Quit My Job and Plan to Wholesale
Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes
Quit My Job and Plan to Wholesale
Most Popular Reply
Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
8yWhat was your job?
Im always so confused by these, at what point did your job prevent you from doing a deal? Was it not possible to do both?
I guess depending on what the job was then maybe that plays into it some...but curious of the thought process on this..
556 Replies
- Real Estate Agent · Cleveland, OH · Member since 2017 · 184 posts · 253 votes8y
@Melanie Hartmann, Congratulations on your decision to follow your dreams! So many people fail to follow their dreams because of fear. They let money guide their decisions. Money is important, but it's far from the most important thing!
Throughout my life, I've had opportunities to take positions that would have earned me more money and were supposedly more stable. But of all the mistakes I've made in life, trading my passion for money has never been one of them. I think that alone has put me at the top of my game and has made me one of the happiest people I know. My advice is follow your passion and be the best stay at home mom & wholesaler there is! The money will follow what you are passionate about but more importantly, your HAPPINESS will follow if you follow your dreams.
I look around me and so many people hate their jobs! They can't figure a way out because they get paid too much to quit. So off to work they go...they continue to do what they don't love and invest in real estate because they think that is the path that will make them happy... someday. Too often, someday never comes. Be grateful that you're not like that! You will never regret the choice you made to be home with your kids and follow your dreams. Best of luck on your journey!
- Member since 2018 · 10 posts · 4 votes8y
@Melanie Hartmann It's definitely not the conventional move, but good for you for taking the risk! And despite some opinion on the board, I think it was calculated risk.
We all have different goals in this game, and people forget that having a full time job (and managing a family) is a big distraction from your goals. Spending your time on a job means less time to focus on real opportunities, which ultimately means missed opportunities and lost $$$.
You seem to have a safety blanket. You husband works and brings in enough to cover the bills. You also seem employable, so worst case scenario, you pick up another job if you need it.
Go all in and don't look back! Best of luck to you!!
- Memphis, TN · Member since 2018 · 2 posts · 3 votes8y@Melanie Hartmann I admire you. :) I will b all in by mid next yr I SO believe. I would say good Luck but I don’t believe in luck, hard work never fails. With the present attitude and only GROWTH to come... YOU GOT THIS.!! Congrats.
- Developer · Albany, NY · Member since 2016 · 30 posts · 14 votes8y
@Melanie Hartmann Im rooting for you! Pressure builds Bosses!!
- Realtor · Los Angeles, CA · Member since 2018 · 9 posts · 0 votes8y@Melanie Hartmann I’m new to RE what exactly is wholesailing ?
- Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes8y
Originally posted by @Mercedez H.:
@Melanie HartmannI’m new to RE what exactly is wholesailing ?
you find people that are "motivated" to sale at below market prices, you lock up the house, then sell it for more to someone else.
The catch is...it's time consuming and can be difficult to get people to sell you their house cheap. Then you have to find people who want to buy the house you just got under contract for more than you paid for it... - Real Estate Agent · Central Florida · Member since 2017 · 121 posts · 8 votes8y
I wish the best of luck, if you run across Florida buyers, please reach out to for some inventory, 22 available now. We are the top investment group when it comes to off-markets, buy & Holds, flips, and multi-family" in Central Florida. We acquire 5-15 properties weekly in Polk, Lake, Orange, Osceola, Orange, Seminole, Volusia counties, call, text, email directly.
