Chipping away at the learning curve

[Chris T.]

I started up a wholesaling company in February '09.
I decided to go into business for myself after I had a back injury.
Most of what I have learned is from Ryan Webber, who I am eternally grateful, and from reading posts on this blog.

Before I started the company I thought I had plenty of knowledge to jump right in and start wholesaling. But it wasn't until I started actively pursuing wholesaling that I really began to understand everything that goes into wholesaling. You can read and study as much as you want but it can never compare to real life experience. That includes forming a business entity, taxes, bookkeeping, marketing, talking to buyers and sellers, contract engineering, negotiating, title issues, and the list goes on.

I missed a couple of deals at first because I was afraid to pull the trigger and other investors picked them up.

I got my first deal in July and it was a piece of cake. It took only minutes to assign after I put it under contract. Thanks again to Mr. Webber.

Now I have another deal under contract. But this time I don't already have a buyer. It is scary because I haven't sold it after only 2 days. I am chipping away at the learning curve and this time I will have to test and develop my buyer's list, salesmanship, and nerves. This time I may have the experience of doing a double close, listing it on the mls, closing on it and either renting it, carrying the note, or retailing it. Only time will tell!

I have a much better understanding of what it takes to be a wholesaler now and I am obviously still learning. I now know some of the things I thought I knew before going into business.

One thing I've learned for sure is that you have to work a lot harder wholesaling when you don't already have it sold before you buy it! :oops:

45 days from now, or less, I hope to post that this 2nd deal has been sold successfully.

Until then, Happy Wholesaling! :D