No one openly admits to being a quitter. But it is something that you really need to know about yourself before entering the wholesale business. And if you need some time for in-depth soul searching to answer this question, take the time before you risk your future.
Wholesaling is not a business that will instantly blossom and provide you with both financial and personal rewards. You need to be willing to pay your dues in cash and sweat equity to get to your first completed sale. So you need to know that you are ready to do what it takes to start and finish launching a successful career and business in real estate wholesaling.
Do You Know What To Expect?
Many newbies can’t answer these simple questions when asked if they know what they are doing and what to expect as they begin wholesaling. That lack of an answer is a huge indication of a lack of commitment and dedication to doing whatever it takes to make it in this business. It is not mean to belittle or antagonize. It is simply meant to make each wholesaler newbie reflect and be totally honest about why they are interested in wholesaling and if they have the drive to see it through. If not, then get out before you lose a lot of time and money.
Be Honest With Yourself
If you are sure you are here to make it work, make sure you can answer all of the following questions. If you can’t answer any of them, then it is time to rethink your choice. Maybe you just need more research and training. But if you are not willing to find the answers to these basic questions, then find a new career option.
- Can you reliably comp a property?
- What is a realistic price per square foot for rehab in your area?
- How many units are currently on the market, and what are the local market trends?
- Do you know where buyers are buying and what is motivating that choice?
- Why did you select your current market as opposed to another?
Maybe you don’t have all of the answers to these questions as a new wholesaler. But you are willing to find them because you didn’t know what you didn’t know. But if you don’t think that this is vital information or want someone to give you the answers, then save yourself some time and heartache. There is no shame in turning around and making a different career choice that will provide you with a genuine opportunity for success.