I’m new to wholesaling and I am afraid to start.

13 Replies

I would suggest that you read all you can on the subject, go to some local Real Estate meetings to listen and learn and meet up with different investors, wholesalers, flippers, etc.. Listen, learn and perhaps volunteer to help someone in the business. Learn from those "on the job"...you'll see how it can be done and get a feel for the work to see if you are a good fit. Find a way to be around those doing it and maybe someone will pay you to follow up on their "leads". Get a little bit of experience...Then you will have the courage to "go it alone."

Start with ALL or as many of the Bigger Pocket podcasts as you can!   Listen and watch every day!!  Two or three a day...the guests and hosts have recommendations for books.  There is a ton of great advice on the podcasts.  Watch the BP YouTube Videos.  These videos and podcasts will get you motivated and give you ideas.  Good Luck on your RE journey.  I have ALWAYS been interested in RE.  Even before I bought anything, I would read books, and whenever I traveled I would pick up those RE for sale flyers and magazines in every city I traveled to. I started with thinking about RE and looking at prices and thinking about structuring a deal way before I actually did anything.

@Rogelio Casiano Sounds like you haven't figured out your "Why" .

Your "why" is what motivates you to do what you do. Everybody's why is different because we all have different goals. Questions to ask yourself to help figure out your why.

 1.ASK WHY FIVE TIMES.

For example, I want to run a 10k because it will help me get into shape.

Then, insert the reason into the first part of the sentence and repeat the process over and over again. For example:

  • -I want to get into shape because I don’t have enough energy to be productive at work.
  • -I want to be productive at work because it’s important to provide for my family.
  • -I want to provide for my family because being a great parent is rewarding.
  • -I want to be an amazing parent because I believe it’s part of leading a good life.

2.WHAT GETS YOU OUT OF BED IN THE MORNING AND WHAT KEEPS YOU UP AT NIGHT? WHAT EXCITES YOU?

-If you’re not excited about what you’re doing, it’s going to be hard to stick with it. Eventually your enthusiasm will fade, your motivation will disappear, and your willpower will run out.

3. WHO DO YOU WANT TO BE?

-It’s about becoming a person who makes a plan and sees it through.

*So if you want a book find one on how to discover your "why"

Hope this helps



@Rogelio Casiano

I would suggest you find someone local and find out what type of value you can bring them. It can be making cold calls, driving around looking for deals or just checking on properties for them. 

This is a good way to get into the industry with the help of someone else and learn the ropes. 

-BA

@Rogelio Casiano

Easy and low cost way to start. Drive around and write down the addresses of vacant or in disrepair houses in areas of town you want to buy in. Another idea is to look in areas of town where houses sell for 300k or so and look for vacant parcels.

Get a subscription to skip genie or similar skip tracing service ($60 per month)

Look up owner on tax portal and skip trace them to get current address.

Print a form letter and send the mail with your phone number.

Don’t do a deal unless you are sure there is no way you will money. Like you could turn around and sell it for a profit without doing any work at all.

That is how to get your confidence up to do bigger and more risky deals.

@Hobart King

Haha bad typo above but you get the point.

I sent 100 letters. Got 1 call from a person willing to sell me a house for 15k. I turned around and sold it to a developer for $45k who was going to tear it down and do a new build. I think I got lucky.

You can also try cold calling properties where you think the owner is likely to sell (vacant and behind on taxes etc.)

Originally posted by @Moira Baggett :

Start with ALL or as many of the Bigger Pocket podcasts as you can!   Listen and watch every day!!  Two or three a day...the guests and hosts have recommendations for books.  There is a ton of great advice on the podcasts.  Watch the BP YouTube Videos.  These videos and podcasts will get you motivated and give you ideas.  Good Luck on your RE journey.  I have ALWAYS been interested in RE.  Even before I bought anything, I would read books, and whenever I traveled I would pick up those RE for sale flyers and magazines in every city I traveled to. I started with thinking about RE and looking at prices and thinking about structuring a deal way before I actually did anything.

What do you think about the webinars? They are practically for newbies and analyzing one deal but maybe the deal changes and the questions in the end change too. 

 

Check out the BP Podcast that airs on Sundays now. The previous ones with Steve Sims and Lewis Howes were great.


 Its all about mindset. This has helped me put into perspective how successful investors approach problems and even life in general. I also second asking yourself the 'why'. Ask yourself until you get an answer

@Ari Hadar........quite possibly that may be true about the webinars...I've only listened to a few.  Always seems to be a sales pitch at the end.  But there is some very good information, too.  I, myself prefer the  BP podcasts and the YouTube videos.  I can pause and rewind material that I want to hear again.