Hi everyone, I’am new to wholesaling and this forum. I have everything I need and a great mentor to walk me thou me first 3+ deals so on I go to start with my bandit signs early next week. Ok intro out of the way I was wondering how long it took some of you ppl wholesaling did it take to finally leave your Just Over Broke and do this full time? Btw thanks to all of you that took the time to answer all our questions it helps in so many ways!
Ed from michigan
Hi,
That is kind of a loaded question as probable 8 or 9 out of 10 real estate investors are working full time career jobs and investing in real estate around that work! The problem with income is the more you make the more you spend, not to say investors are out of control, but while being able to survive on $1000 a month out of high school, we find we get married, have kids, need bigger homes, cars, groceries, insurance, expenses, etc. that prohibit making it on $1000 a month!
Then our tastes advance as we get older and make more money, while driving a KIA was ok when we were young our taste’s in cars advance to wanting the new Toyota which cost’s $15k more than the KIA, then we also want that nice car for our wife or husband, you know the little MINI, with the sunroof and the surf board rack, then we think that new furniture is in store, then a kitchen remodel and before we know it life is in session!
When we buy real estate to have to earn enough just to live on at least initially does not make sense as it’s added stress and pressure to just make ends meet! Some real estate investments like portfolio investing require tax returns, income and reserves to successfully obtain financing, while other methods require little or no money and credit, income and stability mean nothing!
So I think it depends on what you want to do, how agressive and dedicated your willing to be, will depend on how long or whether you could ever live without a career job?
GR
Cash flow is the most important. You have to cover your living expenses. With that said you should eliminate as many bills as possible, living simple is actually very refreshing compared to the stressful American Dream. Here are some keys.
I see What you are saying, and I live a pretty simple life. Monthly expenences are pretty low and cars are paided off, but if someone had expensive tastes then it could get abit high. 3k a month would support me and my wife and 2 kids but like I said we live pretty simple.
If you wholesale flip, and you have a goal to “rinse and repeat” :biggrin 2 times a month, you should be able to pull in enough money to leave comfortably within 2 to 3 months from starting.
First, build your buyers’ list of cash buyers. Once you have a buyers’ list, and you know what your buyers are looking for, look for properties. You can assign or flip these properties. Do this over an over until you build a cash reserve and also you would have enough money to live on while you are doing it. It works, I have been doing it for almost 20 years. My best year I flipped 62 properties: the average right now is 25 properties a year, but I am also involved in other real estate ventures.
Be positive, persistent, and learn from other wholesalers.