- Investor · Campbell, CA · Member since 2016 · 76 posts · 91 votes8y@Melanie Hartmann I never left my job to start in the real estate business but I did leave my job to start a business so I’d like to share with you about starting a business in general. I hope some of this will be helpful. 1. it was easier to leave a 6 figure income than it’s been to rs-create it. This is not a negative. It just means be prepared to GET TO WORK !!! 2. SET GOALS that will push you and don’t be okay with missing them. Follow through and complete the goal, even if it takes an extra week. If you don’t follow up to complete it, it was probably not a goal worth setting. 3. TAKE ACTION by evaluating what activities you spend your time on today and whether or not they DRIVE REVENUE. This is the sales side of the business. (I do not wholesale but I would imagine this means activities that develop meaningful relationships with other buyers that have the ability to close, and on activities that put you in front of sellers.) 4. INTEGRITY & SERVICE are still expected from your customers. Make sure your pricing is fair to you & your customers. Most customers will pay for service. Your integrity is free for your customers and both servIce & IntegrIty determine your repeat business. 5. EMPLOYEES are one of the most important tools to create a business that can be duplIcated. My 1st goal was to build enough business that supported a decision to hire. I took no income for nearly a year but with 2 people, I was able to start to build staff & income. 6. It’s very hard to run an organization without having your PROCESS in place. Build your processes so that each employee knows what’s expected, etc. 7. SURROUND yourself with smarter people that have different experIences and LISTEN. Ask good questions and don’t be afraid to go against the grain, but make sure you understand what your WHY is. 8. Starting a business is HARD WORK. I found myself waking up in the middle of the night with ideas. GET OUT OF BED & WRITE THEM DOWN. Your not likely to remember them in the AM. Lastly ... Life is short so enjoy this experience. You may be doing this the harder way without an income, but it doesn’t mean it hasn’t been done before. Just determine if this is the type of business you want to own, or if being a passive invested is more desirable. Determine YOUR WHY !!! Please read “The E-Myth Revisted” and remember to read weekly for knowledge. There are lots of nuggets here & I wish you well on your new adventure. 🤙🏻
- Montgomery Village, MD · Member since 2018 · 28 posts · 7 votes8y@Melanie Hartmann That’s very brave of you Melanie, but you definitely seem prepared. I was wondering have you attended any seminars or purchased any program, will your Fiance be participating in helping you. I know it’s still a lot of opportunity in Baltimore, but will you be investing in DC and PG as well?
- Investor · Nashville Tennessee · Member since 2017 · 10 posts · 24 votes8y
I'm excited for you! Set some big goals! Get to know the customers(buyers/flippers etc...) and what they are looking for and need and I think it will help you go faster. The more you can do up front the better! I have met several new wholesalers and they just assume everyone wants similar deals. Best of success!
- Realtor · Los Angeles, CA · Member since 2018 · 9 posts · 0 votes8y
Originally posted by @Matt K.:
Originally posted by @Mercedez H.:
@Melanie HartmannI’m new to RE what exactly is wholesailing ?
you find people that are "motivated" to sale at below market prices, you lock up the house, then sell it for more to someone else.
The catch is...it's time consuming and can be difficult to get people to sell you their house cheap. Then you have to find people who want to buy the house you just got under contract for more than you paid for it...Thank you for explaining this to me, so in your opinion is it worth the hassle? Do people have success doing it?
- Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes8y
Originally posted by @Mercedez H.:
Originally posted by @Matt K.:
Originally posted by @Mercedez H.:
@Melanie HartmannI’m new to RE what exactly is wholesailing ?
you find people that are "motivated" to sale at below market prices, you lock up the house, then sell it for more to someone else.
The catch is...it's time consuming and can be difficult to get people to sell you their house cheap. Then you have to find people who want to buy the house you just got under contract for more than you paid for it...Thank you for explaining this to me, so in your opinion is it worth the hassle? Do people have success doing it?
Generally speaking it's the path people take who don't have a job/money because it has the lowest barrier of entry... they then use it to go elsewhere or just burnout and quit.
Can you be successful, sure you can. It's going to take hard work, salesmanship, and networking in order to do so. It'll likely be time consuming w/ lot of dead ends.... because you're trying to make people sell you a house at such a big discount you can add on your fee and still sell it to someone else below market. it's not hard to hop on google or zillow and see your house is "worth" way more then you just were offered.... - Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes8y
Interesting thread, since you've studied psychology I wanted to ask if you about a study on identity goals I recently learned about.
