Wholesaling is probably one of the most popular real estate investing strategies that both new and seasoned investors want to get involved in. If done right, it can be a great way to get chunk money coming in, but at the same time, could also be more work than it’s supposed to if you do it the wrong way.
When you’re choosing what to do in business, there are a lot of factors you need to consider, and that’s what we’re talking about today. Watch this video to gain clarity on how you can decide if wholesaling is for you and what your deciding factors should be!
Key Talking Points of the Episode
[00:00] Introduction
[01:09] What is it that you really want?
[01:43] Wholesaling is a lot easier
[02:13] What are your needs?
[03:30] Doing business in reverse
[04:12] What do you want this business to do for you?
[04:58] Getting focused on creating consistency
[05:29] Building it into a business
Quotables
“I think you gotta really look at understanding what it is that you really want. What it is that you truly want out of this business.”
“I find that there’s a lot of people out there that say they really wanna wholesale and a lot of times they say that because they just want to chase the money. That’s not a good reason to go into any business decision.”
“There’s some parts that are easier but I can tell you this - it’s a lot of work, there’s no question to that, especially if you’re doing it yourself.”
“I think it comes down to really your needs.”
“I see a lot of people trying to build this in reverse too. What they’ll do is they’ll say “Jerry, I wanna get into real estate”, and what they wanna do is do rentals first but they don’t have today’s cash needs taken care of.”
“There’s nothing wrong with the rentals but the problem is a lot of times, it doesn’t take care of today’s cash needs.”
“I always say don’t try to build your financial empire in reverse.”
“Take care of today’s cash needs first, then start building your wealth.”
“Obviously, the goal is to get to the point where you’re doing both, but most people do that in reverse.”
“If you want to build a cash-focused type business and what I call chunk money coming in to basically allow you to live and operate your business every single month, then wholesaling might be a great option for you.”
“If you look at this and start building it out, is to really look at building it into a business and just not something that you’re gonna constantly do yourself by running from property to property over and over again.”