It's true that most of us are seeing the golden nuggets within each market we dare market to these days while wholesaling. But, have you ever asked yourself why you are focusing only on wholesaling, and not buy and holds, or lease options as examples?
For many, when you compare the rabbit to the turtle in a race, we all want to be rabbits right? Wisdom and mistakes will be your best ally when it comes to choosing the right vehicle(s) to make money in this business. After all, when all is said and done regarding our egos, the bottom line measurement to our success is how much money we actually earned in the profession of real estate.
Some might argue that they only want to learn real estate as a hobby. For those who say that, in the back of their minds, they want to "win" at anything they do! What is different here? As a guy at the ripe age of 58 who is set for life money wise, I've been in most of your shoes and situations at one time or another.
My "why" regarding wholesaling was because I wanted to make a difference in other people's lives. So if I can help someone out of a situation that is ultimately a doomsday scenario, I'm going to do what I can to assist them through that time, creating a win-win situation ultimately for us both.
Be that as it may, wholesaling for me is more about getting my knowledge and understanding out to assist others, than to make a quick buck from their dilapidated situations. The laws of our forefather investors who preached and worked with real estate are many. The ones I learned from in the early days with the most success is simple no matter what I choose to do within the real estate investing arena... Their mantra being; "Help enough people, and you will help yourself."
So, why do people still pursue the quick wholesale mentality of a rabbit who needs money now at any cost? This is because they've learned from others who taught techniques to this effect, but somehow their impatience won't allow waiting for the better and best situation if we would let it. In other words, I could have made $30,000 had I just been patient, so now I have to settle for a $5000 profit because making money "now" is what I'm about. Adopting the quick fix might seem alright, but are we making the best out each bad situation in the long term really?
A quick story...I was a military man for 22 years, and decided I wanted to become a stock broker when I got out. So I went to school to get my degree in business with a marketing major. Graduating with a 3.8 average, I was satisfied, I could make a great stock broker. This is when I met my first out of the military mentor who told me there was bigger money if I became a certified financial planner. He told me it would take an extra 1 to 2 years of studying and passing tests to be one.
I got excited and as a good student of people who have made successful lives for themselves, I ordered the books to start my assumed path to success. Meanwhile, I had a very anxious broker who ran a fortune 500 company firm call me up and pitch me on why I should forget that path of becoming a Certified Financial planner and earn money with his firm selling his products right away for big money.
Like most of us, I saw the writing on the wall. Either spend a possible 2 years struggling through more school without pay, or becoming a stock broker and possibly earning 6 figures in the process. Well, as you might guess...even as a guy at 39 almost 40, I thought MONEY NOW~
As it turned out, the company I was working for was bought by a company that is now defunked because of the corruption within their own firm in 2008, leading me to having created a great deal of income, only to not be hired in that profession again because of working for a scam artist company who soon claimed many to go to jail for what they had done.
The moral of this story is I was looking for the quick buck, but if I would have not burned so many bridges trying to get the quick buck, I might of had a more successful business as a CFP...who knows really? My friend who I still call a mentor, laugh today about it all, as he knew I was young, but he never gave up on me. Today he is a Cash Buyer of discounted properties, so we have a great relationship in that sense, and when we can get together for a vacation.
Back to my point...Since most other practices in real estate don't allow you make money fast and easy, ask yourself why you decided to get into wholesaling, and then why you want to learn from the best examples to succeed?
I'd encourage you to really decide if you want this to be a business of integrity, or a business for a quick buck. I submit to you as a guy almost 60 now, that life is more than a quick buck, and as a young guy, I was all about a quick buck like many of you. Wisdom over time however, has taught me that there is no free lunch, and tips from guys who have worked hard to make wholesaling work, are priceless...yes?
Practiced teachings or tips in a quick buck fashion, will earn you money now, but in the long haul, won't earn you nearly the same as if you practiced it correctly in the first place. This goes for what ever real estate venture you endeavor to work with. Steady Eddy people stay around for the long haul, and hustlers die on the vine. My hope is that you will choose your perfect story to be eulogized at your funeral when you're no longer here on earth.
My past has shown me to create processes within what ever real estate journey you decide to pursue, but be willing never to quit even if 90% of those processes fail the first or even a second time. Never quit, and always learn something new when time allows.
Thanks for reading my post, and I totally understand that some of you will disagree... but, if I can just get to a few of you who carry the entrepreneurial spirit to understand one thing... if you help enough people get what they want, you WILL get what you want many times over and over. Best of luck!
Thanks for the insight and wisdom. I think for most us the idea of a nice chunk of change now sounds good. Being that most of us are living from pay check to paycheck the idea of building a nice stash of ready cash sounds enticing. Although it doesn't always work out like that, that is the logic. I'd be lying if I said that isn't what intrigues me
You are very much like most Michael. Great honesty will get you far in whatever direction you decide to go. I too lived from paycheck to paycheck while serving in the Navy. My first paycheck after 2 weeks of hard work was $156...which was a bunch of money for a young 17 year old in 1976 right?
Of course after a few nights out in the town, and little to go on in those days, that $156 every two weeks lasted about a week, where the next week you would read a book, watch tv, or work out at the gym. Still, it feels like your a rat in a cage sometimes trying to make ends meet.
Wholesaling does allow you get a nice chunk of change now, and I agree that when you do your first few deals good or bad, you earned it right? The real test is temptation to quit or do deals as you see fit, only to let the well get go dry. What I mean by this is typically, if you're truly set in making wholesaling a part of your plan, you have to create a trail of possibilities to create the path to the fastest payday especially when wholesaling. The past of least resistance is how we are all wired...
The real question is, if you're speaking for yourself or most who live paycheck to paycheck, what are you doing about it? Getting a second job, learning about real estate, but not taking action on what you've learned? I know because I did it. . . Both taking the second job because I was broke, and read books about real estate, and yes... didn't act on what I learned.
If you could fast forward into the future, the best thing you can do is picture where you see yourself in that future, then create a path to get there...whether it is to log into bigger pockets and come up with a plan, or get involved with reading every book or blog put out there on real estate. Here is what worked for me. I took action on learning anything and everything I could, and tripping on the way. That's it. Why? Call me lazy or set in my ways, but in all honesty FEAR of rejection was my hangup.
I hope anyone who is reading this doesn't think I'm a wise *** trying to push an agenda. That's not why I'm posting. I'm posting because I believe many are hung up the way I was, until I put my foot into the pool and found out that any type of real estate endeavor was achievable if I didn't count on anyone else to do it for me. I'm nothing special. Just have a whole lot of past mistakes I can share in time, if people will listen. Thanks for your response Michael.
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