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Updated over 7 years ago,
We've made $83,000 wholesaling, what do I do with it?
Hello Experienced Investors,
I am in need of some advice. My business partner and I have wholesaled 6 contracts so far this year and it has earned us $83,000. We have about $30,000 left.
We pay ourselves 15% of the spread each deal and we reinvest the rest back into marketing and operating costs (VA, phone service, earnest moneys, option fees, podio, etc).
We keep going boom then bust. This has caused our marketing to not be consistent. We end up waiting on our next deal to payout. We really want to build our cash reserves while simultaneously increasing deal flow to 6 deals a month. We also are concerned about the income tax obligation we have.
What should we be doing with our money to achieve the increase in deal flow, while simultaneously saving money?
Thanks,
Jakoby