How achievable is your goal?

[Chris Yorke]

Virtual wholesaling is no job for a part-timer. Why is it that so few wholesalers make money? Competition aside, let us look at what is needed to succeed; Look at how hard virtual wholesaling really is.

To see why it is hard going, think about the work statistics.

First of all, you have a power of work to create an effective buyers' list. How long that takes to build is anyone's guess. (I leave that one to the forum)

I estimate I have to sift through 25 properties before I find one that meets my broad criteria. Make it 1 in 50 ( listings get removed, another takes it, etc. ) I might make useful engagement with the owner, but at a success rate of one in four properties. (starting with name and address) Perhaps, I can cut a deal with 1 in 5 of my contacts, to get it under contract.Not so fast.To get one property profitably sold, I may have to try 3 times on different properties, to be realistic. SO if you multiply my numbers through, I must make 4 x 5 x 3 attempts to make profit (i.e.60 contacts). But I need to go though 50 listings first. Conclusion: I may need to sort 3000 properties to get one profitable deal.

But one profitable deal does not make a living. The profit on an assignment is anything between $2000 and 5000. Let us take $4000 average.

So, I may get an income of $4 for every 3 properties I come across. Allow efficient activity average of 5 mins a property (including sourcing data). This means I am lucky to get $4 for 15 minutes of work, $16 an hour, before expenses. If you put in 8 hours a day for 24 days a month, you may pull $3000 a month, less expenses. Is this a good living? I think these are realistic results for a single business operator. It is a lot of tedious work, but never gets much better. Can anyone offer more encouraging figures?