All Forum Posts by: Tracy Ellison - Bey

No prob @Ryan Proffit. Yes the "disclosure" is definitely apart of wearing the double hat of investor/agent. Even my wife has to technically disclose that her husband is an agent while doing deals. Its all worth it at the end of the day when you're willing to do what it takes. This business is simple and only requires 2 perquisites: heart and consistency. Hard to find a "freedom ticket" like it that allows you to quickly go from broke with zero experience to racking in five figure checks from anywhere in the world. That's what makes me so passionate to share the knowledge with others... 

I totally agree with @William Brown. Getting a license is not a necessary component of doing wholesaling. Certain areas do have laws you may want to make sure you adhere to correctly. But to make it simple and generalized, you are a buyer and a principle in the deals. You have the right to purchase as many properties as you want, and if you decide not to buy the property during your contracting term, as long as your contract to purchase states you can assign the contract, you can legally assign your rights of purchasing the property over to another buyer.

As far is your question about "what if you can't find another buyer".

1.) If you know how to run your numbers correctly, and contract to buy the right properties, finding buyers will be the last of your worries. But if you just go out there trying to get properties on contract for any price with any seller who's looking to sell their house, then yes investors will avoid you like the plague if you don't leave them any room for profit.

1.) I have several "out clauses" in my contracts that will allow me to back out of the deal if absolutely necessary

3.) I've never had to put down any earnest money, or put anything in escrow in any of the deals I've wholesaled. It's all about the verbiage of your contract and how you negotiate the deal.

Most agents/ brokers either don't understand wholesaling, or don't like it cause they think it cuts into their potential commissions. I'm truly blessed to not be one of those agents. I've been licensed going on 6 yrs now, and I wish I would have known the knowledge of wholesaling back then because I wouldn't have ever gotten the license. I don't use the license at all now, and being an agent never fit my lifestyle. Over the last couple of years I've controlled over $2.3M worth of real estate using creative strategies like wholesaling, lease options, and seller finance. Been traveling all over southeast Asia for the past 8+ months, and still have a functioning real estate business in the states.

I can't tell you how thankfulI am that I decided to keep going regardless of folks who said it won't, couldn't, shouldn't be done. Especially if those people aren't cranking out wholesale deals themselves month in and month out.

Send me a PM, and I'll walk you through the process step by step, as well as partner with you on deals if you have the work ethic, and just need to be shown the way.

Hey Darryl,

Congrats on taking action and getting in the game from off the sidelines. Analysis paralysis is a momentum killer for us all. You're right about consistency being the main factor of winning in this business, but now what you want to focus on is being consistent with the right things.

I was like you when I first got started, taking weeks to set up my CRM properly, weeks setting up my website, spending hours on youtube and forums browsing around, and half heartily generating leads. When you are ready to turn things up, your website and CRM will definitely come in handy as I can tell you like systems and technology like myself to streamline things, but I know lots of folks who are killing it in this business without using either.

The top income producing activity in wholesaling is talking to sellers and submitting offers. Finding leads is actually easy, talking to them and successfully negotiating good deals is where most beginners hit the wall.

Once I admitted to myself that most of my day was really just busy work to avoid from doing the things that mattered most, that's when I started to close deals on a consistent basis. Hundreds of calls, hundreds of seller appointments, hundreds of times running numbers and submitting offers, will inevitably allow you to close deals month after month, and become a master at wholesaling and any other niche after that.

First thing is getting clear on your why, and finding the burning desire of why you need to do this. If you're comfortable, and there isn't a need, then there won't be much motivation to keep you consistent. Then find a mentor, partner, and/or systematized course that's already proven to work and commit to following through with it until you have some success. After that, you can start crafting/ tweaking things to create your own.

That's the fastest way to get to the goal. Hope this helps. Feel free to contact me if you have any other questions.

Cody's right, when you have a hot deal you wont be looking for buyers, they will be busting down your door to get it. But when the deal isn't so hot, it will definitely require a bit more hustle or creativity to move it.

In real estate facebook groups, buyers are leaving their contact info right in the comments of other juicy deals being advertised. Every social media site has real estate investors just waiting for you to directly reach out to them to serve them deals for their buy and hold or fix and flip business. Then you also have sending direct mail to active buyers in your farm areas.

But again, I would suggest putting your energy towards finding deals.

Commercial and multi family are great investment strategies at certain levels and in certain areas. 

Hey @Devlin Quarles,

I agree with Mike Garrett all the way. Our mindset is usually the biggest thing in our way. Find a way to take action without thinking about it. Then analyze, after taking enough action that you can tweak.

