A Newbie's Wholesaling Experience
Hello all! I just want to talk a little bit about wholesaling. I'm sure this is one of the most well discussed topics here on BiggerPockets (and everything that follows has likely already been covered a hundred times) however I would like to offer yet another point of view for the newbie investor that was told how "its the best way to start your wholesaling career."
First of all, WHOLESALING IS NOT EASY! There, I said it. Wholesaling requires A LOT out of you both mentally and physically. I would only recommend it to those who have a clear understanding of the work that is needed to build a successful deal. I have a clear vision, purpose, and goal yet I am tested everyday... EVERY SINGLE DAY! In order to be successful in this consider what it takes to be successful in other sales positions that 99.9% of you would turn down. How many of you aspire to be successful life insurance agents...or car salesmen...or even a realtor that just focuses on retail home sales??? Well, to a large degree, wholesaling can be even more difficult.
Secondly, it is very time consuming in both learning and applying what has been learned. Forget what the many gurus and late night infomercials will tell you... you need to put in your own work and get good with people skills (basic psychology helps), marketing, cost estimating, and general improvisation on ALL levels. You have to be two steps ahead and have contingencies for your contingencies at all times.
Third and most important, this game will test your will greatly, especially if you go it relatively alone as I have. I tell everyone that if you want anything in life that's worth having you must have a "why" that is bigger than you, because when your will is broken (and it will be no matter how strong you are) this "why" will carry you. This is especially true with Real Estate.
There are many experienced wholesalers and investors that will both agree and disagree with much of what I have said, however, as a new person in this deal (studying the game since Nov. 2013 and active in the game since March 2014) I felt like I could offer a different viewpoint that can be more relate-able to other newbies than a more experienced investor. I have been struggling, and yet the most important thing is I have been learning! I would not trade this for anything in the world even though I have not even landed my first deal (although I have had to walk away from several that just didn't work for me or my investors). I WILL succeed in this deal and ANY newbie can too so long as they understand the sacrifices, hard/grinding work, and time that will be needed to be successful. I know it will be worth it in the end!