If you’ve recently decided to venture into the wholesaling business, let me start by saying, congratulations!
But... I’m not going to sugarcoat this for you. It’s not going to be easy.
Nobody comes into this business and immediately becomes uber-successful. If you know someone who did, I would like to meet them, please. ;-)
Steph Davis here, with some good news: your efforts are going to be worth it – if you don’t give up.
So, if you’re just getting started with your wholesale business, you may be wondering when you can expect to have your first deal.
Many newbies in the wholesale biz ask me, “Is getting your first deal within the first 30 days possible?”
Let me say that the answer to this question will vary, depending on the person. But, yes, it is actually possible to close your first deal within the first 30 days.
Here’s the big “but”...
But – if, like I did, you are starting off with ZERO real estate investing experience, you have to understand a few important things. Just because doing a deal within your first 30 days might be difficult – that doesn’t mean you shouldn’t shoot for the stars.
So, before you even begin to think about the specific methods you can use to get your first deal, consider the mindset you need first to begin developing your business correctly from the get-go.
Let’s dive a little deeper into this…
There’s a Steep Learning Curve
As with any business type, when you begin a career in a new field, there’s a lot of learning involved. Everyone is going to face obstacles and setbacks.
Personally, I had a very tough time when I was developing my wholesale business. The only reason I ended up ultimately succeeding is because I absolutely refused to give up. I knew, come hell or high-water, that I was going to keep trying.
You may not close your first deal in 30 days – and that’s okay. Just set realistic expectations for yourself, and don’t ever give up.
More Offers = More Deals
You’ll need to consider how many offers you are making in your first few months of business.
The first step to making offers is to focus on your marketing efforts. The more marketing you do, the more potential sellers you’ll get in front of, and the more offers you can make. It’s simple, really.
People who market consistently will make more offers and get more deals.
Those who are just blindly searching for houses (online or by driving around) won’t have the opportunity to make as many offers. Plus, you might look like a creeper, driving slowly through neighborhoods and peering out your window at houses. (Hey, we’ve all done it, right?!)
Wholesaling is a numbers game. If you’re out there every day, making offers frequently and wisely, you’re going to start scoring deals eventually.
Have Lots of Lines in the Water
When I started my wholesaling biz, I didn’t have a lot of cash to work with. But I did as much marketing as I could – on a budget.
I printed out cheapo flyers, called potential sellers that I found on Craigslist or ForSaleByOwner.com, put out bandit signs and made offers on bank-owned properties.
Long story short: Even if you’re on a shoestring budget, make those offers and focus on marketing.
Bottom Line: You Can Make it Work
Remember that wholesaling can work in pretty much any market. You just have to stick with it, and work through the preliminary learning curve. Don’t be scared to get out there, start marketing and making offers.
As long as you are consistent and persistent with your efforts, the deals will start rolling in.
Success will follow, if you refuse to give up.
Tell Me
So tell me – what is your greatest fear about starting your wholesale business? Hit me up in the comments section below.
Much Ado about Marketing – Don’t spend a lot of money, but get those flyers and bandit signs out there ASAP. Direct mail and yellow letters can also be cheap but effective options.
Keep Up the Communication – Be consistent with your phone calls to potential sellers – and set lofty goals for the number of calls and offers you want to make every day.
Drop-Kick Your Doubt – It sounds cheesy, but you absolutely
cannot give up. Be stubborn, keep working hard and learn to overcome your fears and obstacles.
Steph Davis
started wholesaling in October of 2006. At the time, she had been stuck at a job bartending for the past 10+ years. She was broke and miserable, and desperately wanted out of the bar scene, which I had been stuck in for the last 10+ years.
She ended up closing four wholesale deals by the end of 2006.
Since then, she's closed more deals than she can count, has written two best selling wholesaling courses (Flip This REO and The Cash Buyer Ninja) and continues to teach others how to wholesale with videos, interviews, and as much useful information as she possibly can, because she knows what it’s like to be a broke beginner, struggling to get that first deal.