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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
So as I mentioned earlier, there is data, 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.
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.
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.
https://myempirepro.com/blog/wholesaling-real-estate-for-dummies
BLOG POST - https://myempirepro.com/blog/
ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and a father. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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