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!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing