60 Days To Success Wholesaling Your First Property3 min read
Let me start out by saying that this is not a 60-day plan that will result in a big payday without any effort. This is, however, a plan to launch your real estate wholesaling career and get you a seat at the table. But before you land the high revenue projects, you will have to pay your dues with some sweat equity.
Step 1 Define Your Purpose
You need to have a clearly defined goal above and beyond just the desire to make money. The more specific your goal, the easier it will be to create a plan or path to follow to achieve the goal. It is not difficult to set goals. But be sure that you are investing the time required to discover what really interests you and creates a spark deep in your soul. This will be what drives you to keep working.
Step 2 Join A Team
For this purpose, your team is just a group of like-minded people who have the same goal. In the real estate investing field, it is usually very easy to find a group that has the same goals and interests as you. And as a unit, you can work together to help everyone achieve the greater goal.
Think of your team as a resource group that will discuss real estate, talk about funding opportunities, share contacts, research, and provide answers to questions. Your team can gather in-person, via a conference call, or even on an online forum. Real estate is about creating relationships, building trust, and helping others to reach their goals. So be sure that you are fully invested in the personal side and people skills required to make your wholesaling career successful.
Step 3 Absorb Everything
Once you are a part of a team, take full advantage of every learning opportunity. Ask questions, participate in discussions, and contribute to research. Seek out information from your team about creating a buyer’s list, such as contacting a local title company to gather recent transaction information. Follow that information to reach potential buyers and provide your contact information. And be sure to ask if each one is interested in new deals that you will be offering. This process will create the beginning of your buyer’s list.
Step 4 Invest In Yourself
Education is essential to your success. But it is not a free gift from the universe. You will need to pay for your lessons sometimes in cash but also with your time and effort. In most cases, this means putting up some of your own money to get the deals rolling. You will also need to foot the bills for other business expenses like meals with other investors to gather information and share potential deals, entertaining potential buyers, and growing your circle of trusted mentors and seasoned pros. But all of these should be viewed as the cost of doing business and an investment in your future.
No one can provide you with a step by step guide to perfection on your first wholesaling deal. Each deal is unique. And you will need to find your niche and the methods that work best for you. But what others can provide is a blueprint for building a stable foundation that will allow you to attain success on your first deal and enable future growth and success in your career.