For the beginners in Wholesaling…
What are the biggest challenges and reasons that keep one from getting started and proceeding?
Everyday, I witness people eager to get into the business of Real Estate, especially at Wholesaling but after some time slowly lose their enthusiasm.
Mike,
Its plain and simple. We are the only reasons why we don’t achieve what we want to accomplish. People really don’t understand how strong the mind is. Your environment can be influential in a positive or negative way. What we let into our subconscious mind affects the way we think. So in all the mind has to be right.
I think for me it would definately be fear. i am fearful about starting off with no money or credit and not being taken seriously. fear of failure and lack of experience has kept me frozen. i was in denial about my fears and kept making excuses because i needed contract forms or needed to read this book or that book to get started investing. since realizing that i got the courage to make something happen!
OK, so this is my VERY FIRST post on here. Also, this is the first real reading i have done on REI ( I think i used that right ). What is stopping me is lack of knowledge, I would buy a property tomorrow if i could figure out how…that is with no money and no credit lol.
I am excited and ready, just have no clue what i am doing, and jumping before i look has got me into trouble before. I am attempting to find resources, but free ones are truly scarce and like i said, no money.
So basically, i think its a tough thing to find the information on specifics, how do find a property, how to approach a deal, how to get whatever paperwork is necessary, ect…there isnt a training manual with step by steps lol.
not knowing something is not an excuse to not getting things done… If you really want it… You Get It Done… If you are confortable, You Won’t do what’s neccesary to succeed… So, get uncomfortable friends. If wasn’t easy for anyone, so what’s so special about you?
P.S not picking on anyone… Simply tough love.
P.S.S FEAR? slap it on the face… Again, if you really want it, you get it done no matter what!
I hear you guys. But especially with fear…come to think of it, what’s the worst thing that can happen? For sure, it won’t be something that literally kills you. 
DON"T let the fear of failure stop you from anything…
Guys how many very rich people out there do you think have failed once, twice or even three times before they finally hit it?? Trust me there are alot more than you know. Take educated chances and do it. If you keep thinking “WHAT IF” then you’ll never reach your dream.
I’ve been if Real Estate for 15 years and have went through bankruptcy twice ( just came out of the second) and I am building 5 spec homes now. People trip and fall but if you don’t get up and keep going you’ll never make dreams come through. Don’t worry about failing. If you worry about that then you won’t take the chances you need to take to make a successful real estate investor.
Here’s my advice. I’ve had my Real Estate Brokers license for 8 years and used to own a Century 21 franchise.
If your gonna be an investor and you don’t have cash to buy get away from the MLS. Realtors don’t understand the business that we do and when you have a Realtor that thinks they know everything (most are this way) they’ll tell you that what your trying to do is illegal or can’t be done. I had my Realtors in my office all the time asking how I was doing what I was doing. I even had to give a class to them so they could understand a little, but most of them just looked at me like a deer in the head lights.
Find the owners that are not listed. Any title company can pull a owners list in the area that you want to invest. Find the homes that was bought 15+ years ago. They will have equity. Send each one a letter asking if they would be interested in selling. Hand write the letters while your setting in front of the TV watching whatever it is that you watch.
Those people have room to negotiate.
Good luck.
I don’t understand what’s to be afraid of, just get out there and do it, I’ve been wholesaling since 1993, you win some, you loose some, it happens, its all a numbers game and an ability to communicate. I’ve flipped Hud Homes its how I got started, first house had no key to let buyers in, had to go thru window, improvised and sold the house, do what you need to do, no book on it, just learn by doing it. The hardest part of wholesaling is getting owners and realtors to understand what the heck you are doing, after that its a piece of cake.
kreapsc, some people are scared of talking to other people, some scared of rejection, some fear failing, some fear being disillusioned, some are scared to take on the unkown for them.
I agree about learning by doing but it’s always better if you know even just a little of what you’re going to do and just continue from there, never stop learning and doing.
Brit_Brit and DH3, your reasons are totally understandable. Heck, I don’t think there’s even anyone here including the experts and experienced ones who didn’t go through the same. I know for myself, hesitations, doubts and a whole lotta FEAR tried to stop me when I first started.
For me, I think it was really taking some baby steps that helped me overcome all those. When I tried to do something and it worked, it gave me relief and I knew I just had to repeat that. When I did something that ended up to be a mistake, I just learned from it and made sure to avoid it.
Bottomline is, trying to experience things and get out there trying to apply what little I know slowly but very surely brought me closer to getting comfort and eliminating stuff that used to stop me. And the little I knew just grew and grew, not only from what I continued to read and watched but also from the experience I’ve gained.
I have no problem finding the properties it’s the buyers that are hard for me to locate that’s what’s keeping me from my success so far
Then I would assume you are not doing it correctly with all due respect, because if you really did have a house under contract first rule is to make sure it is a slam dunk discounted price, this could bring in the buyers like crazy when you market it, if you are wholesaling.
I am new to Real estate investing and what is stopping me from success is what seems to be some fear of rejection of my low ball offers and me thinking I am disrespecting the person with my offers, also hesitation and lack of knowledge and what I will have to do after I have a home under contract, but I am trying MY BEST to avoid being one of those people who make excuses and do nothing at all, I try to do BABY STEPS every single day with things like talking to FSBO and making offers and trying to gain access to the MLS and talking to an attorney to review my contracts but right now I am mainly trying to talk to sellers who are selling their homes because I realize this is what I tend to want to avoid most which is why I try to do it mos because I try to do the things that make me fearful the most so everything else will be easier, I even had a meeting with a seller at their home and offered my price on the spot in front of their whole family, they basically laughed at my face with my offer but I took it like a champ and kept on moving! haha.
Way to go, Jimmycheaphomes!! Seems like you’ve got what it takes to succeed. I personally think a good sense of humor is one of the best tools you should have handy when in this business.
PERSISTENCE alone is Omnipotent!
Nothing in the world can take the place of Persistence.
Talent will not; nothing is more common than unsuccessful men with talent.
Genius will not; unrewarded genius is almost a proverb.
Education will not; the world is full of educated derelicts.
Persistence and determination alone are omnipotent.
The slogan ‘Press On’ has solved and always will solve the problems of the human race.
Calvin Coolidge