Getting Back Into Wholesaling – Lessons Learned and Adivce

Background: Hey everyone, I worked with Jae back in 2011 and walked him through his first deal. However, Jae got distracted by life and recently had a resurgence in real estate.

The last few weeks he has put out over 200 signs and is getting back on the horse. To be honest, many people go through this sort of dilemma. The immediate goal of doing a deal was achieved but the goal of making it a business was not present. Fast forward 2 years, and Jae is back with a new appreciation for what he did and wants to do deals consistently.

In the next few months Jae will be contributing more and more of his journey and share advice as he gets back on the wholesaling horse.

In his own words

real-estate-wholesaler

Hey everyone it’s me, Jae!

As it was mentioned before, I’ll be sharing my experiences with everyone and very soon my deals as well.

What happened:

In 2011 when I started wholesaling, I was making fast, easy money hustling, which looking at it now, held my thinking back. After doing my first deal, the easy money mentality made repeating the wholesaling process daunting. I’m just being honest.

I’ve matured since and have come to realize what I need to do to succeed. I got to this point because I’ve developed a new mindset, started reading more, and sharpening my mind EVERYDAY.

My Best Friend is a person who will give me a book I have not read. -Abraham Lincoln

Tough Lessons I Learned

Most important lesson I learned: Wholesaling houses is FAR from a get rich quick scheme. It’s simply NOT that easy. It’s like saying losing weight is eat less, eat healthier, and exercise more. It takes much more than that into achieving your goal! Whether closing a deal or losing weight, it takes TREMENDOUS effort. (Having detailed goals and a road map is also essential – RJC)

When you see a guru’s “10k in 10 Days” marketing message, I know that they’re over-simplifying the process. That’s the power of marketing. However my energy will faded once I got in the field and realized what it really takes to win. However, it IS possible, just not as simple as people make it out to be.

Also, this is Chicago and the gurus are NOT from around here. Unless you know Mayor Daley himself, try to forget the 10K in 10 days thinking. You have to treat this as a business and master the process! The results will take care of themselves.

I came into this business with a short term mindset that made me less resilient to overcome adversity. You better believe you will have obstacles to beat if you want to wholesale houses. I weathered many storms to close my first deal for 2k. Yes 2k not 10k let alone 20k!

Anything you seek to achieve is going to test you!

Advice I Tell Myself and New Wholesalers

First Tip – You have to invest money and time into marketing. Not only marketing materials but also marketing education. You must understand that you are first in the marketing business before any actual business or real estate transactions can take place.

Just as wholesaling is a skill, marketing is also a skill! All successful entrepreneurs and investors understand it’s important and master marketing.

Second Tip – Learn the skill of building rapport to make connections between your sellers and buyers. Knowing how to talk and build credibility over the phone and in person is essential to buying and selling your contracts as well as building your pipeline.

Third Tip – Learning to lead and influence others is another essential skill. From negotiating with buyers and sellers to working with attorneys and title agents this skill is imperative to coordinating the closing with all parties involved. Have everyone following your guide to $$$!

Read Carefully As I mention This: These skills mentioned take TIME to develop, but are easy to learn. I say this not to scare you from getting started in this business but to enlighten and be real with you.

The best thing about the future is that it comes one day at a time.” – Abraham Lincoln

Fourth Tip – Any worthwhile endeavor in life is going to cost you, initially. It’s SACRIFICING to WIN and it’s a MUST! Get comfortable with being uncomfortable! You’ve got to go through the painful process of paying dues, there is NO way around it.

Fifth Tip – In the beginning focus on learning not earning. While it is possible to make 10K on one deal, focus on the basic skills. Don’t go in prematurely and wreck your credibility. Getting to the level where you’re closing deals consistently is going to take time. The stronger you hone your skills, the better chances you’ll have to recognize and present yourself to close on large deals when the opportunities present themselves.

You will also pay dues to build the skills you need to be a successful entrepreneur and real estate wholesaler. Get used to it, it’s a never ending process if you plan to go from level to level.

Sixth Tip – Focus on getting your first deal closed, one step at a time. There is enough FREE content to get you closing your first deal on this website alone. Just get going and start generating leads!

The eBook, Wholesaling Made Easy is SUPER undervalued. Take a look for yourself and get going!

Seventh Tip: Everything is POSSIBLE, no doubt about that! Again it’s SIMPLE but it’s NOT easy.

You’ve got to come into this with a strong passion to drive. Cultivate mental strength like a fighter to overcome pain, loss, and fatigue willing to sacrifice blood, sweat, and tears to FINISH. The mentality to go the distance no matter the price you MUST pay to win.

“Tough times never last, but tough people do!”

That’s the point I’ve reached and I’m getting after it with a SENSE OF URGENCY like never before. Everyone will look back on these old post in the future and witness my journey and draw inspiration, motivation, and knowledge to immediately embark upon their own. Get Going!

“Time is the most precious element of human existence. The successful person knows how to put energy into time and how to draw success from time.” – Denis Waitley

In conclusion: This Friday I’ll follow up about my challenges I am coming across in my wholesaling business. It should assist in validating the points I conveyed in this post. Yes, even investors making money in this business get challenged, it’s a never ending process.

You can learn from others and accelerate your progress just as I did. Getting your mind set and ready for success is a must before you can go and get it.

Lets grow and enjoy this journey together!

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