Hey rock stars, Steph Davis here, and I’m back today to address some common excuses – uh, I mean “concerns” about getting started in the wholesaling business. Newbie investors, I hear from you guys all the time that the “what ifs” are keeping you down.
I’m here today to tell you to stop the circle of doubt cycle.
Look, I was a rookie once too, and I agonized at times over the “what ifs” as well. I’ve heard of (and thought of) every “what if” possible, but there are 3 that seem to creep into your young, fragile and impressionable rookie minds more often than others.
So, let’s chat about them and put them to bed right here and now, shall we?
What If There Aren’t Enough Deals to Go Around?
When I first started, I was in one of the most competitive markets with more wholesalers and investors than I could count, and I still made a ton of money. (And still do!)
So I challenge you to look at other investors and wholesalers as assets rather than competition… people you can learn from and be inspired by. Don’t look at them as threats or obstacles. An abundance of investors and wholesalers probably means an abundance or properties and potential deals.
And P.S. - this is a good thing, people.
What If the Market Crashes (Again)?
I am many things, my friends, but a psychic with a crystal ball isn’t one of them. I don’t know if the market will crash again… and neither do you.
There are professional researchers out there who may (or may not) have the expertise and knowledge to forecast, so if you must have your finger on the pulse of the real estate investment future, pay attention to what those people are saying.
Truth is, I don’t really give a rat’s you know what how the market is doing, because I’ve made money – like, mad money – even in the worst of times. It doesn’t matter whether the market is up, down or sideways, and I’m living proof of that.
I started in this business in 2006, and my business started gaining momentum in late 2007. Um, hello! That’s when the market went to hell in a handbasket. But guess what? I was in Tampa, one of the hardest hit markets in real estate, and I still made a ton of money.
So stop stressing over market conditions and what may or may not happen in the future. Now, is your time.
What If I Don’t Have Much Earnest Money to Put Down?
I’ll make this short and sweet…
You do not need a ton of money to get started in this business. I think I put a $5 earnest deposit on one of my first deals, and I know you can come up with that chump change. Skip the non-fat, sugar-free, extra punch, extra hot, no foam caramel macchiato this week. You know what I’m saying?
Then consider going after private sellers, because you can typically get away with little money down on those deals. If you want to hear more about my take on earnest money deposits, check out this lesson here!
Stop Making Excuses, Seriously
You’re scared to take a leap of faith, scared to take a chance. I get it. Been there, done that. But it’s time to put on your big girl or big boy pants, and take some action.
Don’t let the “what ifs” drag you down and don’t let the risks scare you. Be confident, let the successes of others (like myself) inspire you, and just go for it!
Becoming a wholesaler changed my life… and it just might do the same for you.
Holler at Me!
If you’d like to add a comment or share your thoughts on how to overcome the “what ifs,” do tell below!
Stop using the “what ifs” as excuses to delay what could be a life-changing career change.
Know that you can’t control what happens tomorrow (like a possible market crash), so take advantage of all you can do today!
Think of other wholesalers as your advisors or business partners, not your competition. There’s plenty of inventory to go around.
Let the success stories of others inspire you!
Get off your butt right now, and take some action!
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.