Real Estate Wholesaling Begins with the Buyers List
Are you a dabbler dreamer or a powerful
entrepreneur who wants to master wholesaling
real estate properties?
When you commit to changing your circumstances, you must be
like a flower bursting through the concrete sidewalk of
circumstances, surging upward through solid obstacles like time
limitations and job necessities because you absolutely MUST get
to the warming sunlight on the other side of what's holding you
back.
To use another analogy, in my experience those who succeed
despite significant obstacles do so because they MUST experience
life on the other side of their obstacles in the same way that
they MUST breathe.
What about that real estate wholesaling business you wanted to
create and grow? You know, the one you’ve read every ebook
available online in pursuit of starting but still haven’t done so
much as put together a spreadsheet of contacts who have money,
buy properties, or may know someone who does both, much less pick
up the phone and call those folks to find out what kind of
properties they’ll buy so you can line them up.
Are you even building your buyer's list? If you’re not building
this important component of your book of business, in my opinion
you’re just not committed to the reality of doing business, but
only the idea of it. I’m no longer currently involved in real
estate wholesaling, as I found other areas of the business to be
less time intensive, more exciting, scalable, and ultimately with
better opportunities for larger profits. But as someone who
started his career wholesaling houses to make a buck, I despair
when I hear from people all the time that they want to start a
wholesaling properties business but haven’t yet done a deal.
Uh…pick up the phone man!
Put that list together, find them from your own contacts, social
networking, websites, bandit signs, ads that say “we buy houses”
on the side of the road and in your local newspaper and
Pennysaver. Database their contact information until you have a
couple hundreds and then start making calls to find out who is a
serious buyer, for what, in what areas, and with what kind of
buying power. It doesn’t have to be much more complicated than
that. Armed with the information from a few serious
buyers—typically as a wholesaler your buyers will be landlords
who plan to rent the house or rehabbers who plan to fix it up and
resell it—you’re ready to go make money in the middle when you
find and tie up those deals.
Are you lining up inventory sources indirectly, through other wholesalers, developers, or what? If so, you can scale that business better than if you have to also in addition to finding buyers find sellers too. If you are doing both, and directly finding motivated sellers with deals, you can do both but remember you can find motivated sellers all day long—what gets you paid are they guys and gals who can write a check for one of those deals and are happy to write one with a few extra digits on it so you can make a small profit too. Focus on finding them, and you’ll be way more than half-way there to success as a real estate wholesaler. This is how you make money from those buyer relationships, by matching what you can find with what they are willing to buy.
If not, that cash infusion you want and need is not likely to come from real estate efforts. Because those are the activities that create profits in a wholesale real estate business.
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