We are helping lots of advanced wholesalers but this lesson is designed particularly to be a wholesaling real estate for dummies version.
So if you’ve closed at least ONE deal, it’s probably not for you; here are your 7 “DON’T DOS.
(1) Don’t Confuse a Contract with a Deal
While it is worth celebrating it when you do lock a property under contract, it can be very misleading to your own mindset to think of it as a deal.
So you have:
- Data, then
- Owner, then
- Negotiation, then
- Contract, then
- A willing and able buyer, then
- A deal can be closed hopefully.
(2) Don’t Give Yourself an Ultimatum
Testimonials and success stories are lovely, motivational and inspirational.
But the downside is when you get attached to how much another person made in “how long”
And then using that as your yardstick or ultimatum for you to quit or complain that it’s not working.
Remember, it was a success story which means it will probably skew you emotionally towards the highlight of the story.
This is a real business and you need to understand the concept of the business from Data to Deals.
(3) Don’t Wait On Deals to Make Money Like Most Real Estate Wholesaling Dummies
So as I mentioned earlier, there is data, (160 Million Records Here) then owner, then negotiation,
Then contract, then a willing and able buyer, then a deal can be closed hopefully.
Before the deal closes, you should monetize every step by offering solutions or connection with solutions in exchange for a little fee.
There are just too many things that go wrong before a deal closes; when a deal falls through right?
(4) Don’t Focus on Money; Focus on Problem Solving
If you don’t enjoy the process, your life in the wholesaling real estate business will be miserable.
So if it doesn’t make you feel like you are a little obsessed, you are probably in the wrong business and that means eventual frustration.
(5) Don’t Quit Your Day Job Unless the Income is Replaced.
The goal is to replace your income and not to quit your job.
If you run this business from a place of “desperate to pay bills”, it’s not fun.
And this is especially true if you have a family to support.
Fortunes are built after 5.
So once you replace your income, you have the freedom to do what you want with the day job.
Also, keep in mind that no one deal, no matter how big it is, can replace the cash flow that your day job income supports.
(6) Don’t Overrate Intentions.
98% of the people who launch wholesaling real estate have good intentions but they also fail and quit out of frustrations.
Skills, especially marketing and prospecting skills are required to succeed.
(7) Don’t Wholesale Real Estate Alone… Unless you are a Dummy.
The return on investment of an accountability partner and/or a mentor cannot be overstated.
While YouTube university is a great place to start from,
It won’t help you when you hit the inevitable and unpredictable obstacles that wholesaling real estate can present.
I am not talking about a legal binding partnership….
Finally… Wholesaling real estate for dummies is not a bad concept because I still want you to keep things simple.
Below is a question for us to address with this lesson…
“I’ve literally lost all 8 deals since I started in January…every single one and I have no idea why.
I’ve followed all the advice; cold called 100+ lists, text blasted, email blast, direct mail, FB ads, bandit signs, FSBO, etc.
I carry high faith that the next deal will close, and I don’t worry about it; but it never does.
I have the buyers, I’m confident in the numbers, I market heavily, I gain traction, then time runs out and no one buys.
I’ve gotten contracts as big as $800,000 that would’ve scored me big, but I don’t know.😞
I have a goal of 20 deals this year, $5,000 a deal; targeting $100k gross profit.
So I have the intention and determination.
I’m never going to stop, because I believe in myself so much that I quit my job and went full time at the very beginning.
I’m not giving up; that’s not in me and I’m not worried about that. What am I missing?”
Enjoy the video.
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How do I start wholesaling real estate?
Subscribe to services that offer list of potential distressed home owners such as preforeclosures, vacant properties, out-of-state owners etc, download the list of properties and contact the owners offering to purchase their properties.
How much money do you need to start wholesaling real estate?
Using the smart wholesaling formula, all you need is $300 but it can take a lot less if you don’t value time and have time to invest in manual marketing methods.
Is wholesaling real estate a good idea?
As usual, it depends on what school you learned your skills from.
This is entrepreneurship at the end of the day. It means it attracts everyone but only few people have the skills to ensure that all marketing resources (time, money and energy) are tracked for returns.
We focus on teaching hacks that beats the average person in performance.
Straight forward marketing using direct mailing, cold calling can get very expensive to the extent that even closed deals are not worth the input.
Do you need your real estate license to wholesale?
It depends on the state you are operate in and the volume of wholesale real estate deals that you are doing.
Once you close your first deal, it is highly recommended to check with your local real estate laws.
But at least at that point, you know it will be worth investing time and resource in getting licensed or at least partnering with a licensed agent.
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The author does an excellent job of cutting through much of the real estate wholesaling BS that is prevalent in the market. That is to say while most gurus are teaching what they DO NOT DO, Ola outlines steps of creating value at the center of your marketing. His down to earth delivery just makes sense. He speaks of leveraging technology, the importance of multiple income streams, and an overview of the real estate wholesaling business in the new age of business marketing. For example, he mentions that many people don't even like their family members stopping by unannounced, so how can you expect them to be ultra receptive to a stranger popping up looking to capitalize on a misfortune. Of course that's not how the "Door Knocking" conversation would be framed, but that's exactly what it is. All in all I enjoyed the read and if you plan on making action your focus, you will too.
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Ola is a legit real estate investor and marketer. He's a real student of wholesaling and marketing - his approach to marketing for wholesale deals - ADD VALUE - is recession proof and feels right. Don't pass up this book!
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As a virtual real estate wholesaler and investor, it makes sense to me to optimize my approach and use technology to drive. This book gave me a clear, concise framework that I could leverage and implement!
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This book is amazing and very beneficial. The author is very knowledgeable on the concepts at hand. Definitely a great book to read.