How can you champion these common hurdles to getting started in real estate wholesaling, to start enjoying the income and life you really want?
Wholesaling may be the simplest and fastest way to get started in real estate, but that doesn’t mean that thousands of potential investors don’t get stuck and stall out. Plenty of individuals who could be enjoying more income, free time, and peace of mind, simply never get started or never do a deal, because of these same common excuses.
Here’s how to beat them…
One of the biggest reasons that most don’t start or take action in real estate is that they say they need more money, or they don’t have any money to do it. It may sound cliché, but you really probably don’t need more money. Big billion dollar companies like Zillow and Uber still manage to lose millions of dollars. It’s not about how much money you’ve got. It’s what you do, and what you do with what you’ve got. There are properties out there for sale for less than $10,000. There are probably properties for sale for less than $2,000. There are numerous ways to finance deals from bringing in partners to hard money lenders, and using your credit cards. If you try out reverse wholesaling or start by flipping contracts you don’t even need your own cash or a loan at all. REWW’s founder started out with just $3k in his bank account, and has since been involved in flipping over 4,000 deals.
Not having the time to get started in real estate is easily the second most common reason that people use. Of course, until you do start changing the dynamics of your income you probably will never have more time. In fact, the odds are you’ll keep finding you have less free time. It doesn’t matter whether you are flipping burgers at a fast food joint, are a highly paid attorney, a brain surgeon, or a top hotshot Hollywood talent agent, it is so hard to get ahead when you are trading your time for money. Even if you aren’t juggling three jobs, you may have family responsibilities, want to work out and keep in shape, to have other time obligations. Still, the bottom line is that we all have the same number of hours in the day. It’s all about how we prioritize our use of it. If you don’t have the time and money surplus you want now, the only way to gain it is to carve out the time to make the change now. Use a day of your weekend to get started in wholesaling, get up an hour earlier each day and invest that time, or book a couple of weeks of vacation time off of work and plow into it.
Some feel they just don’t know enough. They don’t fully understand how it works, or how to find properties and do the math. These are all things that can be learned. Individually, most of the parts of wholesaling real estate are relatively simple. You just need a good guide to show you what you need to know, and explain it in a way it makes sense to you. So, grab a good, comprehensive book, course, or join an online academy with video tutorials and get going.
This one can especially affect those that are new to business. They worry that they don’t have the experience or reputation to be taken seriously. You never will unless you get started. Every expert had to choose a day when they just got started. With a good course and coach you can quickly learn more about real estate than 99% of the people you’ll meet. Act confidently with this knowledge under your belt, present yourself well, do good business, and you will soon have plenty of credibility.
You do not need good credit, or any credit to invest in real estate. Private lenders typically won’t require this information, and nor will owners offering seller financing. You can also bring in partners or use business financing, without having your own personal credit pulled. You just don’t need it, and even if you have great credit you probably wouldn’t want to use it anyway.
Negativity from Friends, Family & Coworkers
Some people will doubt your ideas because they don’t understand them, or haven’t been able to do it themselves. Others just have a negative outlook. You may have to choose who you share with more wisely, and seek out other positive and likeminded people to surround yourself with.
So, you didn’t go to Yale or Harvard, or your dad’s friends weren’t former presidents or billionaire fund managers and trust fund babies. That doesn’t matter. There are thousands of individuals out there looking to make new connections and network every day. You’ll find them on Facebook, LinkedIn, at meetups, at the coffee shop, on the golf course, and at real estate events. Just start with “hello!”
The time is now. Just get started…