Why can't I do it?

Real Estate Wholesaling Questions & Answers 31 Replies

I want to get into wholesaling, at first. Why can't I begin the process? I keep getting overwhelmed.

I know I have to put out some marketing letting everyone know "hey, WE BUY HOUSES!" But how? Bandit signs, yellow letters (to whom?), internet ads. Ok.

Then I will get calls right? But then, I need to get the lingo down just right. So, I wrote out a template for all the questions I will ask the seller. I got the list from BP and Ely Preston and many others. It is 15 questions long.

So then...I need to find a buyer! I get a little nervous here. Not sure what to do here, but I THINK I need to do the same thing as finding the SELLER. Put out signs, internet ads, etc that "hey i have a house, you interested? its a handymans dream!"

Yep, check. BUT THEN, I think next, I need to get forms filled out. I have to go to the seller and get them to sign SOMETHING. something that makes it so that I hold the property up. then i 'assign' a buyer to the property and something else gets signed. then bam, i make money!

somethings missing. dont i need an attorney for the forms? shouldnt i just come out and let the investor (buyer) know i am a wholesaler?? where do i get the forms.

sigh. I will keep reading. i will keep posting. but i dont know if ill ever "get it". I have a feeling I am going to foul up a couple of these before I get it right.

Anyone know this feeling??? i want to take cruises and be financially free. i want to get out of my cubicle (yep, im in it right now!) and work smarter! help!

Brian

Hey Brian -

I just wrote a SUPER long post here, and I decide to turn it into a blog post to put on the BiggerPocekts Blog for double the eyes :)

So check it out here:

How to Get Started Wholesaling: Getting Past the Education

Anyone else have any thoughts for Brian?

Medium fbprofileBrandon Turner, BiggerPockets | [email protected] | http://www.BiggerPockets.com

I always like your posts, they are very informative. I can't stand being in a cubicle anymore. I am almost thinking of becoming a RE agent just to get out, but im scared my salary would not be high enough to support my family at first.

anyway, yes wholesaling seems like a fun way to start out. i eventually want to get into what you do. i guess i will keep working towards it! thanks for your awesome posts @Brandon Turner

Being a Realtor is not a bad idea, but you are right: It takes time to get income. Maybe you could begin with being a part time real estate agent?

Medium fbprofileBrandon Turner, BiggerPockets | [email protected] | http://www.BiggerPockets.com

As Always, @Brandon Turner is full of great advice. You are such a passionate helpful guy, I know everyone of us here appreciate you greatly!
@Brian Stone , have you thought about investing in cheap, single wide mobile homes with owner financing? I just thought I would mention it; I know that's where I'm starting! Best of luck friend, and do not be like the many others who give up, you CAN do this!!!

Hey Brian,

I am in the middle of my first deal as well (6-unit house) that may or may not go through. It sounds to me like you are feeling how I was. There is SO much to learn just starting out but there is NO WAY to know it all before you start. You learn the most by doing. The seller I'm trying to buy from as well as the inspector have been doing investing on the side their whole lives and are wealth of information. I didn't know either person till I went and put an offer on a house.

A postive attitude and a desire to do what you really want are REQUIRED to do this. People will tell you your crazy and there are going to be setbacks, if you aren't prepared mentally I think it will be too easy to give up at the first sign of trouble. Persistance, desire. Get started and you'll learn everything you need along the way. Don't worry about the "lingo" and getting everything perfect. Do deals that have large margins so if you screw up a bit (which we all will) you don't get burned.

From my own short experience I already feel a bit more comfortable and like I said, I may not even get the house. But I got experience from talking with the two people and walking through the house, analyzing numbers, etc and already feel more confident as I go forward trying to start in the business.

Hi @Brian Stone , I am new like you but I would highly recommend listening to audio. Its a great way to leverage time to passively learn stuff. I listen to audio when I am in the car, working out, or doing mundane tasks at home to learn about alot of subjects. Recently, I've been listening to the BP podcasts and the BP Summit Audio and it is a wealth of knowledge.

Also, listening to audio can get you fired up and in a positive mood

Hey Brian
Take it one step at a time. It appears you are worried about too many 'what ifs.' With wholesaling I've found the biggest obstacle is finding quality leads. I would concentrate on getting the phone to ring.

