My two cents: If you have safety nets in place, and a year of savings, then jump into an aspect of real estate or investing that has bigger profit margins and is more time-effective than wholesaling. You have enough capital to reasonably become a successful agent or get into other types of real estate investing that pay better dividends and require less effort. Wholesaling is very time-intensive, and very low paying. The margins are slim, and you bust your butt and expend a lot of time and effort to eke out a few dollars. You said it yourself: go big or go home! But wholesaling is going small!
Originally posted by @Melanie Hartmann :
Hi All! I had to share. Against all conventional advice and wisdom, I've just quit my job. My fiance's job brings enough for us to cover are needed expenses and I have about a year's worth of savings built up on top of that. I have not done any deals yet but am planning to get into wholesaling ASAP. Just wanted to share. I'm going all in!
Sometimes you just have to go with your gut. Go for it Melanie! Squelch out the detractors and go for it full force. There will ALWAYS be naysayers when making a major decision. Plus you have a really good safety net on top of it, so your risk is definitely minimized..Good Luck from a fellow Baltimorian Wholesaler.
Originally posted by @Yoni Ramras :
@Melanie Hartmann I think you are getting the signals that many experienced real eatate investors here are telling you mixed up. Everyone is pretty much telling you that it is a great aspiration and if that is what you want to do then you should do it. But, if you read into what most of the experienced investors are telling you it is to only start doing this with an in depth education in wholesaling, solid game plan, timeline and budget in place prior to setting off on this adventure. Self confidence is great when it is backed by experience and knowledege. But when it is blind confidence due to thinking that you can do anything because you are you it becomes a very dangerous attribute. “A goal without a plan is just a dream”. There is no good reason to quit your job if you are doing it just because you want to wholesale. It is even probably a bad idea if that is the reason. It definitely will not help start your new wholesaling profession.
Im sorry but there is such a thing as overthinking something,there is a difference between jumping in without a paddle and jumping in and swimming for the paddle that you can see
Originally posted by @Melanie Hartmann :Originally posted by @Lesli Watson:
Hey @Melanie Hartmann!!! My husband referred me to this thread b/c he noticed it was getting so much negativity and he thought you might need a little ENCOURAGEMENT!!!!! YOU GO, GIRL!!!! I'm doing the same thing as you and I'm 1 month in and on the precipice of my first deal!!! It can be done and with the right attitude and work ethic you WILL be successful! The key for me is to remember through all the rejections there will be those people that I can truly help out of a distressed time! One really helpful thing that I have done is join my local Real Estate Investors Club. Those are like-minded folks that have a FB group and meet regularly and befriending them has provided me leads and even partners on deals! Best thing I've done for my wholesaling business so far! Hang in there and tell me when you close your first deal!!! It's exciting and fun! YOU CAN DO IT!
That's awesome Leslie! Haha and so kind of your husband too! I really do plan to make this work. I'm excited to hear that, overall, it's going well for you. Now that I no longer have that job, I'll actually have time to go to the my local REIA meetings and such. I've been wanting to for MONTHS! Now, I can. That does seem to be the next Big step for me that I get to take now. I'm pumped! Glad to hear that the REI groups have helped! I was hoping that would be the case.
Melanie -- GO TO A REIA! Its incredible what you can learn there from like mided people as well as potentially meet many great connections in the business. I had to push myself to go to my first REIA because im not great at social events but it was really an eye opener.. look at MAREIA and Baltimore REIA.
Originally posted by @Rodney Owens :
@Melanie Hartmann I want to go the same, maybe we can work together I'm looking for hard money leader would you happen to know any in the mpls mn area?
Hi Rodney, I do not know anyone out that way. Maybe check around on BP for someone?
Become WHOLESALE! You can do this!
Originally posted by @Jerryll Noorden :Originally posted by @Ned Carey:
@Melanie Hartmann I can't recommend you or anyone else do what you did. The reason is, statistically you will fail.
However I can also tell you that, people who try to keep one toe in the water as a safety net fail at even greater rates. People who go all in like you tend to be more successful because they don't have another option. You become successful because you have to.
There are lots of active members here from Baltimore to network with and lots of investing groups in the baltimore area. Search here for the Friday landlord lunch which is one of the best groups for networking
I like this feller!
And not just because he has a beard!
Jerryll I am nominating you for a pod cast @Mindy Jensen you can talk about your SEO which I don't understand but maybe you can teach others.. and watching your rise.. your the essence of the BP. but I knew that between the robotics and other stuff I could not figure out what you mean.. your a driven dude.. and I was one of the first to give you a little bit of tough love.. but once you cracked the code your a winner.. but then again you would win at any sales and marketing you just happened to chose real estate.