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Why Newbies Have Trouble Getting Started Wholesaling (& How to Solve That)

Marcus Maloney
3 min read
Why Newbies Have Trouble Getting Started Wholesaling (& How to Solve That)

There’s been a lot of chatter surrounding the idea that newbies don’t know where and how to find the right people to assist them with their journey. I find this puzzling and want to introduce you to the importance of Meetup and Mastermind groups.

When I started wholesaling, I faced the same challenge, and I’ve had numerous individuals ask me: Where do I find people to connect with so I can get started wholesaling/investing?

The most popular response is go to your local real estate club. Although this is a great resource for information and meeting investors, I’ve found in my local market (it may be different in other markets) that the real estate club is filled with landlords and that not many experienced wholesalers frequent the club unless they are marketing a property — and then they are focused and don’t have time to chitchat. Again, this may just be in my market, but personally I have found the best place to go to meet investors that are doing what you strive to do is is in Meetup or Mastermind groups.

What is a Meetup?

For those who may not be informed, a Meetup is a group of individuals who have similar goals and ambitions, similar to a real estate club and Mastermind, but with some differences. A Meetup is normally designed to have a facilitator, a presenter, and the group. The presenter may have a topic of choice to discuss. Oftentimes a Meetup is a platform for networking and open dialogue. Please read this article on networking first so you will be prepared before going.

I frequent Meetups often because they’re a great source of information and a great environment in which to network. Unlike with real estate clubs, there is a diverse group of investors that joins. There are wholesalers, agents, landlords, note investors, financiers, escrow agents, and novices. Also, you can get a review of the market from others’ points of view.

Related: The Ultimate Beginner’s Guide to Real Estate Wholesaling

You can find a local Meetup by engaging on Biggerpockets or by visiting Meetup.com.

What is a Mastermind?

A Mastermind is a bit more intensive than a Meetup; a similar concept, but a lot more personal and engaging. The Mastermind is formulated to ensure you set goals and milestones and accomplish those goals. Also, your Mastermind group will hold you accountable for tasks and responsibilities. In this small setting, there are 8-14 participants, and it’s an open forum to discuss how to help each other in business.

Already prevalent in the business arena, Masterminds are becoming more popular in real estate. In some ways, they follow the same approach the gurus use during coaching sessions; however, in a Mastermind you don’t have to lose your shirt and pants in order to learn, if you get my drift. If you are a real estate agent, brokers offer this to their agents, but again, it is now becoming an accepted practice in the real estate world so it may be becoming more easy to find your group. If you can’t find a real estate Mastermind, you can still probably find a business Mastermind. Those groups will be sufficient as well because of the personal attention you will receive and the direction the group will be able to assist you in.

The Takeaway

As a newbie you must remember that investors are always looking for a maximum return on investment, and that applies to anything, not just real estate.

Try something; it’s better to try and fail than constantly try and figure it out without taking action. At some point you have to pull the trigger, or you will remain a student of the theories and concepts of investing. There’s no better teacher than real life experience. For example, you cannot simulate how a seller will respond to a question; you only learn these things by talking with sellers.

Far too many times newbies ask questions (which is good), but don’t take actionable steps once they receive the answers. Seasoned investors want to help those who will take action. Talking and doing produce two totally different results.

I drive by a bandit sign nearly every day that reads:”Investor seeks full and part time real estate investor pt/$5k and ft/$10k a month.” Honestly, I see this daily.

Related: Is Wholesaling the Best Way to Get Started in Real Estate? An Investor’s Analysis

Investors are looking for acquisition managers; basically, someone who will beat the streets and answer live calls.Read the article: “Warning Newbies: Stop Wholesaling Now!” will give you an insight on how to interact and provide value to a seasoned investor.

Far too many people are looking for fast income (which is NOT going to happen) and not willing to make this a career. If you are serious about becoming a experienced and professional wholesaler, get your license so you can diversify opportunities. There shouldn’t be any question about getting your license or not. If this is going to be a career path for you, then invest your time and your money in yourself before expecting someone else to invest in you.
If you have any other ideas for those getting started or you are getting started and don’t know where to look, let’s see if we can help. Just ask!
Leave your questions and comments below.

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.