So you want to earn $5,000 in the next 10 days wholesaling real estate. Having created systems and checklists for wholesaling in 280 US markets here is the bare bones plan for earning your first $5,000 wholesale fee in 10 days.
First, Commit to Marketing and Commit to Speed
If you plan to do your first wholesale deal in 10 days and earn a nice $5,000 check, you have to be willing to commit to speed and commit to marketing. You need to have faith in the system you are using and not get distracted by stuff that really doesn’t matter like creating a new form or working on your website. Yes, those things are great, but they won’t bring in the $5,000 check and in fact they will actually delay the check from coming in.
The most important thing you can be doing on day one when working toward a $5,000 wholesaling fee is to do marketing to get motivated sellers calling you. You’ve got to talk to sellers to find motivated sellers to get a deal under contract. Focus all your energy on doing that by using systems for posting a few key ads up on Craigslist and replying to ads on real estate websites including CraigsList to find potential deals. If you’ve got some money in your budget use checklists and systems for doing some direct mail postcards to absentee owner and/or properties owned free and clear. Direct all your energy to highest return activities and ignore the others (for now).
Make Wholesale Offers on Properties
It make sound obvious but to make $5,000 in 10 days you’ve got to make offers and unless you’re really lucky and get an offer accepted early, you got to make a lot of offers. The more offers you make the greater the chance of you finding someone that will find your offer to be acceptable and fair to them that you can then sell to your investor buyer.
Yes, following up on offers you’ve made is important and will effectively double the number of deals you’ll ultimately get accepted, but to accomplish your short term goal of that first $5,000 wholesale fee you’ve got to focus on just making as many offers as you can until you get one accepted.
Sell Your Contract
You’ve done your marketing (both inbound and outbound) to find sellers to talk to about their property for sale. You’ve made offers. You’ve made lots of offers to get one accepted. The last step is to sell your contract as quickly as possible to get that $5,000 check. So now focus all your energy on talking to other investors that need deals. Create urgency… you’ve got to close on your deal in 10 days. Look at the investors that have bought properties in the last couple months in and around the neighborhood where the property you have a contract on is located (you will usually get this list from a good title company but not all of them will offer this service). Hunt these investors that bought other properties recently down and get them on the phone about your deal. If it was a recent purchase and you suspect they might be working on repairs on the property then knock on the door to find them. Of course, you’ll want to build your buyers list to make this much easier later, but right now you need that first check and you’ve got relentless focus to get it done.
Close Fast for $5,000 Assignment Fee
By calling relentless to find an investor for your deal and creating urgency to close quickly you were able to assign your right to purchase the property to your investor buyer. The investor buyer paid you a fee for that right of $5,000 (or whatever you negotiated) to be able to buy the property directly from the seller. While this is a vastly oversimplified, explanation of the process required to quickly generate a $5,000 check, do not under estimate the power of following a proven system and being relentless and focused on one task to accomplish a very clearly defined goal like this. Try it and you will see how powerful the process is.
Earning $5,000 in 10 Days Wholesaling Real Estate Step By Step
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