Do you have a desire to start wholesaling real estate, but your lack of knowledge, fear of failure or your analysis paralysis is keeping you from taking action?
Related: How To Overcome Analysis Paralysis
If so, then I know exactly how you feel. A little over a year ago, I was a wannabe wholesaler and a soon-to-be husband with an upcoming wedding and honeymoon to pay for. For me there was nothing more frightening than the thought of losing a thousand dollars on these little yellow letters that simply said, “I want to buy your house.”
When you’re just about to pull the trigger, doubt slowly creeps in, fear takes hold, and you constantly question whether or not to spend such a large amount of money on letters that may just get thrown in the trash by homeowners. When you finally start to work up the courage, other doubts start to creep in. You begin to doubt the list you are about to mail to. You then start a forum discussion to determine if the list you are mailing to is appropriate.
You can play it safe, question your list, never send letters, save your money and remain content in your job. After all, you may enjoy your job — nothing wrong with that — and you may earn enough in your full-time job to support your family and maintain your current lifestyle.
However, you may desire something more, something a job may or may not be able to give you. You may desire the freedom to be home with you family everyday or the freedom to travel around the world. Maybe your desires are simpler than that. You may simply be looking for some extra income to pay for a family vacation next year or the freedom to sleep in late on Monday mornings or to play golf with your friends on Friday afternoons.
I too have desires like yours, and that’s why in the past year I decided to listen to every podcast ever produced on BiggerPockets. If you’re like me and you decided that wholesaling real estate is the strategy you’re going to use, then I encourage you to listen to following.
How to Analyze a Real Estate Deal
Deal analysis is one of the best ways to learn real estate investing and it comes down to fundamental comfort in estimating expenses, rents, and cash flow. This guide will give you the knowledge you need to begin analyzing properties with confidence.
4 BP Podcast Episodes to Inspire Wannabe Wholesalers To Take Action
Are you going to pursue buy and hold, fix and flip or wholesaling? How are you going to finance your deals? Is real estate investing right for you? Can you do this on your own, or do you need to partner up?
When I started out, I had hundreds of unanswered questions like these, and at the time I had yet to answer those questions or identify my plan to start investing in real estate. This episode was extremely helpful in helping me overcome my lack of knowledge and identifying what strategy would work best for my situation as a beginning real estate investor.
For me, this episode helped to determine that wholesaling was the strategy I would pursue to launch my real estate investing business.
You too have listened to Episode 11 and have decided that wholesaling is the best strategy for you to pursue. What now? Sharon’s episode dives deep into the world of wholesaling real estate. She shares real world actionable advice to find motivated sellers and build your buyers list.
After listening to Sharon’s podcast, I learned that it would be easier for me to do deals if I invested my own money into finding motivated sellers, rather than combing Craigslist ads daily. Sharon is a marketing expert, and this episode is a must listen to for all aspiring real estate wholesalers who are looking for paid marketing strategies to find motivated sellers.
After discovering BiggerPockets, I found Danny via the BP forums. He is extremely knowledgeable and more than willing to share that knowledge with the community. I began to read his blog posts and found something genuine about his writing that resonated with me.
In this episode Danny reveals how he started as a wholesaler himself and how he now uses multiple investment strategies, including fix and flipping in his business. This podcast reveals to you what is possible in the world of real estate investing if you start out as a wholesaler. Danny shares practical advice about the much-discussed bandit signs, direct mail and web-based marketing strategies, which he thinks are critical to increase the number of motivated sellers you deal with.
All of the previously mentioned podcast episodes feature individuals who are experienced real estate investors. When I started I was curious what the experience was like for someone just starting out. Is it really possible to make money as a newbie in this business?
By the time I had discovered episode 25, I was ready to take action, but something was holding me back. I was worried that I was too new. I told myself that perhaps I needed to listen to additional podcasts or read more articles and forum posts before taking the leap. Listening to this podcast and hearing firsthand how a few newbies overcame obstacles to do their first wholesale deals made me a believer.
Listen to this episode to find out how to go from a wannabe wholesaler to a real wholesaler.
What Do You Think?
Did any of these podcast episodes help you go from a wannabe wholesaler to a wholesaler who is currently closing deals? What other episodes do you think are critical for wannabe wholesalers to listen to?
Please let us know in the comments!