The Hard Question Newbie Wholesalers Should Ask Themselves

“If at first you don’t succeed, try, try again.”

“Don’t give up too easily; persistence pays off in the end.”

We’ve all heard these sayings. Many believe these mantras, but most can’t actually live them—especially new wholesalers.

We live in a society of quitters, and I’m here to challenge you to live a life of self-actualization. Do you actually believe you can be successful at wholesaling?

Many newbies quit before they start and my question to you is: Can you start and finish?

There are many reasons—or shall I say excuses—for quitting. Some are not willing to pay the price for the accomplishments they want to see. They don’t want to study their craft, they don’t care to spend time making mistakes, and they’re fearful of what others will say. They evaluate their possible success based on others failures.

So what does this have to do with real estate? I’ve done over 110 free hours of consultation to newbie wholesalers, and our conversations touch on many different aspects of wholesaling. I’ve come to realize that many people really don’t know what they’re doing, and that’s OK, but you have to be willing to go through the process.

So let’s have a conversation, and I want the conversation to start like this:

You Really Don’t Know What You’re Doing, Do You?

During these free consultations, I ask a few questions, and normally, if the person on the other end cannot answer these questions, I say, “You really don’t know what you’re doing, do you?” I ask this question to see what response I receive. Are they being real with themselves, or are they trying to fake their way through?

Related: What Comes First for Wholesalers: The Buyers List or the Deal?

The intention of this question is not to belittle anyone, but to help these new investors think through whether they have a firm foundation so they don’t ruin their career before they get started.

Let’s Be Honest

Ask yourself the following questions, and remember, let’s be honest:

Can you accurately comp a property?
Do you actually know the price per square foot for a rehab?
How many active units are on the market? Are you familiar with local market trends?
Do you know where buyers are buying and why?
Why did you choose the market you did versus another?

Remember: If you can’t answer these questions or know where to get the answers, you need to do some more homework. I point this out because starting as a wholesaler is not difficult, but it’s the “…and finish” of “start and finish” that kills newbies.

So I ask this questions again: You really don’t know what you’re doing, do you?

If you’re willing to be honest with yourself and you need some help answering theses questions, leave a comment below and let’s talk.

I’d rather you find a way to get the answers than set yourself up for failure.

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