Posted about 8 years ago

The Best Advice for New Wholesalers

I am new to real estate investing but I do know a few things in my 1 year of experience. People need people! You cannot live on an island your whole life and expect to make money. For me, I had parents who called me a "social butterfly" and quickly put an end to me making friends. That had a big impact on my life in my teenage and adult years. I was to proud to admit to even myself that I needed help for the longest time. I have always been the type to say: "If you want to get something done, you have to do it yourself." That is true to a point but when it comes to learning a new business, you have to reach out. I was so fortunate to have found this site at the exact moment in life when I started looking for help with a potential deal. I knew I had something good in the making but had no contracts, no experience, no money, and no direction. I found my mentor on this site who guided me through this business and still is my mentor today 6 months later. Actually, he is now my managing broker. You see, I sought him out when I had something to offer. Not, when I was looking for a handout! I have been guilty in my life of just taking and never giving, and that never got me anywhere in life. Today, I am always bringing something to the table. We are working on our 6th and 7th deals and I still am learning. 

What I have noticed about the ones who are successful in this business is that the successful people are always learning. They are not closed minded in thinking that their way is the "best" way. You have to be open to suggestion and you have to be mindful of all of the shiny objects that are thrown your way. Once I got my business off and running you would not believe how many companies approached me either wanting me to work for them or them trying to sell me something. I believed in something bigger than myself. I believe I can change the world around me by providing a service to others. When I talk with sellers on the phone I make it my mission in life to get them what they need. Even if that means they need to go list their house with someone else, or even if that means I have to pass the person to someone I know who can help them-expecting nothing in return. Let me say IT WILL COME BACK TO YOU! Whatever you put out in life it will most certainly find its way back to you. Good or bad! I take the path least traveled. I feel that by finding a solution to people's problems I am helping to make the world a better place. One person, one house at a time. It amazes me how the smallest things we do in life can have such a great impact on others. 

The last piece of advice I have to give is follow up. Of course you have to do some marketing, and of course, it is going to cost some money. Duh! The real secret that no one talks about (well very few) is that you have to follow up with sellers. I mean almost every deal (7 to date) have come from the follow-up letters and phone calls. It took me at least 500 letters for my first deal and another 1000 for my second. There is no real pattern for me except that you have to continue doing what brings in the leads. You have to continue doing what brings you deals. For me, I have to run through my lead sheets and go through tons of numbers to arrive at my offer amount. Then, I have to follow up with the sellers. In the beginning I could not handle the calls that came in, and some got lost in the shuffle. So stay organized with your leads that come in. Track everything! Keep track of every different campaign you are doing and after you have already made offers and the person says no-that is when you follow up with them in a month or two. I even had the surprise this week where someone called me back from August. I was able to find their lead sheet and had everything we talked about over the phone. Plus, I already had the numbers we ran for this one. It saved me so much time and enabled me to be able to submit my new offer. It is not brain surgery. It is very basic. Do what works. Rinse and repeat. If I can do this I assure you that you can be successful in this business too! You just have to believe in yourself!

Comments (5)

  1. Yes you are right @Rufus Brown . Thank you for your comment. Indy does have some things unique to our area. I think being open to what others are doing and always learning is very important. Glad to hear from you!

  2. You made a good point regarding continual learning, especially for the area your in.  Every area comes with different circumstances which leads to different approaches.  But reaching out with confidence while adding value to someone and bring great results. But patience is the key.

  3. This is great!  Newbies moving forward!  I look forward to seeing your continued success!

  4. Well put, thank you for your advice! 

    1. Thanks Janis, I just thought I would try to encourage others to get started. It is so easy to get lost in the analysis of starting a real estate investing business. I hope you got some good stuff out of this.