As I mentioned at the last Wholesaler Meetup, when I started out in this business, I was already working a full-time job. I had a wife and a family. There wasn’t a whole lot of time available to spend on building my real estate investment business. But instead of putting the baby to bed and watching TV all evening, I spent from 8:00 to midnight researching properties or hand addressing envelopes or hammering in bandit signs. It took me EIGHT months before I got my first deal. The key is, I didn’t give up. I was persistent. I kept at it.
One of the most common reasons why people fail creating a real estate investment business is PERSISTENCE. Starting and building a successful business is difficult. Pulling it off while you’re still employed full-time and bringing in an income is even more demanding. To succeed you must not give up.
If you’re trying to achieve, there will be roadblocks. I’ve had them; everybody has had them. But obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it. ~ Michael Jordan
These days I frequently talk to people who want to get into wholesaling and they ask for advice on how to be successful. After sharing a few tips, I often hear “oh, well I don’t have enough time to do that.” What you have to keep in mind is your end goal and the benefits that you’ll get when you reach it. Presumably, your end goal is to quit your day job and make money doing this business. Success comes from making some sacrifices. Like I mentioned earlier, you may have to give up watching Dancing with the Stars or taking a full hour to eat lunch – for now. If your ultimate goal is having freedom to work when you want, where you want, today’s temporary sacrifices are palatable.
You may know from personal experience, it’s difficult to get anywhere if you don’t know exactly where you’re going. I recommend setting somewhat realistic goals and deadlines for yourself in order to keep seeing wins and moving forward. Sean Terry recommends the goal of earning the equivalent of your annual salary and putting that amount in the bank before you quit your day job. You might find that in the beginning, your daily goals are small wins or to-do list type of items, then you’ll gradually start hitting milestones as you get closer to launching your business.
Technology & Outsourcing
We have a tremendous amount of technology at our fingertips. Use it to leverage your time. There has never been a better time to start a business because of technology. Set up voice mail to take calls coming in from your direct mail, with the goal of quickly getting to a point of being able to answer live calls. And create a landing page with a form on your website to capture leads. You follow up on those calls and online leads when you have time – on your lunch break or immediately after work or on weekends.
Look for opportunities to outsource wherever you can. Can you pay a virtual assistant or a kid with good handwriting to address those envelopes? You can hire talented virtual assistants for $5 per hour. If you’re putting up even a simple website, if you’re not an expert at building websites, it’s probably worthwhile to hand that project over to someone who can do it better and faster than you can. The best in the business is Investor Carrot. It’s your call as to whether it’s better to invest your time or invest a few dollars in outsourcing. But know that outsourcing is an option and you don’t HAVE to do it all yourself.
So you’ve used technology to bring in leads. Once you get those leads on the phone, you’ve got to build rapport with them. That means establish a relationship, create a connection with them. In those conversations, you’re finding out valuable information, such as how motivated they are and why they want to sell. You’re gaining their trust too – simply by listening to their story. Listening isn’t something most people do well and yet finding someone who will listen is a vital human desire. Offer your ear, make a “friend,” and they’ll want to work with you.
You set an appointment. You meet in person. You get a contract. Sure, not every time. And maybe that’s a little overly-simplistic, but really that’s what it comes down to. Finding motivated buyers, establishing a relationship with them, and constructing a deal that works for both parties. Then repeat.
I’ve always found that anything worth achieving will always have obstacles in the way and you’ve got to have that drive and determination to overcome those obstacles on route to whatever it is that you want to accomplish. ~ Chuck Norris
Creating a successful real estate investment business isn’t rocket science. It comes down to persistence and consistency. Keep doing what you need to do and eventually the floodgates open.