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Updated about 10 years ago on . Most recent reply
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Experienced Wholesaling System - Advise?
Hello BP Community,
Happy New Year 2015!
I am reviewing our Wholesaling business from 2014, and I am looking for tips, advice, and strategies to create a better wholesaling system for 2015. Basically, I am looking to grow in business, but to also work less in my business so that I have more time with the more important things in life and my mind isn't consumed with business and deals.
So I'm looking for some tips from an experienced wholesaler, or just an investor that has a great system and team in place, and what that looks like, and where do you start?
About 6 months ago, I hired an assistant, and it has really helped me, and we have really grown on the number of deals we got, so he has transitioned to acquisitions manager and he takes all leads, pre-quals them, and it's working and we are getting a lot of deals.
Now for selling the deals, finding cash buyers, all the admin stuff when closing on properties, keeping track of everything, I still do all of that. I work quite a bit, 50-60 hours per week I would say, and my assistant is full time too paid by the hour. In general, I'd say with this system we have the capacity to do 80-100 wholesale deals a year. So finding deals, selling deals, etc we have a good system for.
But doing 150 deals in a year seems extreme with just the two of us. So I am looking to grow to 150 deals in a year, but also work less (say 30 hours a week). I heard one big wholesaler say he only worked 8 hours a week in is business (how?).
So where should I go from here?
What type of person should I hire- Va, sales Rep? And how do you pay them? Looking to keep overhead low so not panicked by having a bunch of payroll every month.
Software to use? A lot of business software hurts me rather than helps as it takes more time to figure it out and I get frustrated? Right now I'm old school. Excel, Dropbox, power point, word, PDF and it works, but looking for easy to use software to really help rather than take more time out of my life. Any other tips would be appreciated to help build a team and a better system.
So basically, the question is...
How do you do 150 wholesale deals in 1 year without losing your mind, and neglecting all other things, and work less than 40 hours per week?
Thanks for the help,
Brett Snodgrass