i started in 2016 in REI in Houston while holding my full time job.
I did four flips two of them where from wholeseller (I am still holding one of them two years later because it would not nsell even at loss) , the other two were very successful (I got them through my PPC) campaign.
now i am at the point where I am not getting quality deals through my PPC nor through any wholeseller deals I see, may be because it is very comparative here in Houston and people are selling to take thin deals.Hi
The question to those who make 3-4 deals/month
should I start making thin deals assuming that with volume it will make up or just keep waiting on those "good deals" that seem to never show up
I am also looking for a mentor who can help me take my business to be a steady one.
Personally, I feel waiting for “great” deals is a poor way to grow a business. Not saying to take on bad deals. But a string of “good” deals will keep your business growing and moving in a positive direction. The more business we do, the more opportunities to unlock more possibilities. Plus, it will force you to improve your processes and operations to find ways to make money on leaner deals. When you land a fat one you’ll be crushing it. Just another perspective.
I kinda have a different take on it. People take thinner and thinner deals based off of emotions. And that’s playing with fire. One miscalculation can cause another flip project to turn into a buy and hold very quickly.
Maybe do some wholesaling or construction work to build some working capital. Or work with an agent to help you find something. Mine a different territory. Change of the business model. Just get creative but remember numbers are numbers. No one is forcing you to make any moves if you don’t feel comfortable.
I am very patiently waiting for an environment of 7% rate+7% unemployment to resume RE investing...
If anyone thinks we will be forever 4% rare +4% unemployment, he is seriously kidding himself...
What does your team and follow up systems look like? If you’re wholesaling thin margins aren’t the worst. So much that could be affecting your success... How many leads are you getting per month? What is your cost per lead? Most all markets these days are competitive. I operate in the DC metro and southern Florida market and we consistently do over 20 deals a month, all wholesales. Lead follow up and generating tons of leads are a big part of our success.
Let’s wash away that frustration.
@Michael Pittman has the right idea. Although I think you might be looking to flip, yes? You still need to control the emotion of chasing deals and cash. I know a 50something year old friend who just left corporate America forcefully and is having the same struggles.
I’d suggest to both of you a healthy dose of abundance mindset. Then your OWN marketing if wholesalers are TRULY not providing what you need. Go shake hands and kiss babies at REIAs. Go knock on doors. Tell EVERY person you know what you are doing, with verve and confidence. You can listen to metrics or speculate on what the market might or might not do. BUT the only metrics I trust are Grit and Self awareness
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