Rich Dad Academy

Hello everyone,

I’m fresh and new to the Wholesaling field. I just completed my wholesale advanced course through Wealth Intelligence Academy/Rich Dad. I’m basically looking for some words of encouragement and hopefully pointers. I’m based in RI but would also like to do business within the Northeast.

So far I’ve…

  • Ordered our business cards.

  • We researched advertising avenues such as craigslist, newspaper ads, myspace, etc.

  • We will be attending the NE REIA meeting coming up in a couple weeks.

  • We have printed out bright colored “We Buy Homes” flyers.

  • We’ve taken pictures of properties and “We Buy Houses” ads.

  • We’ve also worked on developing a script conversation between a buyer and seller in hopes of perfecting our negotiations to alleviate too many hiccups in real life situations.

  • Developed an excel sheet that computes all the numbers provided by seller and instantly gives the MAO

  • Developed a Daily Goals sheet. Just so we can check off our daily progress and have something to accomplish. Instead of just sitting around and procrastinating

  • We are also joining Wholesaling forums. It helps give us a better understanding.

  • We have already heard back from a potential seller, but looks like they’re asking for more than the property’s ARV. Unfortunately, we do not have any Endusers.

:bigthumbup

Lang - WOW!!! Great job! I am excited for you.

Three things I would encourage you to do/add to your list:

1 - define your goals - in terms of what you want to do/where you want to be over time. Propertymanager (one of the experts here) shared his goals in his book in terms of cash flow (income) and wealth (equity) goals. I wrote down mine in those terms. It worked for me.

2 - write a simple business plan - it will help you define how you are going to achieve your goals.

3 - find financing - don’t know your situation. However most investors need to identify source of financing when they first start. I didn’t see that in your list. You may want to consider this.

Good luck!

One tip - If it is encouragement you want, don’t read some of the posts here about the economy and the future… :O)

I would ad

  1. Find buyers
  2. Find buyers
  3. Find buyers
  4. Take action
  5. Take Action

I am not trying to be critical but your proceedings so far look like quite a bit of

“Getting ready to get ready” type stuff. I can only speak of this from my experience as a new real estate agent about 8 years ago. I was doing everything behind the scenes, but nothing that would make me any money.

I soon realized that all that prep work in the world would not do me a bit of good unless I followed through with some massive action, then I started making some six figure cash.

You are doing something, which is always better than nothing, but now it’s time to put all that preparation to work. Good luck.

I know exactly what you mean. I’m just worried about sounding like I don’t know what I’m doing the first time I speak to a seller/buyer. Just trying to be pre-cautionary. Especially since I’ve never done a deal. I do intend to go ahead with contracting a deal this week. I just need to research my contract and make sure I’m covered. Any pointers on the contract would be very helpful!