flipping houses - step 4 when starting your wholesaling business
Create A Marketing Budget
Yes, it's 'true that you don't need a dollar out of pocket to flip a house. But, you will need a dollar... many dollars... to find that house to flip, and also to find a buyer to flip it to.
You need to market.
So, before getting started, sit down and create a marketing budget. This is working capital, over and above your bills and basic needs, that you can dedicate to finding deals and buyers. These will be your main financial investments, outside of a mentor, if you choose to invest in one (recommended).
So, what does a marketing budget look like? You're going to need to do many, if not all, of the following:
1. Order a ton of business cards
2. Put out at least 100 bandit signs each month
3. Send out at least one mailing a month
4. Buy motivated seller leads off the internet
5. Become a member of one, or more, online resources to assist you
6. Hire and manage bird dogs
7. Drive for dollars
8. Network with realtors and other investors
... and probably a number of other things, too.
These all cost money. Signs and mailers cost more than the others. But, not coincidentally, generally pull more leads, too. So, here's a number to keep in mind: $400
If you have $400 a month to dedicate to your new wholesaling business, you're in a decent position. More would be better. Can you work with less? Sure. Would it make it more challenging? Absolutely...
Andrew "The Maestro" Massaro
Founder and Coach of the most personal,
direct, hands-on and 1-on-1 wholesale and
REO coaching program on the planet!
Comments