I want to get into wholesaling full time so I can quit my 9-5. I've been reading up on different ways to start in real estate, and wholesaling appeals to me the most because I was able to grasp the concept of it right away. I've always been an entrepreneur at heart and I really feel that working in an office behind a desk all day is slowly killing me. I know going into it won't make me rich over night, but if I could just do enough to replace my salary I would be satisfied. I'm seriously contemplating getting my real estate license and becoming an agent. I heard plenty of people say you don't need a license in order to wholesale, which I understand, but I look at getting license as a door opener for me. I need somewhere to start, and I think getting licensed can open that door for me by getting me the knowledge and information I need... To my more experienced investors and wholesalers, do you think it's possible wholesaling can replace my 9-5? What are your thoughts on my getting licensed?
You are more likely to replace that 9-5 as a licensed RE agent than as a wholesaler IMO. Especially if you have a knack for selling. Besides, my feeling is that if you can't sell as an agent, you will really have difficulty when everything - presence, lead generation, paperwork, etc - falls on you.
Hi Jd, thanks for your input.. I don't know if I have a knack for selling because I never done sales before. However, I am a people's person and I'm not afraid to strike up conversations and get to know people, which I think may be a good trait for a sales person..
A part of me wants to take the plunge, get my license, and quit my job.. but I heard real estate agents are usually broke for months before getting anything. My top concern is to not become homeless while trying to pursue this.
Then the best route would probably be to do it part time while you keep your day job!
I wouldn't. If you really want to do it then why not do it on the side? That's how most successful wholesalers start out, it seems. Being a good business person isn't just about opportunity, it's about finding opportunity while minimizing risk. I've been hustling part-time off the MLS for four months and I still have yet to get my first deal.
My advice is that you keep your day job. You'll need steady cash flow every month which you can put in to marketing and other expenses. Find out exactly how much "disposable income" you have every month to put into the business. If you think you don't have enough, get a second job or pick up more shifts. Once you have cash for your business every month, you can safely put it into marketing. Once you start making deals consistently, then you can think about cutting down on your W2 work hours. Till then, it's gonna be..go to work..come home..get back to work..repeat!
Feel free to message me with more questions :]
@Rebecca LeBrun I'd advise the same: venture into it part time. Also remember you have to make more with a wholesaling job to match an office job. Your office job hopefully includes health benefits, paid holidays, paid vacation time, some paid training, 401k match, possibly a company stock program, legal program, etc. None of those would be included with a wholesaling job. Be sure to factor all that in.
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