Can I become a millionaire as a wholesaler?
Member since 2014 · 78 posts · 23 votes
Can I become a millionaire as a wholesaler?
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Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
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- Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes11y
- Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes11y
- Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes11y
- Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes11y
- Wholesaler · Buckeye, AZ · Member since 2017 · 92 posts · 2 votes6y
- Wholesaler · Buckeye, AZ · Member since 2017 · 92 posts · 2 votes6y
- Wholesaler · Buckeye, AZ · Member since 2017 · 92 posts · 2 votes6y
- Real Estate Broker · Brockton, MA · Member since 2020 · 25 posts · 25 votes6y
Yes you can! However, like others have stated on the thread, unlikely if you’re brand new. Also it would be creativity that would need to be the deciding factors as well as offsetting capital gains hits. If you are just starting out, do one deal at a time. Fill the white space up on your calendar. When everyone else is out partying having a good time, be home thinking and brainstorming your next plan and TAKE ACTION. My wife and I have made well over $1 million actually near $2.5 million at the moment however, we still currently live as we did before we began wholesaling real estate. Albeit, it has taken us to make almost $3,000,000.00 since we both started in 2013 up to today (not quite 1 year) but accelerated pretty beyond what others would have imagined. How? Thinking outside the box. This past year (2020) we still wholesale real estate however have began to sublet rental units which we are trying to scale for cash flow -( just creative stuff and lease optioning now since corona virus ). As of now we have over 16 rental units producing us around $42,500 per month of cash flow. It’s basically us making money off of properties we don’t even own. Now i’m not talking that Air bnb stuff (although we will tap into that world after the shaky virus precautions). We are now beginning to make cash flow and to be honest, we are now aiming, like we did wholesaling, to scale our lease option business. But, it all depends how creative you are and how much WILL power you have to succeed. Sadly these days, with the generation after mine, it’s like they don’t know how to think. Right now we are currently at 6 lease options a month picking up with a certain niche we have. We leverage our “close escrow downpayment deals” usually anywhere from $25,000-$50,000..... We will pay our from there however again, consistency is key and creativity. If you cannot afford the man power, think to yourself “how can I afford the man power” and it will come together from there. We are determined to act as if (act as if we have no money to pay, we act as if we are living paycheck to paycheck - we do this so bad that at night before going to sleep we look at each other like we seen a ghost and say “imagine”... We will move into something more comfortable in the next 3 years. That was out goal and all money made is either in a 1031 to grab up more or put into other asset producing engines. We only put $10,000 in retained earnings in our business only. and the rest is history. So anyway, making a million within a year, sure anything is possible, I just don’t see too many people these days with that drive unless of course your making $100,000 spreads and with wholesaling , spreads , as it was for us averaged $15,000 per deal however every 20 deals or 25 deals we would have a HuGE spread - So about (now) 4 large deals in 2020 - One being $165,000, $85,000, and the last $56,500.00- We are due 3-4 more (hopefully ) scattered anything over $50,000.00. But a majority we do are average $15,000. now that’s only avg. - Like for instance last week we closed on a deal for $9,000. So of course there are anomalies. However, we are focusing more on creative style now using least amount of our own money if not none on deals. So making a million in one year, yes doable but highly unlikely. However, making $120,000 in a year most def doable! Then you increase - wait until you hit that big BREAK! All successful investors will find that “ Break”. Like a niche, an advantage over the rest, a head start amongst competition. Ours came our 2nd year which pertained to how we get a steady flow of leads (sellers) that are either failed loan modification, failed refi, and/ or preforeclosures come come to us. Why though? Because we genuinely want to HELP others and referrals are KING i tell you ! There has been many times when leads come to me in preforeclosure, ready to sell their home for next to nothing and I, with their permission, work out a loan modification with their lender helping their payment plan and writing them our tactics that I tailored made to eliminate debt by using a few trusted applications. I dig deep with these leads and have helped a lot of people. One fanily we didn’t end up flipping their home however I was able to literally stop their foreclosure process. I looked like a hero and felt like one. People will say, “you didn’t make money moron” well that maybe true, however do you understand how many referrals you get from one person? It’s mind blowing. So we are known to genuinely help those in need ( the $3,000,000 well $2.5 million honestly is just a byproduct of helping others and finding solutions when others cannot in stressful times). My best advice “Stay away from those coaches and people promising to make you millions just to sell you a course or the next “ shiny object “ ignore it ! Take action and don’t get analysis paralysis
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