The study showed when people announced their goals before completing them they felt a premature sense of completeness (the encouragement thread). You receive the same feelings as if you've completed the goal and are less motivated to complete them. Source, Source
@Melanie Hartmann what are your thoughts on this? Do you think making this announcement and the recognition its given you while having taken few actionable steps will affect your motivation to complete this goal?
- Houston, TX · Member since 2018 · 6 posts · 0 votes8y@Melanie Hartmann I sell kitchen appliances In wholesale. If your interested in doing business don’t hesitate to contact me.
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Tim G.:
Interesting thread, since you've studied psychology I wanted to ask if you about a study on identity goals I recently learned about.
The study showed when people announced their goals before completing them they felt a premature sense of completeness (the encouragement thread). You receive the same feelings as if you've completed the goal and are less motivated to complete them. Source, Source
@Melanie Hartmann what are your thoughts on this? Do you think making this announcement and the recognition its given you while having taken few actionable steps will affect your motivation to complete this goal?
Love it!
Well, I have spent all day today (through the starting help of another poster @Jerryll Noorden on this thread and his site (http://www.themightyinvestor.com) to get a bulk of the process rolling. I had been educating myself on the process a bit on the side and his site has helped me put some more things together. I plan to have it all sorted and up and running within the next week or so. Have to wait for other avenues to do their part. I'm DOING mine NOW.
I think if anything, posting this was a bit defeating and discouraging... at first. Then as people began to question my decision, it only solidified my own reasons for doing it. Despite, or rather, because of the valid points the naysayers were making, I knew my reasons for why those suggestions wouldn't or hadn't worked for me. They do not know me, my past, my motivation, my "why," or really anything about me, so why should I worry what they think? I know if they knew me and the other factors at play in this decision, it wouldn't be hard to see why I made the decision I made.
So I realize this decision is not conventional - but the situation is not just cut-and-dry and it was not made (completely) on a whim without plans and finances in place. Not to mention that QUITTING WAS INEVITABLE ANYWAY! So was it really that ballsy of a move? Probably not! I recognize several folks don't care to know the actual details, nor do I care to share them all, before they are negative about the decision. It's far easier to quiet those naysayers posting AFTER being successful such a decision. Can't tell someone they can't do something after they've shown that they can, eh? What I'm doing is not for most, and wasn't for me really until recently, but I'm going all in and I plan to let you guys know how it goes.
So to finally answer your question, yes, posting has changed my motivation; however, not in the way that was found in the study you mention. (Psych studies are just horrible anyway, haha. There are so many factors that play into it. It's impossible to really know anything. Not to mention the statistics involved, one little tweak will give you a completely different result. How you ask the questions or do the measuring of your results also has a HUGE impact on your "findings." No one really knows what they are doing in psychology, they just act like they do. Least that's been my observation. It's all theory - none of it can be "proven").
Anyway, just posting my plan was not enough for me to sit back and feel like I was doing something. It has instead motivated me even more to get cracking. I'm not foreign to proving the masses wrong. I KNOW I will be successful; however "successful" becomes defined. I've got something called "grit" and if I want something bad enough well, I make it happen. Always have. And for now, I feel pretty damn successful in simply investing in myself, my personal wellbeing, and my family's wellbeing. If I'm also able to be successful breaking out of the "9-5" and improve my family's financial wellbeing along the way, well that's just a huge added bonus. Even if I end up going back to a "job" in a year, it will be a different job, with a different company, doing something more along the lines of what I want to do rather than what I had been doing. I am very happy to have "broken the mold" and put myself first before a J-O-B. I seriously have not been this excited, driven, or motivated in YEARS. I love a challenge!
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Brian Mullins:
I'm excited for you! Set some big goals! Get to know the customers(buyers/flippers etc...) and what they are looking for and need and I think it will help you go faster. The more you can do up front the better! I have met several new wholesalers and they just assume everyone wants similar deals. Best of success!
That's good advice! I'm sure there are the popular standard properties but I really would like to find out what my buyers are actually interested in, and not just the area but that is a good start. That way if I find something that meets their criteria (and we've got a good relationship), I can offer it to them first before sending it to the masses.
