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This is kind of similar to saying,
“How much money do you need to flip houses”
Well, you need a job.
You need to keep your job if you’re trying to wholesale real estate… at least until your income is absolutely replaced.
The mistake that I see a lot of people make is, they quit their job thinking that they’re gonna get rich tomorrow.
It is very highly likely you will never get rich. I’m just being honest with you.
You know why?
Because it depends on you.
I don’t know where you’re coming from, I don’t know your work ethics and I don’t know what you bring to the table.
Now, with that being said, when you have a coach it’s a little bit easier as you can imagine especially if you spend good money on that.
You wanna make sure that it’s worthwhile.
So when you pay, you pay attention and when you don’t pay, you take it for granted.
It’s just life, you know it’s nothing bad or good about that…it’s just what it is.
PREVIOUS POST: Should I WHOLESALE REAL ESTATE?
So how much money do you need to wholesale real estate?
I would tell you like this.
Some of you are looking for straightforward answers.
So here goes… You need at least $400-500 per month for marketing.
It’s not for buying real estate.
It’s for marketing.
Because remember the idea here is that you’re looking for motivated sellers.
You’re looking to collect data and that will cost you about $97 per month…for the software that makes your life easier.
If you want to drive around the courthouses and write addresses down, that will cost you even more, right?
So it’s only $97 per month for the software to collect all the data and data intelligence you need to get going.
The next stage is turning that to contact.
So you can basically add another, maybe $100, to that monthly marketing budget so that’s about $200/month right there.
It does cost maybe a little bit less on the skip tracing part, which is the process we use to find the contact information of prospects.
The next stage is to generate leads
That’s basically your ability to create an outreach campaign, either by way of marketing or…
By way of texting to the people that you’ve already got their phone numbers.
You can also use Facebook Ads for that, which is a lot easier and cheaper, in my opinion, to generate leads.
TRENDING: Do I NEED Money To WHOLESALE?
Let’s not worry about money there, let’s just say maybe another $100.
So $300 dollars, right?
Then, depending on your campaign frequency… I always recommend doing a minimum of weekly outreach campaign.
In the 11 Days Challenge, I’ve prescribed an easy way to keep structure into that,
…and then stage 4 is generating a contract.
Your leads are what turns to contracts so it’s your personal effort that’s involved in that.
There’s no extra money to pay for that.
…Maybe for DocuSign, which is the software that allows you to sign contracts anywhere in the nation without leaving your house.
Maybe another $50 per month.
And then converting those contracts to deals that cost you nothing.
The only thing that it would cost you may be skip tracing but more importantly networking for and with investors.
So we’re looking at the ballpark of maybe $400-$500/month if you’re following my lead.
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The key thing in this game is consistency.
So if you spend $400-$500 per month on the business consistently, you will close deals and average deal will net–pay you $10,000-20,000.
Just one deal would basically pay for the whole year of marketing and then you can keep it going and just build massive profits on top of that.
That right there is probably the straight answer you’re looking for, but at the end of the day, it’s not even about that.
It’s about your desire.
It costs you again, nothing… to have the desire.
Now, if you’re jobless, all of this $400-$500 will sound like a big deal to you. That’s the exact same reason why you must take this seriously.
Figure out how to get a job so you can change your life.
Being broke is exactly why because if you’re so broke and you can’t come up with $400-$500 per month to run this business…
…maybe that’s why you should take it seriously. Maybe that’s why you should figure something out, right?