This past September marks my first year of real estate interest. I had a desire to make some kind of income in real estate. It was this year, in March, when I closed on my first deal. What I experienced was that it was real. All the studying, the few books I read, all the hours I put into marketing, gave me the exciting experience to close on my first deal.
When I was done and picked up my check, I came to the realization that I didn't have another deal in place to receive the next check. It took me one month to get a good lead, and another month and a half to actually get a buyer to closing. I found out that the key is "being consistent. We work so hard to find that good lead, find that one buyer, and close that one deal. And I only made $1,500 though it took me only 4 hours total of my time.
That month, which was in June, I closed on two wholesale deals. Then in September, I closed on 6 properties in two closings. Then I only closed on one this month.
If you are starting out wholesaling in Charlotte or where ever, work on several good leads, to close on a few. This way if you only close on one that month, you'll have others soon to close. See you at the attorney's office in soon. :-)
JJ Leonidas, and that is my experience.
Thank you for your post. It helps hearing about other agents' experiences. My year mark will be in February. I just find myself being in a slow groove some days.
Congrats on getting paid! Those checks that come in are why we do this. I remember my first check from real estate, it came with a thank you letter that I still keep today. Bring on more deals! Good luck!
Thanks for the report JJ, it's always nice to hear success stories. @koi Saephanh I understand. Residential retail is slow right now and dealing with buyers and sellers is like pulling teeth! I'm in my first year of investing too because after 11 yrs in the retail side I'm burned out.
@danhill It definitely does feel like that! How has your experience in investing been?
Consider the "multiple funnel" concept...
You have developed sources for properties. Think for a moment about where you can come up with sources outside your per-view for deals you may not have known about.
Example: I am a real estate Brokerage that is HUD authorized. I work almost exclusively in the HUD vertical making offers on properties for Investors. New listings come out Saturday's, they fill in a spreadsheet I provide with their new bids, I bid them on Sunday for Monday opening, ad then manage the counterbids on properties until they get to a price point the investor likes, then we buy.
The point here, is that except for an hour or so on the weekend, to look at the new stuff, do comps, and make the initial bids, it is a "fill and forget" funnel of cost effective properties.
Hope this helps you think a bit "outside the box".
@JohnRogers Im intetested in HUD investing too. And have been looking for a good Broker to partner up with. Let me know if you'd like to work with me.
@JJ L. Thanks for sharing your story. Continued Success. Persevere!