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Kobe Wikerson:
@Melanie Hartmann I sell kitchen appliances In wholesale. If your interested in doing business don’t hesitate to contact me.Thank you Kobe!
- Real Estate Broker · Southern California · Member since 2018 · 10 posts · 3 votes8y
That is a risky move but best of luck to you!
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Robert Schumacher:
@Melanie Hartmann I never left my job to start in the real estate business but I did leave my job to start a business so I’d like to share with you about starting a business in general. I hope some of this will be helpful.1. it was easier to leave a 6 figure income than it’s been to rs-create it. This is not a negative. It just means be prepared to GET TO WORK !!!
2. SET GOALS that will push you and don’t be okay with missing them. Follow through and complete the goal, even if it takes an extra week. If you don’t follow up to complete it, it was probably not a goal worth setting.
3. TAKE ACTION by evaluating what activities you spend your time on today and whether or not they DRIVE REVENUE. This is the sales side of the business. (I do not wholesale but I would imagine this means activities that develop meaningful relationships with other buyers that have the ability to close, and on activities that put you in front of sellers.)
4. INTEGRITY & SERVICE are still expected from your customers. Make sure your pricing is fair to you & your customers. Most customers will pay for service. Your integrity is free for your customers and both servIce & IntegrIty determine your repeat business.
5. EMPLOYEES are one of the most important tools to create a business that can be duplIcated. My 1st goal was to build enough business that supported a decision to hire. I took no income for nearly a year but with 2 people, I was able to start to build staff & income.
6. It’s very hard to run an organization without having your PROCESS in place. Build your processes so that each employee knows what’s expected, etc.
7. SURROUND yourself with smarter people that have different experIences and LISTEN. Ask good questions and don’t be afraid to go against the grain, but make sure you understand what your WHY is.
8. Starting a business is HARD WORK. I found myself waking up in the middle of the night with ideas. GET OUT OF BED & WRITE THEM DOWN. Your not likely to remember them in the AM.
Lastly ... Life is short so enjoy this experience. You may be doing this the harder way without an income, but it doesn’t mean it hasn’t been done before. Just determine if this is the type of business you want to own, or if being a passive invested is more desirable. Determine YOUR WHY !!!
Please read “The E-Myth Revisted” and remember to read weekly for knowledge. There are lots of nuggets here & I wish you well on your new adventure. 🤙🏻
Thank you Robert! I'm really excited to have left my job because I will actually have time to do ALL OF THIS! I honestly wouldn't have otherwise. And I didn't quite have a six figure income working for a school district, haha! So really, once I get things going, I won't have to do many deals (1-2 lower-end deals a month) to meet and easily exceed my previous take-home pay.
- Specialist · ID · Member since 2015 · 121 posts · 53 votes8y@Jay Hinrichs I've been seeing your posts for about 2 years now, and you give some of the best and real advice that I've ever seen ( It's not the typical "woo- raa " go get it advice... that's found anywhere). As someone who started in this "i want to make a ton of money wholesaling in 6 months then quit my high paying w2" mentality, I'll say everyone who "starts" In real estate should listen to you above everyone else
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Paul DoCampo:
@Jay Hinrichs I've been seeing your posts for about 2 years now, and you give some of the best and real advice that I've ever seen ( It's not the typical "woo- raa " go get it advice... that's found anywhere).As someone who started in this "i want to make a ton of money wholesaling in 6 months then quit my high paying w2" mentality, I'll say everyone who "starts" In real estate should listen to you above everyone else
OK everyone I did not pay Paul to say these kind things.. But will take that as a compliment thank you most humbly..
being in the trench's for 40 plus years you kind of see all these things come and go.. And I know for me what I am doing now I probably wont be doing in 5 years from now in the exact same form and function of what I do today.. I am already morphing from what I started 5 to 6 years ago.. trying to stay ahead of the herds as it were..
- Bristow, VA · Member since 2017 · 10 posts · 4 votes8y@Melanie Hartmann. Relieving yourself of the comfortable 9-5 job and finding a way to let your fear push you to be creative and find ways to have money work for you is the first step to financial freedom. I plan to turn in my two weeks notice in a few days and start wholesaling as well. I hope you achieve all of your goals and will see you on the other side.
- Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes8y
Originally posted by @Melanie Hartmann:
Originally posted by @Robert Schumacher:
@Melanie Hartmann I never left my job to start in the real estate business but I did leave my job to start a business so I’d like to share with you about starting a business in general. I hope some of this will be helpful.1. it was easier to leave a 6 figure income than it’s been to rs-create it. This is not a negative. It just means be prepared to GET TO WORK !!!
2. SET GOALS that will push you and don’t be okay with missing them. Follow through and complete the goal, even if it takes an extra week. If you don’t follow up to complete it, it was probably not a goal worth setting.
3. TAKE ACTION by evaluating what activities you spend your time on today and whether or not they DRIVE REVENUE. This is the sales side of the business. (I do not wholesale but I would imagine this means activities that develop meaningful relationships with other buyers that have the ability to close, and on activities that put you in front of sellers.)
4. INTEGRITY & SERVICE are still expected from your customers. Make sure your pricing is fair to you & your customers. Most customers will pay for service. Your integrity is free for your customers and both servIce & IntegrIty determine your repeat business.
5. EMPLOYEES are one of the most important tools to create a business that can be duplIcated. My 1st goal was to build enough business that supported a decision to hire. I took no income for nearly a year but with 2 people, I was able to start to build staff & income.
6. It’s very hard to run an organization without having your PROCESS in place. Build your processes so that each employee knows what’s expected, etc.
7. SURROUND yourself with smarter people that have different experIences and LISTEN. Ask good questions and don’t be afraid to go against the grain, but make sure you understand what your WHY is.
8. Starting a business is HARD WORK. I found myself waking up in the middle of the night with ideas. GET OUT OF BED & WRITE THEM DOWN. Your not likely to remember them in the AM.
Lastly ... Life is short so enjoy this experience. You may be doing this the harder way without an income, but it doesn’t mean it hasn’t been done before. Just determine if this is the type of business you want to own, or if being a passive invested is more desirable. Determine YOUR WHY !!!
Please read “The E-Myth Revisted” and remember to read weekly for knowledge. There are lots of nuggets here & I wish you well on your new adventure. 🤙🏻
Thank you Robert! I'm really excited to have left my job because I will actually have time to do ALL OF THIS! I honestly wouldn't have otherwise. And I didn't quite have a six figure income working for a school district, haha! So really, once I get things going, I won't have to do many deals (1-2 lower-end deals a month) to meet and easily exceed my previous take-home pay.
How much are we talking on a deal here, I was under the impression that wholesalers don't make that much per deal, but try to make up for it by volume?
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes8y
Originally posted by @Matt K.:
Originally posted by @Melanie Hartmann:
Originally posted by @Robert Schumacher:
@Melanie Hartmann I never left my job to start in the real estate business but I did leave my job to start a business so I’d like to share with you about starting a business in general. I hope some of this will be helpful.1. it was easier to leave a 6 figure income than it’s been to rs-create it. This is not a negative. It just means be prepared to GET TO WORK !!!
2. SET GOALS that will push you and don’t be okay with missing them. Follow through and complete the goal, even if it takes an extra week. If you don’t follow up to complete it, it was probably not a goal worth setting.
3. TAKE ACTION by evaluating what activities you spend your time on today and whether or not they DRIVE REVENUE. This is the sales side of the business. (I do not wholesale but I would imagine this means activities that develop meaningful relationships with other buyers that have the ability to close, and on activities that put you in front of sellers.)
4. INTEGRITY & SERVICE are still expected from your customers. Make sure your pricing is fair to you & your customers. Most customers will pay for service. Your integrity is free for your customers and both servIce & IntegrIty determine your repeat business.
5. EMPLOYEES are one of the most important tools to create a business that can be duplIcated. My 1st goal was to build enough business that supported a decision to hire. I took no income for nearly a year but with 2 people, I was able to start to build staff & income.
