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In this lesson, I am sharing 5 lethal mistakes that will destroy your virtual wholesaling business before you get started.
But first, please do me 3 favors.
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My name is OLA and I am the author of 2 books:
Smart Real Estate Wholesaling and…
Real Estate Money Secrets
Which you can download absolutely for free at:
I am also the creator of myEmpirePRO and the 11 days challenge quick start guide which you can access at:
Let’s get into it.
Over the years, many thousands have passed through my training from digital marketing, real estate wholesaling to entrepreneurship in general.
In that time period, I’ve noticed a few mistakes that most people who don’t last make.
Why not identify and avoid them right?
The funny thing is that I made some of these mistakes too and they were some of the reasons why my business got wiped out in 2008 before I could rebuild it with a better foundation again.
The easy thing is to blame it on the recession but honestly, the common denominator was me…
Here they are.
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- Mistake #5 – Lack of Focus
- Mistake #4 – Solving Non-Existing Problems
- Mistake #3 – Over-Emphasis on Comps
- Mistake #2 – Small Town
- Mistake #1 – Lack of System
Now let’s break it down.
Mistake #5 – Lack of Focus
Joining a course is probably the easiest part of your journey.
It’s an entirely different battle to honor the commitment because frankly distraction is everywhere from your personal life to other gurus trying to sell you more useless stuff.
So there will be enough excuses to lack focus if you are like most people who enjoy giving excuses.
You need laser focus and you need to leverage accountability measures to stay focused because it is not natural.
Mistake #4 – Solving Non-Existing Problems
There are 5 stages of virtual wholesaling which I will cover on the next video so be sure to subscribe to the channel.
When you approach this business as though all questions must be answered before you get started, it is dangerous.
You will never get started because you would waste time solving non-existing problems.
Identify the first problem and solve it.
For some people, the first problem is mentorship while for others it is access to data to market to in order to generate your first lead.
For mentorship, go to www.11DaysChallenge.com
For data, check out www.EmpireBIGData.com for a free trial of the same software I use.
Mistake #3 – Paralysis By Market Analysis
As a virtual wholesaler, there will always be limitations to how far you can see into local markets where you are marketing to in order to generate leads.
I want you to leverage local partnership and focus on generating more leads for optimal virtual operation.
The worst case scenario is that you will misevaluate a piece of property.
That’s a better problem to have than lack of leads which is equivalent to a dead business.
Mistake #2 – Small Town
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Your most valuable resource is resource management and next to that is time.
It takes the same amount of time to access a bigger city with a larger market of motivated sellers and cash buyers.
A lot of newbies buy into the idea of high chances of closing deals in a small town.
I hate to tell you that my experience is different and I’ve literally tested everything.
I want you to focus on consistency in marketing to a market big enough so that you don’t sign a bunch of contracts in a small town with only 2 active cash buyers in the last 2 years.
Mistake #1 – Lack of A System
Last but not least is the lack of a system to help you maintain the number one secret to closing deals back to back to back; consistency.
Hit that like button and check out the next video on the screen for more on setting up systems for consistent results in virtual wholesaling.