I think scripts are good to give you a general idea but you don't want to sound like a robot while on the phone. Be personable and be yourself. Get the owners to talk. Ask some general questions but look to find out their motivation to sell.

You should be able to use the state of Virginia real estate contract?

As far as buyers, you can get numbers off of any online classified ad, newspaper, bandit signs, your local REIA, Biggerpockets, etc.

I think we all have moments of fear. I still get nervous when I go to a seller's house but I'm way more comfortable now than I was the first time.

Best of luck to you!
Con

Thank you for your replies!

First, instead of asking "why can't I do it" you should be asking "How CAN I do it" (check out Eric Thomas he's amazing)

Disclaimer: I have not completed my first deal yet, but I have talked to 27 potential sellers off my marketing in 3 weeks. The first one is coming...

I was until very recently also paralyzed by over analysis and fear. There's a couple key things that allowed me to stop reading and hoping and start doing.

1. I realized without a shadow of a doubt that if I can find a real deal, there's about a dozen guys and girls at my REIA that would help get it done. (50%>0%)

2. I also realized once and for all that I don't need to know everything about everything to START. I only needed to know enough about steps 1 and 2. I can always learn more while the phone's not ringing. Finding a deal is more important than everything else combined times ten. No deals = no money.

3. I made a plan (thank you Brian Tracy). I broke up the process in to the major components. Marketing,talking to sellers, property evaluation,contracts,selling the deal, etc and wrote down everything I'd need to do or learn

4. I started doing or learning the stuff on my plan

5. Action bred excitement which killed my fears.

6. Once it got real and I mailed my first 160 letters it was on. I haven't looked back. I may not have done a deal yet, but in my mind I AM a wholesaler (still have a 7:30-4 job) and when I'm not at work, all I want to do is work on my wholesaling business.

I wish you good luck. If you really want it I know you'll find a way.

@David Tower, Very well put. Once you figure out what makes a deal, a good deal, you just gotta go after them. Good deals attract money and people are more than willing to help you get the deal done. Like the saying goes, "always look to give other people what they want, and you'll get what you want". That will come naturally.

Dive in Brian!! The deals and all the help you need will come to you when you take action!!

I hear you!!! Oh, I HEAR YOU!! :D

Just keep reading, keep on! Keep Learning, you'll find that the more you read, the more you fill up on the knowledge, the less overwhelmed you will become! There are days when you'll have a light-bulb moment, a feeling of {{SIGH} "Hey! I'm finally starting to feel this!" :) Just wait for it! wait for it.. and don't stop reading and learning until you get it!

You CAN do it! Just keep telling yourself that! Never ask why you can't!! Never! Always, ask "HOW can I?" Remember, there is no "TRY".. there is DO or DO NOT! You will DO this, as long as you put your mind to it, grab on, and DON'T let go until you get there! :) Can't wait to see you on the other side!! :)

You guys are awesome, thank you for the encouraging words. @David Tower good luck in your business, man!

Originally posted by David Tower:

2. I also realized once and for all that I don't need to know everything about everything to START. I only needed to know enough about steps 1 and 2. I can always learn more while the phone's not ringing. Finding a deal is more important than everything else combined times ten. No deals = no money.

Amen!

Medium gary logo  2 Gary Parker, Gary Buys Houses | [email protected] | 801‑635‑4756 | http://GaryBuysHouses.com | UT Agent # 4922719-SA00

Getting it going has been a challenge for me as well. Seems we find great deals and make offers but non have been accepted yet. I am happy, to at least moved on to making offers. We set for too long trying to figure out how to do it. Looked for investors because we would rather flip than wholesale. At this time we just feel the need to do what ever to start moving in a forward direction. Your blog has given me an insight that the forward momentum is what we need to do, and that mistakes are going to be made. Thanks for great knowledge, and reinforcement.

@Brian Stone - Man, I hated the cubicle thing too. And there's lots to learn, but it can be done. I quit my j-o-b cold-turkey at the end of '06 and went full-time into REI and being a Realtor (I had been doing some flipping on the side previously). That was one of the scariest and most exciting things that I have ever done, but I would not necessarily recommend it. I now have multiple streams of income, because REI can be difficult. But it's also fun.

