Is this correct???????

[Don Taylor]

I am interested in becoming a wholesaler then a flipper then a renter. I am working on understanding marketing techniques that I fell comfortable with.  I have bad credit and no money.  So, I am driving for dollars and craigslist for my seller's marketing right now. As for my buyer's list, I am doing craigslist, calling for sell or rent signs of individuals, and joined investor club.  I want to be a 5 digit passive income person in 6 months to a year and a 6 digit passive income person in 1 year or 2 and lastly a millionaire in 3 years.  Is this possible.  Let me know your thoughts / suggestions.  They will be greatly appreciated.

[J Scott]

Originally posted by @Jon Klaus:

Welcome aboard, Don. Your goals are possible but not very likely.   

Just to expand on Jon's point above...

It's not that making 5-figures, 6-figures or 7-figures is out of the question -- many of us do that now.  But, here are some things to consider:

-  Putting a time frame on those goals without a more detailed plan is meaningless.  For example, I might say that I'm going to flip 30 properties for an average of $25K each this year to make $500K.  That's at least a little bit of a plan, but it still doesn't address where I'll find the properties, how I'll pay for them, how I'll manage a team to rehab/resell them, etc.  Without all these pieces, you don't have a plan...just a goal.  And that's not enough.

-  You're starting without cash or credit.  That just means you're going to have to work longer and harder to reach your goals.  Two years to six figures is pretty aggressive when you're starting from nothing.

-  You don't have any knowledge or experience yet.  Without that, you can't build your plan.  Get educated first, then set your goals and create your plan.

-  You want to start with wholesaling, which is a terribly difficult business.  Most people who try wholesaling fail.  If you want to be the exception, you need to worker harder than 99% of the people out there and be willing to push through even if it takes you six months or a year to get your first deal.  Most people aren't willing to spend that much time/effort to get a deal, but those who do find that they second, third, fourth, etc., deals come much, much faster.