The #1 Reason Why Most Investors Fail Wholesaling Houses

Hope you had a fabulous week! It is Friday and it is time to get ready to enjoy the weekend. Man this has been a crazy week for me! In my last post I talked about the reason why a lot of investors don’t have any deals or leads to work on. The main reason is because investors are not getting busy for whatever reason. It could be that they are scared that their marketing is not going to work or that sellers are not going to accept their low ball offers. Remember I said I found myself struggling with that very snag for the last couple of weeks but I broke myself free! How did I break free? I just went ahead and even though I did not feel like going to see more people, I went and made the lowball offers to sellers that have the capacity to go down.

Well since I made the decision to get going and do somethings I have had some great results! I will tell you my goal is have a 100K month; I have alreday experienced a 50K month but I would like to have a 100K. I think that would be just great, don’t you? Can you imagine making 100K in one month? What would that do for you? Well I will tell you that if you want it all you have to do is get busy and start doing something. You know that is the #1 reason why most investors fail wholesaling houses is because they fail to take any action of any sort. If you keep doing nothing you will get nothing in return. The math is pretty simple and I am not even really good at math!

Here are some of my results so far.

5 Properties Under Contract

I want you to realize something here, just beacause you have a property under contract does not mean you are going to make money on it. However; you are a lot more likely to putting some money in your pocket by putting a property under contract than not. Make sense?

Hosier Property- This property has been a pain in my butt for the longest time. I had a buyer that was supposed to close on it but he backed out. In my efforts to take some more action I put a simple option contract on the property and blasted it out to the list again. I have had several more people through the property with no definite deal yet. We will see!

Bunche Property- This property I contracted last week for 68K which may be a little bit on the higher side. However I have a buyer who is interested in it at 70K so I need to go back to the seller and get a reduction according to my inspection period to maybe like 65K so I can pull at least 5K on the deal! Worst case I make 2K. Not too bad!

Chalk Ct Property- This property was a lead from my website and the seller wanted 62K I went out the same day and offered 49K for it and the seller accepted. I have a buyer for 61K so that will be a nice 12K! Actually should be set to close in 2 weeks!

Arnold Palmer Property- This was a property I was hesitating on for the longest time because the seller sounded so unmotivated but I went and made the offer anyway. He felt the property was worth 225 but he accepted an offer for 105K go figure! This is another property that I have sold and should pull another 12K!

Andrew Jackson Property- This was a property that I call OWD “Other wholesalers deals” It is actually an REO that he has under contract. This happened yesterday and I am working with a buyer right now and should be able to pull 5K on this one. This is not as definite as the previous listed but should work out. I will actually know today (hopefully).

SO……over the last week or so making the committment to get busy in my wholesaling business I have the potential of lining up 30K or so for the month….We are not yet halfway through so I still need to get extra busy if I am trying for that 100K month.

But you know what? Some of these deals could fall out due to title problems or flaky buyers. That could happen but that is not going to stop me. You just have to keep going and learn to never count your chickens before they hatch.  Some people get in trouble spending money they thought they had coming. So keep a positive out look but also keep a realistic out look and you will do great!

Remember the #1 Reason investors fail is because they fail to take action. Don’t do that! Take action!

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  • Liz

    great stuff, lots of inspiration here to “do something”. I also remeber another mention on a webinar with Cris Chico & yourself talking about how you can make yourself “think” your busy by spending days & hours on stuff like: deciding on business cards, company name, how to design everything, website colors etc–you know al l the things that make you ‘feel busy’–but arent directly making a impact towards “bringing in deals & buyers”.

    that really hit the spot and made me laugh because i’ve done so much of that “nothingness”, at the end of the day still no business, just cards and designs lol–i see the light now!

    thanks for the pep talk!

  • I may have already asked this question do you do a coaching/mentor
    program not just tapes and manuals but step by step walk me through
    some deals

  • admin

    You know Bob I do not have a specific mentoring program in place…. a lot of people have asked me about it but I do not know what exactly I would go about doing that. I will keep you posted if I do come up with something like that. I guess right now it would be some kind of partnering program than anything. What market are you in? I see that you have a website set up so I am sure you are doing some type of volume…how many deals are you doing a month??

  • admin

    Thanks for the comment Liz….it is very easy to get wrapped up in details instead of money making activities. Unfortunately our businesses cannot run with some of the non money making activities and they have to be done. Proper time management is key! How is your business going?

  • Francisco

    Hello, I was wondering if you are still in the business??