6. It’s very hard to run an organization without having your PROCESS in place. Build your processes so that each employee knows what’s expected, etc.
7. SURROUND yourself with smarter people that have different experIences and LISTEN. Ask good questions and don’t be afraid to go against the grain, but make sure you understand what your WHY is.
8. Starting a business is HARD WORK. I found myself waking up in the middle of the night with ideas. GET OUT OF BED & WRITE THEM DOWN. Your not likely to remember them in the AM.
Lastly ... Life is short so enjoy this experience. You may be doing this the harder way without an income, but it doesn’t mean it hasn’t been done before. Just determine if this is the type of business you want to own, or if being a passive invested is more desirable. Determine YOUR WHY !!!
Please read “The E-Myth Revisted” and remember to read weekly for knowledge. There are lots of nuggets here & I wish you well on your new adventure. 🤙🏻
Thank you Robert! I'm really excited to have left my job because I will actually have time to do ALL OF THIS! I honestly wouldn't have otherwise. And I didn't quite have a six figure income working for a school district, haha! So really, once I get things going, I won't have to do many deals (1-2 lower-end deals a month) to meet and easily exceed my previous take-home pay.
How much are we talking on a deal here, I was under the impression that wholesalers don't make that much per deal, but try to make up for it by volume?
Well, I'll be honest with the salary I am leaving, because it's publicly posted information that can be easily found via a relatively quick internet search anyway. My previous salary was just under $70K a year. I was a 10-month employee. A large chunk went to a pension plan, whether I wanted it to or not, that I will now NEVER see. Another, smaller, chunk went to the union - the union was/is great but still it cost $ whether you wanted to be in the union or not. ~1/3 went to the usual W-2 taxes, etc. A small bit went to health insurance (they offer decent health benefits at least). That left my take-home pay at approximately $1900 every two weeks DURING the school year (~10-months) with nothing coming in during the summer.
So yea, I was looking at clearing approximately $38,000 a year with health insurance for just myself and the kids? And I WAS the bread-winner, HAHA! You always focus on your "salary" but looking at that take-home number well, that's just... really... sad... Wow! For all you go through to get there and all you go through on a regular basis once you get there... You see why so many working in education have 1, 2, sometimes 3 side hustles on-top of their day job? Not to mention that that "day-job" also includes working "unpaid" mornings, evenings, nights, and weekends and through your lunch time... and all the materials YOU have to purchase in order to do YOUR job... I'm just saying... One teacher I worked with said, given JUST the hours she puts into her job, she was making about minimum wage, not to mention her own additional expenses associated with keeping said job. That's ONLY talking hours and $, nothing else that is also involved with working in education.
My previous take-home pay will not be hard to replicate, even after paying taxes on that income (and, for the naysayers, yes, even with the marketing costs and yatta, yatta, yatta. Yes, I am fully aware that wholesaling costs money... hence, why I have the money to start wholesaling in the bank). Once things get going, if I average a conservative/typical wholesale deal 1-2x a month I'll be where I was when I left my W-2 job but much better off in almost all regards, particularly my own personal regard. I don't see what's so hard about that to be honest... but again I'm just getting started. What the heck do I know??
- Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes8y
Originally posted by @Melanie Hartmann:
Originally posted by @Matt K.:
Originally posted by @Melanie Hartmann:
Originally posted by @Robert Schumacher:
@Melanie Hartmann I never left my job to start in the real estate business but I did leave my job to start a business so I’d like to share with you about starting a business in general. I hope some of this will be helpful.1. it was easier to leave a 6 figure income than it’s been to rs-create it. This is not a negative. It just means be prepared to GET TO WORK !!!
2. SET GOALS that will push you and don’t be okay with missing them. Follow through and complete the goal, even if it takes an extra week. If you don’t follow up to complete it, it was probably not a goal worth setting.
3. TAKE ACTION by evaluating what activities you spend your time on today and whether or not they DRIVE REVENUE. This is the sales side of the business. (I do not wholesale but I would imagine this means activities that develop meaningful relationships with other buyers that have the ability to close, and on activities that put you in front of sellers.)
