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It took me 9 weeks. Once I made the decision that real estate was what I wanted to do, I spent a month reading everything I could get my hands on. From there I took the plunge in to finding and doing my first wholesale deal. Three weeks later, I closed on my first deal. That was the day I walked in to quit my job and I never looked back.
That’s the good thing about wholesale deals, you get paid FAST.
I realized very quickly that my job was in the way of making the kind of money I wanted to make. It was taking up too much of my time to go find deals. I made more money on my first deal than I made in THREE MONTHS on my job.
Because I focused on ONE type of real estate transaction when I started it made it easier to succeed.
If I were starting all over again, I know I could do it again. But knowing what I know now, I could make it happen even faster.
The biggest mistake new investors make is to not match what they need to the type of transaction which will produce the results.
I wrote an article called Stop Struggling – it’s in THE DEPOT which explains what I mean.For example, if you just need to replace your income FAST – then buying, rehabbing, and selling to a retail buyer is not the way to go. It will make a lot of money but it is slower than other techniques. Plus it requires writing a lot of checks before you ever get to payday.
If you need chunks of cash NOW, then doing deals which produce cash flow is not the way to go. YOu need to do wholesale deals or get options then sell with seller financing to get a big down payment.
I think wholesale deals are the best way to start
Are You Struggling With Your Real Estate Business?
A ?common denominator? I?ve noticed with many newer investors is that many are ?dazed and confused? about what to do next or which path to follow or which type deal to do. The net result is that they are either literally paralyzed because of information overload or, even worse, some have headed down the wrong path and are in serious financial trouble.
Does that sound familiar?
I?m often asked: should I do wholesale flips, rehabs, apartments, lease options, rentals, etc. Should I listen to Robert or Ron or Sally or Chuck or Regina?should I buy in other states or other countries… the list goes on and on.
The answer is NO!
LISTEN TO THIS?..The important questions you need to ask yourself is not what course to buy or whose seminar to attend ?. The “right question? is — what do I need to accomplish with my real estate business, how can I do it safely and quickly? and how will it fit in my market place.
You need to understand that real estate investing is just a TOOL to help you achieve your goals.
If you feel like your head is spinning with information OVERLOAD from all the courses, seminars and teleconference calls ? you can STOP THE MADNESS and STOP WASTING MONEY if you determine what you need to accomplish first?. then, if you feel you need additional training, only select the course or seminar which matches your objectives!
Every market is different and every person is different so you need to customize the type of real estate transactions you do to fit both the market conditions and your personality and your financial needs.
One size does not fit all ? you should not just pick a seminar or course and go with the things they teach as your only guide. It might not be a good fit for your market or for your personality or for your financial objectives.
The financial needs, objectives and goals of a 25 year old person are much different than the needs, objectives and goals of a 52 year old.
Rehabs or wholesale deals make work great in Ohio but that does not necessarily mean they will be as easy to do in Arizona. Subject to deals may work great in an areas with low appreciation like Houston, but that does not necessarily mean they will work great in a market with high appreciation like Sarasota. You have to ?go with the flow? of the market conditions in your area and adjust your strategies to fit.
Regardless of what some ?guru? tells you, the TRUTH is that some real estate deals will not work as well in some markets as they do in others. It?s a fact!
If you?ve been feeling like a failure because you have not been able to make real estate investing work in your area, IT?S NOT YOUR FAULT! The problem is that the type of deals you?ve been doing may not be a good fit for your current market conditions, for your experience level, or maybe it?s just not a good match for what you really need to accomplish.
If you need as much cash as you can get as fast as you can get it, then you?ve got to match the deal to your needs. Some investors who really need fast cash are focusing on doing lease options. WRONG! Lease options are the slow way to the bank! You get a small option consideration then maybe 1 or 2 years later, you get to the jackpot at the end of the rainbow. But it does not always work that way. Sometimes the tenant buyer moves out and leaves the house a mess. So, you get to spend another $5000 to fix it up and start all over again. Lease options offer a slow payday but the cash flow can be great while you are waiting.
If you need a lot of cash now, you should be doing wholesale deals. Forget about doing lease options just because you went to the seminar or bought a course to learn how.
Match the deal to your needs and you?ll be a lot happier with the results.
If you need monthly cash flow to replace your income from a job or to provide for your retirement? Buying houses with owner financing or subject to the mortgage then renting them or doing lease options would fit your objectives. But you?ve got to be careful to pick the right kind of houses in the right kind of neighborhoods.
Take the time now to write down your realistic short and long term objectives then determine which type of real estate transaction most closely matches your needs and experience level. You can gradually build your confidence and cash reserves to take on more advanced deals.
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