Envision Your Successful Wholesaling Business and Personal Life First
Get cozy with your hopes and dreams because they are of you and they matter to nobody else like they matter to you. The mind is a powerful thing and when that mind meets with the law of attraction….much can be granted and achieved.
I remember how it happened to me. I went to my first real estate training seminar and left there like a newbie on steroids with absolutely no place to go… but my mind was buzzing with everything that I’d learned over that 3 day boot camp. My head felt like it was literally stretching and expanding… I was growing. In retrospect, I now know that it was because of this growth that I couldn’t get all of this new knowledge to quiet down or even allow me to get sleep without dreaming about “running the numbers” and I was also seeing all sorts of houses in my sleep. Most importantly- I saw myself happy and prosperous in my newly chosen field. My passion for real estate investing drove my conscious and unconscious thoughts and I was determined to see it through. So, I’m a true believer that before you do anything, you have to “see it” first. See it in your minds’ eye, see it in your dreams and then hold it in your heart. We all have hopes and dreams that extend beyond the money making aspect of having a profit producing wholesale business…right?
Remember to see yourself doing those things also… whatever they happen to be. But do not stop there. You have been educated, you’re empowered and at this point… you must execute.
Make a Plan – This is your business, not your part-time hobby
Benjamin Franklin said, “Failing to plan is planning to fail” and this is especially true in the real estate wholesaling business too. And, I say business because that is what it is, a money making venture where you expect to receive financial rewards for the time and effort you apply. It might start out as something you do in your part-time, but that doesn’t mean it always will be. So, you must start by setting goals and establishing objectives to reach those goals. Things might change as your experience grows and you learn new methods to locate, buy and quickly sell properties for a profit, but having a good plan from the outset will keep you focused on the short-term.
Allow Wholesaling to become your life: Make It Real
If you really want to make money in real estate and in particular, wholesaling properties, you have to make it real… make it part of your life. The best athletes train hard, the best musicians practice relentlessly and the most successful real estate investors always work and study to get better. This means reading books, newsletters and websites; listening to tapes and CDs; and watching DVDs that can help you transition from your 9 to 5 job confidently. Become obsessed, especially at the outset, with learning everything you can about how to wholesale real estate properties and mastering the business.
Find your market
Do a little research and select a 2-3 good neighborhoods or a part of town that you know offers the best potential for making a good profit and work it, work it, work it. These would be the areas with a minimal number of days on the market because they are in sought after locations.
Target your market
Choose your promotional materials, your advertising medium to target your farm area. Are you going to be using signs, direct mail, vehicle magnets, website submission forms, flyers or perhaps a huge billboard or local grocery cart with your name and the benefits outlined all over the seat flap? Many investors, especially in today/s market will have to test different materials because what may have worked in the past, may not be a good use of advertising dollars in today’s market, it’s different time. You’ll have to explore what your sellers respond to and then saturate them with it.
Market, market, market… oh and did I say market?!
Find motivated sellers
The one thing above all that can set you apart from all the other people out there is looking to make some extra money by wholesaling / flipping properties is the ability to locate undervalued property and negotiate a great price with the owner. This takes a little leg work and often the development of research skills if you really want to look for deals that other people in the business overlook or don’t want to really expend the effort. Motivated sellers are out there, though, and once you know how to find them you will be well on your way to watching your wholesale profits explode.
Find motivated buyers
Another critical component to completing any deal in real estate wholesaling/ flipping houses is creating a list or file of people who want to buy undervalued real estate to either fix and flip or want to add to their rental portfolio to create an income stream. These are often builders, contractors or people who are already renting property throughout your chosen area. Get to know their buying habits, the type of property they like to “flip” or rent out. The stronger your list, the easier your task and the faster you’ll get paid through your wholesaling your real estate deals. In my course, I teach my students 3 valuable ways to make sure that they’re not adding tire-kickers to their list.
Flipping The Deal
Now its time to sell your sweet 5-6 figure wholesale deals for cash money! It’s easier than you think. We have developed an amazing 90 Days To Cash e-course which explains how to build a great database of Performing Buyers and also how to sell properties on the retail market to end buyers.
Wholesaling is a great way for people without a lot of cash flow to begin taking advantage of the tremendous profits to be made in real estate. If you think real estate wholesaling is for you, take the time to develop the plan and learn as much about the business as you can before starting out. To get more info on finding the BEST deals check out 90 Days To Cash Wholesaling Houses.
If you like what you’re hearing about wholesaling / flipping real estate because you now realize deep down that it can help you create a bigger, bolder life than you now own… then you cannot waste another day. Once you really, really take it as a spirit (because it is) that this business is out there, in today’s market conditions where you can undoubtedly find a property today and wholesale it tomorrow for thousands of dollars…you have no choice but to do Whatever It Takes To Make That Happen… not later but Now.