4. INTEGRITY & SERVICE are still expected from your customers. Make sure your pricing is fair to you & your customers. Most customers will pay for service. Your integrity is free for your customers and both servIce & IntegrIty determine your repeat business.
5. EMPLOYEES are one of the most important tools to create a business that can be duplIcated. My 1st goal was to build enough business that supported a decision to hire. I took no income for nearly a year but with 2 people, I was able to start to build staff & income.
6. It’s very hard to run an organization without having your PROCESS in place. Build your processes so that each employee knows what’s expected, etc.
7. SURROUND yourself with smarter people that have different experIences and LISTEN. Ask good questions and don’t be afraid to go against the grain, but make sure you understand what your WHY is.
8. Starting a business is HARD WORK. I found myself waking up in the middle of the night with ideas. GET OUT OF BED & WRITE THEM DOWN. Your not likely to remember them in the AM.
Lastly ... Life is short so enjoy this experience. You may be doing this the harder way without an income, but it doesn’t mean it hasn’t been done before. Just determine if this is the type of business you want to own, or if being a passive invested is more desirable. Determine YOUR WHY !!!
Please read “The E-Myth Revisted” and remember to read weekly for knowledge. There are lots of nuggets here & I wish you well on your new adventure. 🤙🏻
Thank you Robert! I'm really excited to have left my job because I will actually have time to do ALL OF THIS! I honestly wouldn't have otherwise. And I didn't quite have a six figure income working for a school district, haha! So really, once I get things going, I won't have to do many deals (1-2 lower-end deals a month) to meet and easily exceed my previous take-home pay.
How much are we talking on a deal here, I was under the impression that wholesalers don't make that much per deal, but try to make up for it by volume?
Well, I'll be honest with the salary I am leaving, because it's publicly posted information that can be easily found via a relatively quick internet search anyway. My previous salary was just under $70K a year. I was a 10-month employee. A large chunk went to a pension plan, whether I wanted it to or not, that I will now NEVER see. Another, smaller, chunk went to the union - the union was/is great but still it cost $ whether you wanted to be in the union or not. ~1/3 went to the usual W-2 taxes, etc. A small bit went to health insurance (they offer decent health benefits at least). That left my take-home pay at approximately $1900 every two weeks DURING the school year (~10-months) with nothing coming in during the summer.
So yea, I was looking at clearing approximately $38,000 a year with health insurance for just myself and the kids? And I WAS the bread-winner, HAHA! You always focus on your "salary" but looking at that take-home number well, that's just... really... sad... Wow! For all you go through to get there and all you go through on a regular basis once you get there... You see why so many working in education have 1, 2, sometimes 3 side hustles on-top of their day job? Not to mention that that "day-job" also includes working "unpaid" mornings, evenings, nights, and weekends and through your lunch time... and all the materials YOU have to purchase in order to do YOUR job... I'm just saying... One teacher I worked with said, given JUST the hours she puts into her job, she was making about minimum wage, not to mention her own additional expenses associated with keeping said job. That's ONLY talking hours and $, nothing else that is also involved with working in education.
My previous take-home pay will not be hard to replicate, even after paying taxes on that income (and, for the naysayers, yes, even with the marketing costs and yatta, yatta, yatta. Yes, I am fully aware that wholesaling costs money... hence, why I have the money to start wholesaling in the bank). Once things get going, if I average a conservative/typical wholesale deal 1-2x a month I'll be where I was when I left my W-2 job but much better off in almost all regards, particularly my own personal regard. I don't see what's so hard about that to be honest... but again I'm just getting started. What the heck do I know??
None of this tells us how much a "normal" wholesale deal gets or is expected per deal.... I'm not trying to be a naysayer here but 70k salary seems like quite the challenge to make up as a wholesaler. The average agent in Baltimore is making 48k according to glass door, Adjusted they're making 40k to your 70k over that 10 months... now do agents make more than wholesaler or does wholesaler make more from your research?
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