I am a new investor and I am currently working with mentors to do my first wholesale deal. I would love to hear from some of the more seasoned investors on how they over came fear and executed their first investment. I am looking to start off in real estate whole sale as my finances are currently limited.
Working with mentors is HUGE! Great way to accelerate the learning process and gain valuable experience. The best experience you'll get is from taking action. Not saying you should just jump in, learn about the ins and outs of wholesaling.
- Your target area;
- ALL costs of a mail campaign (list, letters, postcards, necessary office supplies, postage, etc);
- budget for 6 months-1year of mailings;
- develop scripts for prospective sellers (what to say to them);
- learn to track responses, follow-ups, conversion rates, overall campaign effectiveness, etc.
- Build your team; title company, RE attorney, cash buyers, closing agents, etc.
This list may seem long and overwhelming but if you're looking for a "secret sauce" in this business you wont find it. As you nail down all the things listed above, you'll become more experienced and more confident in your ability to close deals and take your wholesaling business to the next level.
I'm sure I left a few things out so I'm hoping other BP members will chime in.
Best of luck to you!
@Jephney Herring Welcome to the site. I am in the same exact boat as you. Working with a mentor and starting my first advertising campaign tomorrow! Look forward to hearing more from you.
@Derek Curtis congrats on your new start I am looking forward to some success stories from you as well!
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