Let’s go back to the year 2010. I first joined a real estate club, found out about this new thing called wholesaling and was eager to make a lot money like everyone else. I was working a second shift job between the hours of 11:30 a.m. and 10 p.m., 4 days a week. I had Tuesdays off, so I would use that day to go to the sub group meetings for my real estate club. I took the whole year off to learn.
I did not quit my job; I simply transferred to another job with a better schedule. In 2011 I got myself a mentor who approached me and offered his services. I got better and better at time management and would return calls on lunches, breaks and after work and would work on my real estate business 100% of the weekends.
I tell people not to quit their job as soon as they hear about wholesaling. Maybe find a more flexible job, but don’t go cold turkey. In this blog post, I will talk about a few ways to help you wholesale while you are working.
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.
3 Ways to Make Time for Wholesaling While Working a Full-Time Job
Use a Paid Answering Service
One of the problems with having a job was that I was putting out bandit signs, and people would call me at all times of the day. When I was at work, I could not pick up the phone and sometimes I couldn’t get these people on the phone when I called back. I found a company called Community Answering Service. At that time, they were taking 100 calls for $40 a month. Unfortunately, their prices have gone up since then.
Still, there are several companies out there who you can prepay to take calls — many of them for cheap. Now, keep in mind with the cheaper services that they do not screen; they act as an assistant. Meaning, they will say, “Nasar is currently not in his office, but I am glad to take a message.” The company I’ve used would ask for their name, the address of the property they were calling about, their phone number and how they heard about me. I would then get a text and email with the message. And I could call them back when time permitted.
Work With Someone in the Industry
The second problem was that sometimes I could not see a property when the seller wanted me to see it. That cost me a deal or two. When a seller is motivated, get in front of them ASAP because often they don’t care about money; they just want the problem gone.
To avoid this, I would work with someone in the business who was full time. They could look at the properties and find the buyers, and I would just focus on getting more deals. Now, not everyone needs to do this. Some people have 100% access to their phone at work. In my case, I was the guy who they would tell on if I took too long in the bathroom. I had to walk a straight line, so I could not be on the phone other than lunch or breaks. So if that’s you, giving up half on the deal could be a good idea. It’s better to get 50% of something than 100% of nothing. To this day, I am still thankful to that person I used to work with. She now buys some of my wholesale deals from me.
Use CRM Software to Get Organized
Another problem that can easily be fixed is a lack of organization. When I first got started, I would write all my leads down on paper in a notebook. Long story short, I would never follow up and lose the last conversation we had. That’s not good at all. You will probably need a CRM (Customer Relationship Management) software. This is very common in the sales industry. I use a service called Podio, which is free and offers a free app as well. Now I get a reminder to my phone when it’s time to call people back. And I can look at the lead to see our last conversation and my last offer. Not everyone will need this, but it’s helped me a lot. I am not naturally the most organized person.
These are just a few things you can do to wholesale while you work. Not everybody hates their job, I get that. I know some pretty good wholesalers who will not leave their day job because they love it. If you implement these three tips, your transition into wholesaling will be a whole lot easier.
What tips would you add to my list?
Leave a comment, and let’s chat!