Wholesaling Real Estate: The 5 Essentials For Getting Started Right
Wholesaling real estate continues to be one of the most attractive and profitable ways to start investing, and to elevate your financial future. How can you ensure you get off to the best start possible?
There may be many ways to invest in, and profit from real estate. Still, wholesaling remains one of the easiest and fastest ways to get started. It is ideally suited to both those who are starting out with very little in the way of resources, as well as those who are resource rich, but tight on time. This is a low risk and high reward form of engaging in real estate. Yet, getting started right is critical to making it work, and getting all you can out of it. How do you do that?
- Learn
It is true that real estate wholesaling is one of the simplest concepts and strategies. Reverse wholesaling can make it even easier, lower risk, and more profitable. However, no one wants to waste time or burn great contacts, opportunities, and their reputation, simply because they rushed in too fast, without really knowing what they are doing. By all means get started today. Get started making moves and earn while you learn. Just don’t flake out on the learning part. Get a course or book, get online training, get a coach, or find a mentor. Learn all you can so that you maximize every opportunity. The more you can learn about your area and real estate terms and transactions in general will help too.
- Clarity
If you are not clear about what you want, and where you are going, how are you going to get there? Your ultimate goals and milestones may change over time, but you’ve got to have a direction. You have to be crystal clear about this, to avoid the numerous distractions, detours, and time wasters that will come your way. This way you’ll be able to see that every choice has the potential to either bring you closer, or take you further from your goals.
- Connections
Success in real estate is still very much about who you know. Knowing your stuff is important. You’ve got to know financing, property values, and contracts. Yet, who you know makes all the difference in doing deals, fast closings, and doing real volumes of deals. The great thing is that you can get started building your network today. Connect with new people online, strike conversations wherever you go, attend real estate events, and set up meetings. You’ll be amazed at how fast you can grow your connections if you make it a priority. Then when you need buyer, or deals, or money to fund deals, all you might have to do is pick up the phone and ask.
- Systems
You’ve got to have a real estate wholesaling system. You can create your own system from scratch, or even better; plug in a proven existing system. Whichever path you choose, having a system is what will enable you to act efficiently, flip more houses in less time, and keep your income consistent. Document these systems so that you can delegate the tasks to team members as you grow.
-
Action Plan
If you are getting started in real estate wholesaling to gain more time and freedom, then you simply can’t afford not to have an action plan. There are too many distractions and potential excuses that will derail your goals. You can’t wake up each day and start from scratch wondering what you should do next. Layout a schedule and action plan for what you’ll do each day and week as you ramp up. One day it may be researching, the next incorporating your business, then mailing out letters, and making offers. Once you break it down into these bite-sized actions everything will flow, and you’ll gain momentum.