Have you every really taken the time to put serious thought into what you want your real estate wholesaling business to look like?
Have you envisioned what the perfect wholesaling business would be like for you and the lifestyle that you would like to live?
Most people who get started with wholesale real estate investing have one goal in common and that is to make much more money than they currently are. A common issue that most wholesalers will face when starting out is that they do not have a solid plan for success. They just wing it.
The fastest way to learn the art of wholesale real estate investing is to take massive action. While this action is monumental to your success, a solid plan and vision for the journey that lies ahead of you, is also a critical piece of the success puzzle.
The good news is, for those already with some experience, it is never too late to start molding and shaping your wholesaling business into one that will fit perfectly within the lifestyle you want to live.
How Do I Want My Wholesaling Business to Look Like?
If you really want to design the perfect wholesaling business for your ideal lifestyle you must set specific and attainable goals.
Create an outline based on how you want your business to run. Think about how many hours a day and week you want to ideally dedicate to your business.
Here are some questions to ask yourself:
How much money do you want to make on a monthly and yearly basis?
Will your business be a one-man/woman show or will you have partners or employees?
What type of real estate do you want to focus on? Low income, multi-family, luxury, middle income, etc
Do you prefer to work from home or would you rather have an office location?
Determine the Income Then Work Backwards
Once you determine the income that you need to produce in order to live the lifestyle you seek, you can start to work backwards from that goal to create a solid plan to achieve that goal.
For instance, let’s say you need to make $100,000 a year to obtain the lifestyle you desire. The next step is to determine how many wholesale deals you will need to close each year, month and week to reach the 100k mark.
There are many variables that play a role in determining what the average amount of each real estate deal you close is. Some of these factors are your specific market, the type of properties you are focused on as well as how many employees or partners that will also need their cut.
Let’s say that your average net per wholesale deal is $10,000. In this case you would need to close on 10 deals each year. This would be a little less than one deal each month.
If you are in a market with much lower priced homes, you may have to close closer to 20 deals to meet your goal of a six figure annual income.
How Many Hours Will You Dedicate to Your Wholesaling Business?
The amount of time that a wholesaler would ideally want to dedicate to their business vary greatly. Some of you may be young and single with many free hours available to devote towards the business. Others of you may be married with children and have an ultimate goal of spending more time with family & less on the business. Everyone’s goals and situations are unique.
When you are first starting out as a wholesaler, you will most likely be putting in many more hours than once you become established. Over time you will become much more efficient in your processes.
Once you iron out the wrinkles of your business and get a solid grasp on what is required of you to reach your monetary goals you will also be able to outsource many of the everyday duties.
Outsourcing will really allow you to not only scale your business more effectively but will also free up more of your time if that is what you seek.
So, remember to have a solid vision of the ultimate wholesale business that you want to run. Then get out there and take massive action towards your vision so that you can create the lifestyle that you have always wanted.
I hope that this post was very helpful to you. If it was, please share with someone who you think may benefit from it.
Here’s to your success!!!