If you continue wholesaling you don't own assets. You can't capitalize on all the benefits of the REI pie.

It's one step at a time to achieve one goal. Two years before buying RE I was working two jobs, sold a motorcycle, and paid off my car. After that I bought the cheapest distressed SFH I could afford. I made like 5 LOW BALL offers and one finally stuck. My younger brother moved in with me. I was house hacking and remodeling the place at the same time. It was a nightmare but 6-months later I went from sitting on the sidelines watching house, after house, get remodeled, flipped, or sold to other investors to owning a property I flipped and could sell, rent, cash-flow, or continue living there for cheap. Develop this mindset and match it to your market. From a novice prospective that's how you fast track REI.

Tim Johnson · Answer

Hi @David Sanchez - thanks for the post. I agree with Jaron's comments, and I would add this:

As a realtor, I do best and am most successful when my top priority is "what can I do to BEST help and support my client?"

Conversely, a priority of "how can I get rich as quickly as possible?" - while an excellent goal in itself - is often sensed by those around us as a negative.

I love your energy and sense of confidence - and challenge you to consider REI as a team sport - whoever collaborates best....wins.

An old Japanese proverb says "The quickest way to the finish line....is to take the detour." (loose translation). Or said differently, "don't believe in every short cut you hear about....."

@Jaron Walling 's final paragraph is gold.....go with that.

What do you think about this fast route in becoming a full-time investor?

What do you think about this fast route in becoming a full-time investor?

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