Hi Everyone,
I'm currently considering taking out a Personal Loan or a Small Business Loan to further scale my wholesaling business.
Back Story: I've successfully wholesaled 4 properties in the last couple of months (6-7months) averaging just over $6,000 assignment fee per deal. I've currently been a student full-time as I started wholesaling so I haven't had income besides student loans. I'll graduate this May and I'm looking to wholesale full-time. Financially, I have basically broke-even by using my wholesale profits as my supplemental income for all my living expenses and repairing my credit. I do am working from home but there isn't space for a legitimate office/desk area to stay organized especially with wanting to expand in productivity.
So I'm wondering if it is a smart decision to pursue a small loan of $10,000 or less ($10,000 can cover 3 months of all my expenses) to be able to triple my marketing and investing in systems to further establish my business. My thinking is that if I can triple/quadruple my marketing I will generate a higher % of potential leads and deals coming in consistently. As of now, will no major marketing funds available, I'll continue to average my same response rate that by the time getting a good deal and closing my expenses eat away at my profit leaving very little for investing back into the business and marketing.
Anyone's advice and/or experience would be greatly appreciated!! Thanks
