Sometimes I think something is wrong with me, because I’m not chasing the latest and greatest thing that’s out there for real estate wholesalers. I mean, has my passion for this business of wholesaling houses died? Am I doomed for failure? I’m not interested in what all of the newbies are trying, even it if IS working. So I have to reflect for a moment, and realize what’s really going on in my head.
When I started my career real estate wholesaling in 1998, everything was exciting! Every new book, new course, new boot camp, and new guru on the scene was intriguing. I literally spent the first 10 years soaking up every since bit of information that I could about creative real estate investing. If there was a boot camp, I was going. If there was a convention, I was there. New direct mail piece? I was trying it. I just wanted to perfect the business, and to be the best that I could be at wholesaling houses. After 20 years of practicing the art of real estate wholesaling, I can claim that I have indeed mastered the business. There’s nothing that I haven’t seen, tried, or done to get a deal to the closing table. I’ve pulled out every stop, walking over dead animals and driving 5 hours one way to get paperwork signed from a prison inmate. I’ve worn a gas mask into a house where a corpse was recently drug out, and I’ve been attacked by fleas waiting for a seller to sign my contract. I’ve been cussed out and thrown out. I’ve had roaches fall on my head, and mice run across my feet.I’ve seen sellers cry, get pissed, and be forever grateful. I’ve made $100 on deals, and I’ve made $150,000 on deals. It’s not the prettiest job out there, but wholesaling houses is rewarding in more ways than one.
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After just a few minutes of reflecting on everything that I’ve experienced in the last 2 decades, I realize that I’m done chasing shiny objects. That’s something that you do in the beginning while you’re trying to figure out what works best for you. What path YOU want to take, and what tools you want to use in your business. For the most part, I’ve figured that out. And I don’t really want to reinvent MY wheel.
I’m not saying that I won’t adapt to new technology, etc. In fact, I love technology. But it definitely has to complement what I’m already doing. The inspiration for this blog post comes from questions that people send me, asking me, “Why don’t you try this”?, or “if you’re such a guru, why aren’t you closing as many deals as so-and-so”? While my initial reaction is a little shocked, I typically ask myself the same question first. Then I conclude the following:
After 20 Years of Wholesaling Houses:
I can analyze deals in my sleep. I can predict what every seller is going to say in every conversation. Usually within the first 10 seconds. I can answer every objection every seller has. deal with a seller LONG before they even know it.I was once happy about making $5,000, but now it just pisses me off. It takes just as much work to make $15,000 as it does to make $5,000.00. Shiny object syndrome is only a distraction.
Staying focused on MY business plan is what works for me. I don’t care what other people are doing. I’ve been there, done that. My only goal now is to make as much money as I can, doing as little work as possible, without changing the system that is already in place. In other words, I’m only trying to PERFECT what is already working for me, not introduce new things. The income that works for me might not work for you. It’s not always about making all of the money. To me, it’s about enjoying my time and my life with my husband and family. I set my income goals based on what will allow me to continue my lifestyle while preparing for my future at the same time. I don’t enter “dick-swinging contests”. Leave those for other people.
You should also do what is best for you and you alone. I’m completely and totally happy with the way my business looks and the way my bank account looks. Financial experts say that you can live [pretty much] any lifestyle you want with an income of $350,000 or more, and I exceed that every year. Everything over that is a bonus.
Real Estate Wholesaling is Like Being Married
The beginning of your relationship with real estate is similar to falling in love. You’ll want to live and breathe it every second of the day. You may even become obsessive with wholesaling houses. It seems so beautiful and mysterious and you want to earn everything that you possibly can.
Then after a couple of years, the newness wears off and you realize that it’s not as glamorous as you thought, and it’s not as easy as it seems. You may even question if this is the right thing for you now that you see the challenges.
Going into years 3-7 of wholesaling houses as a career, you’ll start “settling in” and doing things like cherry picking deals, only calling back the sellers that you feel like are worth your time, and choosing your battles. Similar to being married and having an argument. You won’t win them all, and some of them just aren’t worth engaging with. Yes, you may try out some new things to create some buzz, but if you don’t see instant gratification, then they’re out, and what you know works is back in the game.
After 10-15 years, you appreciate the things that you have, the things you’ve learned, and now look for subtle ways to improve the relationship. It’s now developed into a mature status, and you’re comfortable knowing that it’s dependable and trustworthy. Yes, you still need to nurture it or else it will fizzle out, but you know what’s needed to make it tick. It’s already the perfect match, now it’s your job to keep it running smoothly and not fuck it up.
When you choose wholesaling houses full time as your method of income, you’re choosing a life of choices, freedom, and the opportunity to earn as much money as you want to. Your first 5 years should be full of education, training, and practice. After that, it’s time to perfect what you’ve learned and create a business of wholesaling houses that is enjoyable and sustainable without stress.
The Property MOB was created to help you perfect your business. I’ve taken everything that I know and poured it into the Property MOB, and continue to do so every day. You will see that I do stay consistent on the message. If you take what you learn and implement it, then the sky is the limit. Cheers to your journey of becoming a Bad Ass.