Before you start your Wholesaling venture ask yourself?

[David Bokman]

With the boom of the entrepreneur era at an all time high.....no wonder we see so many "newbies" trying to get into REI. I think its great that people are thinking of over ways of generating an income other than the traditional 9-5 methods. But before trying something you've never done before, you first have to understand certain skill sets are needed to run a business.....and yes wholesaling is a business.

So before you go ahead and start your wholesaling venture and build your real estate empire I think you should ask yourself the following questions first:

1. Do you understand what all the different aspects of REI are?
2. Do you know how to read a cash flow statement? How to evaluate a property? Evaluate construction cost?
3. Are you good at sales? 
4. Are you good at marketing? What methods will you use to find buyers/sellers? Or will you just keeping asking for help on BP?

5. Do you have a marketing budget? And YES you need one! If you have 0 dollars than your hustle better be louder than your mouth. 24/7 Grind, No days off!
6. Do you have the network of people to help you? Realtors, Mentors, etc?
7. Have you been to any local networking meetings yet? Why not?
8. How would you rate your follow up skills?
9. Can you go multiple weeks and months without ever closing a deal and keep going?

I could keep going but these are real questions you should ask yourself before you start. The other thing I see all the time are the people who've been researching and reaching for months if not years and still have yet to do anything......All I can say is you will never learn from a book what real life experience can teach you.....its those who fail and never try again who truly fail...not those who keep going and try again.  So my advice to you is take action...regardless of what it is...do something in the right direction but be honest with yourself. Its not for everyone.