Is My Virtual Wholesaling Plan Viable

[Rick Sheldon]

Hi BP community,

I am looking for some guidance/feedback on my wholesaling plan. Any and all advice is appreciated. 

For some background, I am 25 (M) and I will have $25k saved up by the end of January, 2020, from my sales career. My plan was to switch industries, because I am unfulfilled at my current employer/industry and I wanted to get into selling large scale solar projects to large apartment complexes and businesses because I have a strong interest in sustainability/renewable industry. I already booked a two-month trip to Thailand where I planned to scratch my traveling itch while learning more and networking within the solar industry. Then, I realized, that this could alternatively be a great time to launch my real estate investing career, which I have been learning a ton about over the last year. 

With the $25K, I could purchase about $1-2K worth of leads from List Source, and also cover the following expenses for at least 6 months:

1. $500 / month for family and friends in Michigan to find, skiptrace and send mail to leads using Deal Machine

2. $250 / month for new leads from List Source

3. $250 / month for CRM, phone system and other necessary tools to run the business as a business

4. $500 / month for one full-time VA from the Philippines 

5. $1,500 / month for other personal living expenses

TOTAL: $3K / month

I understand that this business will not take off overnight, even with investing in a VA and the proper tools, but if I am going to launch this business, I would like to give myself the best chance possible at success. I am willing to make money sporadically and work hard to make this work. My concerns are that launching the business from Thailand may not be the best approach, because it would mean relying on the VA to perform quite a bit of cold calling to sellers while I am asleep. Here is how the schedule work work while I would be in Thailand (12-hour time difference):

9am-10am EST: I would be training and speaking live with VA on important follow-ups

10am-5pm EST: VA would be working for me, using the CRM to make and receive calls and texts, leaving notes and assigning me follow-up tasks within the CRM

5pm-8pm EST: I would be calling leads and performing follow-up tasks assigned by VA

8pm-5am EST: I would be able to do tasks that are less time-sensitive, like building buyers list and developing other parts of business

After the trip ends a the end of March, I would return to the US and a more conventional schedule. I am just worried about relying so heavily on a VA this early on and beginning the company completely virtually.

Thanks for your feedback,

Rick

[Lee Ripma]

@Rick Sheldon

Don’t scale a business you don’t have, it makes no sense. Don’t spend your vacation working on something like this, that also makes no sense. I agree with what others have said, you don’t need all this stuff. Learn the biz with your own free time doing things manually. Focus on getting deals. Once you’ve got a bunch of deals done then scale.