So, I haven't been on in a while and I wanted to give everyone an update on my status!

I have, since this post, taken on a partner and we are working on getting this up and running. He will be doing the scary parts...answering calls lol. I got so many calls off of just 50 letters, but I never answered the phone or returned calls because of fear. I will eventually get over that fear, but for now, I'll let him handle it haha.

We are going to split profits 50/50 and hope to have a deal before June this year. I'll keep everyone updated.

And I still hate my cubicle job.

Listen to @seanterry s flip2freedom podcast. This will get you the boost you need. It worked for me

Yep, felt the same way with a head full of knowledge when i started. Get out there and just get your phone ringing with motivated sellers.

The great thing about wholesaling is that it will allow you to make mistakes and you don't loose your shirt. DON'T BE AFRAID TO MAKE A MISTAKE OR TO SOUND UNINFORMED.

Those mistakes will be valuable lessons, get in the game son, even Michael Jordan missed shots, tons of them.

JUST MY 2 CENTS BUT THERE'S MORE THAN ONE WAY TO SKIN A MEE-YOW

Originally posted by @'Ty Taylor :
Yep, felt the same way with a head full of knowledge when i started. Get out there and just get your phone ringing with motivated sellers.

The great thing about wholesaling is that it will allow you to make mistakes and you don't loose your shirt. DON'T BE AFRAID TO MAKE A MISTAKE OR TO SOUND UNINFORMED.

Those mistakes will be valuable lessons, get in the game son, even Michael Jordan missed shots, tons of them.

JUST MY 2 CENTS BUT THERE'S MORE THAN ONE WAY TO SKIN A MEE-YOW

@Ty Taylor is right - just do it. You'll make "mistakes" this is best learning and it's FREE. Good luck!

The first step is always the hardest. I think the key is to break it down into action steps (I highly recommend David Allen's Getting Things Done for this kind of thing). With new projects we tend to get overwhelmed by thinking, at least subconsciously, that we have to do everything and do it all right. Just do the first step. Then after that's done, do the next one and so on. Soon it will become second nature.

Medium apartment logoAndrew Syrios, Stewardship Investments | http://www.StewardshipProperties.com | Podcast Guest on Show #121

do you need a license to wholesale?

Originally posted by @Brian Stone :

I want to get into wholesaling, at first. Why can't I begin the process? I keep getting overwhelmed.

I know I have to put out some marketing letting everyone know "hey, WE BUY HOUSES!" But how? Bandit signs, yellow letters (to whom?), internet ads. Ok.

Then I will get calls right? But then, I need to get the lingo down just right. So, I wrote out a template for all the questions I will ask the seller. I got the list from BP and Ely Preston and many others. It is 15 questions long.

So then...I need to find a buyer! I get a little nervous here. Not sure what to do here, but I THINK I need to do the same thing as finding the SELLER. Put out signs, internet ads, etc that "hey i have a house, you interested? its a handymans dream!"

Yep, check. BUT THEN, I think next, I need to get forms filled out. I have to go to the seller and get them to sign SOMETHING. something that makes it so that I hold the property up. then i 'assign' a buyer to the property and something else gets signed. then bam, i make money!

somethings missing. dont i need an attorney for the forms? shouldnt i just come out and let the investor (buyer) know i am a wholesaler?? where do i get the forms.

sigh. I will keep reading. i will keep posting. but i dont know if ill ever "get it". I have a feeling I am going to foul up a couple of these before I get it right.

Anyone know this feeling??? i want to take cruises and be financially free. i want to get out of my cubicle (yep, im in it right now!) and work smarter! help!

Brian

 Yes, exactly. Somewhere between 'just go out there and figure it out' and 'make sure you know what you're doing before you make a big mistake' you are supposed to move. I'm leaning closer to the last part. I imagine a lot of newbies lose a lot on accident in the beginning and lose courage and no wonder after reading some stories. So I'd lean towards better preparation, research more til you feel comfortable. I don't know how I'd handle someone giving me a look like I'm crazy because i handed them an offer on a napkin and assured them it's okay, 'my buddies on bp said it's cool, no lawyers needed, we can do this, idk exactly how but I'll Google it tonight'. but just don't quit.