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.
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 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!