Real Estate Wholesaling Can Change Your Life
Real estate wholesaling can change your life if you start fast and start right. On the other hand, if you approach the real estate flipping business carelessly, or any other real estate niche opportunity for that matter, you will waste time, burn out and earn nothing.
Cheerful, huh!
It's very important that you understand the factors that can lead to your success or failure as a real estate flipper.
On this page, I'll summarize the real estate wholesaling business (and it is a business) and what a fast start looks like. I caution you to use this only as a general guideline. After the first section, each subsequent section will be built around the time line to your first nothing down deal.
Depending on your attitude about this, the bad news for you is that no money down real estate is about building a business... and not about investing!
(I suspect this "definition" problem gets glossed over to remove any marketing barrier for beginners to buy)
And while it is a simple business, it's not always easy.
You must be prepared to work smart often, and hard, sometimes.
Your primary success traits will be:
- A goal and possibility-oriented mindset
- Aggressive and continual self-education
- Direct Marketing Superiority
- Aggressive networking and alliance-building
If you can initiate an action plan that incorporates all the above, you'll be golden!
Confidence
Making a profitable offer on a property requires confidence in your knowledge of how much the property will re-sell for, how much repairs might cost and confidence in your ability to deal with the inevitable contingencies that come up. Such knowledge takes some time to develop... and the confidence lags a little, even after people have the knowledge.
In any case here's what you can do to put a bargain property under contract in 30 days (after your study is done).
This assumes that you have completed a beginner real estate investor study plan (even if it's a self-study plan) and you understand:
- Understand real estate contracts and clauses, as well as the mechanics of contract assignments.
- Know which local neighborhoods professional rehabbers and rental property investor (landlords) are hungry for and how much they are willing to pay for properties there.
- Know which title companies or settlement attorneys can seamlessly process assignment contracts and creative deals
Reasonable Action Plan within the first 7 days:
- Order outdoor signs
- Print Business Cards
- Print contact flyers for referral sources: Real estate agents, loan officers, mortgage brokers, attorneys, birddogs
- Approach front desk of local real estate and mortgage broker offices and request flier placement (or distribution to every mailbox).
- Approach the small businesses in the target area and speak to the manager or owner about flier placement.
- Create free reports for loan seekers who may not be able to refinance out of their debts, telling them the ways you can help. Call on mortgage brokerages and offer your report to their clients.
- Google local REIAs (Real Estate Investor Associations), online forums with local guys (yahoo groups). Contact and join.
- Go to Meetup.com and join any FREE (or even paid)group, hit up members to find out what category they fall into - beginner investor (set up accountability partnership or get them to bird dog for you), established investor (you can learn market from), actively buying investor(you can ask what they want to buy and which neighborhood).
- Check with local restaurants and businesses that might have free room for small seminars. If you find one, lock down a seminar for Week 3 - create a topic that would draw your target audience. If you're afraid of speaking, invite a complementary professional like a loan officer to speak on a complementary topic and you just include your own pitch somewhere in there. (Note: This means seminar flyer distribution in Week 2)
- With your free time, do a "boldness excercise" and cold call at 1 real estate agent + 1 mortgage broker daily. Within 20 working days, you'll have called 20 of each.
Terry
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