Wholesaling has basic steps that you can do today to get the ball rolling. Then your motivation from your "why" as Mike Snyder mentioned takes it from there. Confidence, consistency and commitment to keep going until you are successful is really all you need to get going. But if you aren’t taking enough action in enough speed, then you will prolong the arrival to the destination. Don’t get me wrong, there’s absolutely nothing wrong with driving in the far right lane, if you aren’t in a rush, there isn’t any traffic, or you are about to get off at the next exit lol. If you want to drive in the fast lane to get there (without crashing) or even the “carpool lane”, I would definitely suggest finding a mentor.

If you don’t have the money to pay for someone who has a “more expensive value” on their time, there are all types of other ways to get yourself ‘linked up’ with someone who can shorten your learning curve.

Like Thomas S. said you can change employment to work closer to the career field. You can find all types of free trials on great courses and go super hard on them during that time. You can show your value and worth to someone who is actively doing the business and join their team. I have even partnered on projects with people I looked up to as mentors, who knew the project may have been “out of my league” but still went forward with me because I showed sheer heart and confidence to execute and get things done. I’ve even had really great ‘free 1 on 1 consultations’ with some mentors that have helped me along the way.

I love this business because literally anybody, regardless of your current situation, can create what you want with just drive and direction. Get in motion, the doors will surely open when you get there to knock. 

Absolutely @Dorian Jones! Glad to help...

Hey @Fabian Moody,

Great idea on including the wholesale strategy along with your buy and hold strategy to create another stream of real estate income. You will gain all types of benefits by adding in wholesaling. Better knowledge about certain areas, where others are buying and why, as well as the fun of witnessing all the situations of "what not to do" in real estate and learning how to come up with creative solutions to fix it, all on someone else’s dime. 

You can also add in the lease options strategy to increase monthly cashflow from rents without taking ownership. And maybe best of all, you will have an abundance of deals flowing into you that will allow you to cherry pick from the best of them when you do decide to buy your next property and take title. Not that you needed to be sold on “why” to do it lol, just got really excited for you as I see you preparing to take the journey.

You can honestly find deals to wholesale just about anywhere. The best seller lead sources really comes down to the way you structure your processes. You can scale this business to as little or as much as you want. You have some people who just want to get their first deal. Some people want to do 3 deals a month and use the $10k-$15k per month to put into other goals. And then some people want to dominate the strategy and make $100k+ per month with it. 

I just did a free web class where I shared the top 3 seller lead resources for my business currently, as well as 15 other strategies I have used since getting started. I also go into the best ways to contact the leads. The link is in my signature below, feel free to check it out. 

@Dorian Jones Be it, do it, walk it, say it consistently...it's already yours. Don't let anyone stop you from claiming it as so, right now. You have to believe you are a real estate investor first, before anyone else will believe you. 

Having belief in yourself before you actually have success at doing it, is easier said than done right? Self limiting thoughts and feelings of doubt are dream killers for all of us. 

I'll share with you a couple of "mind tricks" that have helped me as well as many of my private coaching students to transition your mind out of seeing yourself as just a "newbie":

1. Trick your mind into thinking you already have deals going on: 

You can do this in several ways, but posting deals everyday on your social media profile is a good place to start. Find deals out there that are posted to the public and repost to your personal page. The point of this is not to try to sell or advertise someone else's deal, you are simply sharing information with your friends. But this daily task will trick your mind into believing you are a hot real estate professional "already working in the trenching" so to speak lol.

2. Commit to immediate implementation by changing the way you define "failing" in your mind:

Sending out mailing campaigns to sellers and not getting any deals yet is a success.

Calling 20 FSBO calls everyday and not getting any deals yet is a success.

It's a success because you are in motion and will eventually get to your destination purely by tweaking and staying consistent.

Staying stuck in analysis paralysis forever is failing. But for some reason our minds are wired to believe its actually protecting us from failing by not taking any action.

3. Use the "Triangle Effect"

Find a mentor who has done or is currently doing what you want to do. Use their knowledge and experience to shorten your learning curve and increase your confidence to successfully execute on things you don't have experience doing on your own. 

These things may sound small, but 80% of your chances of success in this business revolves around your mindset.

Hope this helps!

Great job Benjamin! Your first deal is right around the corner with many more to come. You have a great mind for the business. Wholesale, lease option, etc there's always a solution. 

I have found Elite 1 Property Management to be pretty thorough. I can give you a whole list of management companies in Atlanta if you want to call through them all. Some are pretty busy managing hedge portfolios,  and some work with mainly individual owners. 

I think the best ones come down to those that have honest communication, efficient processes, and preventative maintenance in place.