Hello! Given the recent event and my current read, Rich Dads Guide to Investing .. I would like to know, when making a financial plan in regards to wholesaling what questions should I be asking myself so I can correctly plan out a 5 year goal when it comes to wholesaling? Like what questions should I ask myself so I can correctly create a 5 year wholesaling plan?
It's simple, really. Where do you want to be in 5 years? What do you need to be successful and, I assume you want to be, independent? My goals are going to be different from yours.
If you've never done any REI, making a 5-year wholesaling plan is just a way to do a "what do you want out of life in 5 years" guide. I don't think it's reasonable to spend time building a 5-year plan around wholesaling before you see how it works day in and day out. Your numbers and strategies won't be accurate as they are different based on your market, your skill level, your contacts, your negotiations, and your willingness to stick to the business. Instead of making a 5-year plan (an oft-used procrastination tool as in, "I can't get started building my business until I have a 5-year plan about a business I don't even understand yet), get out there to REI events and meet other wholesalers and have questions for them that will help you build a real plan in a year, after your feet are wet in the business.
thank you all so much!!!!
@Shanai Rogers The questions you need to ask yourself are all about what you want. What do you want your life to be like in 5 years? Do you want to quit your job? Do you want to replace your current income with rental income or other passive income? You have to figure out what you want in the next 5 years and then write a plan to help you achieve those goals. Obviously you have to figure out what works best for you but when I first started I did something similar. I started with 5 and 10 year goals and then broke that down into yearly and quarterly goals that would get me closer to the 5 and 10 year goals. Feel free to PM me and I can walk you through what worked for me.
Originally posted by @Lydia T. : THANK YOU!!! You are spot on!!! And def will do, it can sometimes get more difficult than we think really asking ourselves what it is that we want!!! thank youuuu
@Shanai Rogers You are so welcome! I am so glad I could help you! Dont hesitate to send me a message if you need anything else!
Let me get you started. The first 3 months of your goal should be dedicated to gaining knowledge. Lay out something like the following
1. Read 3 textbooks on real estate
2. Read 3 books on real estate investing
3. Read 3 books on wholesaling real estate
4. Join the local REIA and attend monthly meetings
5. Attend REIA introductory workshops
6. Attend at least 2 REIA seminars per month
7. Read a BiggerPockets blog every day
8. Visit 3 open houses every weekend
9. Attend 2 real estate meetups every month
10. Read one online real estate magazine every week
11. Read the Wall Street Journal real estate section every Wednesday
That should put you in great position to (1) decide if real estate is of interest to you (2) decide if wholesaling is of interest to you and (3) provide you with enough knowledge to enter the wholesaling arena with a decent chance at making some money.
Thank you thank youuu so much @donkonipol !!