I have been giving of my time by having phone conversations with newbie real estate wholesalers. In speaking with them, I’ve noticed theses recurring themes that speak to why they are either unsuccessful or can’t get started. I would like to share these with you — especially those of you who are new.
If you’re new and haven’t truly started, or new and are not having success, you may find yourself in one of the following categories:
- Your skeptical
- You’re afraid to make a mistake
- You’re misinformed or over-informed
- You’re Inconsistent
Let’s briefly dive into each one of these. At the end, evaluate yourself and see if you are hindered by one or more of these categories.
1. You’re Skeptical
Something very common in real estate wholesaling: You start to believe it’s to good to be true. You’re truly right, everyone talks about the glitz and glamour of being a real estate investor and wholesaler, but the harsh reality is it’s a very demanding job in the beginning.
You find yourself skeptical because it’s explained to be so easy. You watch a few YouTube videos. Read a few blogs, and you think you’re ready to rock and roll — until you dig a little deeper. Once you start digging, you understand that there are more intricate pieces that you need to know.
Then you become a skeptic. Everything you hear, see, and believe about real estate investing (and wholesaling in particular) you view through a skewed lens of doubt and disbelief.
The end result for skeptics is that they never do anything because they don’t believe, no matter how many testimonials they see on social media sites.
2. You’re Afraid To Make A Mistake
This is all psychological. People who are afraid to make mistakes can talk themselves out of doing anything.
Trust me. It’s OK to make a mistake. You will bounce back from it.
If you’re trying to invest perfectly (find the best deal, create the perfect marketing piece, trying to find the perfect situation) guess what? That only happens by luck. Seriously. By not being afraid and doing the little things consistently, you will luck into perfect deals. Luck only happens when you’re doing something.
So be prepared. Look at mistakes as teachable moments. I had an epiphany one day; I was making a phone call and dialed the wrong number. The computer-generated operated said, “If you made a mistake, hang up and try again.” This is the approach I take. If I make a mistake (after doing my research of course) and the end result is not what I planned, then I find where I went wrong and try again.
You will learn best by doing!
3. You’re Misinformed or Too Informed
I hear this to often. I just heard this today: “There’s so much information out there about real estate wholesaling; how do I know what is valid?” I say a lot of it is valid, but is it applicable to you and what you want to do?
There is a lot of information out there, and biggerpockets.com is a great resource to gather information. But the information is not the actual problem. The issue is that the new investor is not focused on what they want, and then it becomes too much information.
When there’s too much information, newbies begin focusing on all the information — and not application. Guys, remember: Focus is a real thing, and you have to know what you want to do before doing anything. It shouldn’t take you a year to figure out what you want to do in real estate.
4. You’re Inconsistent
This is a major momentum killer in real estate wholesaling. You get started doing something and then stop. You get started again and then stop.
You have to decide, either you’re going to invest or you’re not. We all have things that happen. It’s called life. You have to decide no matter what, I am going to be consistent and not stop.
A lot of this is dealing with the psychology of change. With wholesaling, the mechanics are not the difficult part. What stumps most people is muscle right between their eyes. Don’t talk yourself down. It is possible. It is doable.
Remember the majority failures happen before you get started.
Do you struggle with getting your wholesaling business off the ground?
What do you need to move past information into action? Leave me a note below!
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.