Houma, LA · Member since 2013 · 65 posts · 12 votes
Hi all, so this may be a bit unorthodox but I am hoping to hear from people who tried wholesaling and lease options and did not succeed. I have been doing quite a bit of research and there are tons of success stories, positive feed back, and motivation, however I know that generally only 1% of people that try succeed. So I would like to know why people were unsuccessful or why you decided it was not for you.
I have heard a lot of pod-casts and such about not giving into fear and doubt but I want to hear both sides, the positive and negative before sinking resources into this.
Stephanie Foret I see you have 5 posts so I guess you are new here. Welcome to BP.
I am not sure that is an accurate statistic. It also depends on how you define try and succeed.
To follow up on what Dean Letfus is trying to say, people who Try, generally don't succeed. People who actually Do Things, do succeed. If you do the things that successful people do long enough and consistently enough, you to with be successful.
I have some friends, Keith and Shannon French, who both teach about and actively do Wholesale lease options, and they do quite well.
Really Stephanie Foret?
I believe that only about 1% of people who are given the necessary information and education to change their financial situations take any action but in my years in the investment education industry I would say somewhere between 75 and 90% of people who try SUCCEED!. Success is a very subjective thing but it is not true that 99% of people who try wholesaling and lease options fail.
So don't over think it, get enough info and give it a go!
Stephanie Foret I see you have 5 posts so I guess you are new here. Welcome to BP.
I am not sure that is an accurate statistic. It also depends on how you define try and succeed.
To follow up on what Dean Letfus is trying to say, people who Try, generally don't succeed. People who actually Do Things, do succeed. If you do the things that successful people do long enough and consistently enough, you to with be successful.
I have some friends, Keith and Shannon French, who both teach about and actively do Wholesale lease options, and they do quite well.
Thanks for the responses it's good to hear that the statistics I've been reading are not quite so accurate. I do understand there is huge amounts of work involved. I have helped a friend market an online retail business and spent every spare second of free time doing marketing to help it get off the ground. I am anticipating this being much the same.
@Stephanie Foret....An off RE topic book but a great inspiration is "Illusions" by Richard Bach. I have given this book as a gift many times over the years. Your success is up to you-not someone else who has "made it" or someone who has failed. Program yourself for success and good luck too!
@Stephanie Foret....An off RE topic book but a great inspiration is "Illusions" by Richard Bach. I have given this book as a gift many times over the years. Your success is up to you-not someone else who has "made it" or someone who has failed. Program yourself for success and good luck too!
Thanks for sharing about the book.Will look it up.I also wouldn't agree with any statistic that suggests, that only 1% are successful.Success is relative.
As a mentor/coach I teach students the art of lease options and ugly house wholesaling and as you heard from the comments above it's not the niche that runs people out of the business it's their want to.
Good Luck,
Joe
I'm not sure how anyone would even come up with the data to compute that 99% number.
I would hazard a guess that many of the people who try wholesaling or lease options (two different things, by the way) and don't succeed don't really even try. They fall for the dream of quick and easy riches, pay for some training, then discover is takes real work, a lot of time and no small amount of money. I'm confident that if you put in the time, effort and money, you can do some deals and make some money.
This really is a great site! Thanks for all the support and responses definitely more than I expected. I really appreciate everyone taking the time to respond.
I think Jon nailed this one. The problem with figuring out success/failure rates is the fact that the definitions will vary from person to person (the word try can be lumped in as well). If you just use BP as an example there are hundreds of people per year who come to the forums and say the are going to start implementing a real estate strategy, and soon enough they disappear. This of course does not mean that all of them failed, but my guess is that most of the gave up when the realized the amount of effort required to be successful.
I think a better use of time would be to study what successful people do to become successful.
I've actually been looking more and more intently on why some people don't succeed, and others just.."get crap done" and succeed.
I've taught a number of people how to do what I do, and I've people that didn't do anything, or they'd jump from me to the next "course" they could find, thinking maybe it would require less work or effort. For the most part, people that offer a real estate course, myself included, seem to just share the same students.
There are a number of reasons why people don't succeed, but I have found that one reason is many people starting in real estate don't approach it as a business.
They think it's a hobby.
2 different things.
I play golf about 3 times a year.
It's a hobby.
Do you think I'm really good at golf?
OF course not.
There are some amazingly successful people on BP, and if you look at how they operate, if you could get an inside look, you would see a business. A complete operation that they take seriously.
I can assure you that James Vermillion is willing to bust his butt to build and operate his business.