Wholesaling a Property in 2 Months
Wholesaling a property can be an intimidating task for someone with experience in real estates, even more so for someone who is a novice to the industry. However, there are a few things you can do that will help you land that first sale in less than 2 months.
Before You Start Wholesaling a Property in 2 Months
Before we get started, it helps to understand that the tips provided below are not magic bullets that will land you your first sale without doing anything. It can help get your feet inside the door, and tips the odds in your favor but you still need to work hard for it.
Step 1: Think of Your Reason for Wholesaling a Property
Your first step should always be to define your purpose. There’s no sense in continuing if you don’t even know whay wholesaling a property is your goal. Most people would answer “money,” but this is simply not good enough. Money is a means to an end – what do you need the money for? There’s your real reason.
Think of it as an interview when asking for a loan. The bank will ask you how much you need and what you are going to use it for. You can’t simply answer with “because I want it” or “because I need it.” You need clear reasons. This is because it is much easier to remain motivated if you are sure about your goals.
Step 2: Wholesaling a Property May Require Joining a Team
Real estate investors tend to find it easy enough to find a team to join. The field usually relies on networking in order to get juicy, actionable leads. But when it comes to wholesaling a property, you may need to put in a little more work because not many real estate investors are motivated enough to go beyond the low hanging fruits. With wholesaling, you need to join real estate meetups, online forums, conventions, etc. just to find like minded investors. If you are going to learn anything, you have to join networks of people who are already doing a great job at it.
Step 3: Learn from the Experienced
When you finally join a team, it’s time for you to start learning. Do not be ashamed of asking questions. Everybody starts out from somewhere, and nobody started knowing everything. It’s more embarrassing to go in blindly and make a mess of things, than it is to ask your more seasoned colleagues for tips.
Ask about the things that you need to learn first about your field:
- potential buyers
- the market
- what the buyers are purchasing
- location of properties bought by purchasers
Keep in mind that the tips you get will not be spoonfed. You still need to do research on your own, such as looking into all the recent cash transactions that have occurred in any given area, or contacting a local title company and asking for information (you might want to be sneaky with this. Pretend that you are a market researcher or an interested buyer.) The info you get from this exercise can further be used to look for a mailing address, which you can get from the county assessor’s office.
Step 4: Be Ready to Shell Out
Education is not usually free. At least, the best ones will cost you a bit. It’s the same thing when it comes to wholesaling a property. You need to put your money where your mouth is. You are an investor, so don’t think that you can do everything for free. You have to invest. Some of this will come in the form of membership dues, or as fees to a coaching program. Just be mindful of your expenses, but don’t worry about paying a little bit of money to get a kickstart. You’ll be reaping the rewards soon enough.
The tips above, if it is not obvious enough, mainly deal with addressing psychological hurdles or getting you to a place where you’ll know where to start. This is because wholesaling properties requires a lot of mental fortitude. If you get that part right, the rest will fall into place.