Setting & Achieving Your Wholesaling Goals
Real estate wholesaling isn't a hobby. If you treat it as such, you'll probably never achieve your real goals. However, when you treat wholesaling as a business and you set solid goals, you'll have the ability to achieve them.
When you're new to wholesaling, you have to set proper goals to keep you moving forward. Wholesaling is all about finding deals, but there's more to it. Here's a breakdown for setting your wholesaling goals.
Your First Month
As a newbie to wholesaling, it's best to get your feet wet right from the beginning. Find one to three neighborhoods you want to target and start finding some buyers. You don't have to have a list of hundreds or thousands of buyers in your first month. Just find 5-10 quality buyers and you will be well on your way.
Goals for your first month include:
Choose 1-3 neighborhoods to target
Find 5-10 potential buyers
Get the phone number and email for each potential buyer
Your Second Month
You've set the foundation and it's time to start reaching out to motivated sellers. This month, you will start marketing and finding deals.
Goals for your second month include:
Do market analysis and choose your target area
Pull lists from online sources or go driving for dollars to find potential sellers
Choose your marketing methods (direct mail, bandit signs, internet, etc.)
Set up all the necessary details for your marketing
Send out your first mailer, place your first bandit signs and start marketing online
Reaching $100,000 Per Year
If you’re not making this much yet, a good goal for a new wholesaler is to reach $100K per year in income. Then just 10x that to hit your $1M mark. Start with the first two months above and once you have your marketing in order and you're building a buyer's list, you can move on to an actual income goal.
The best way to set your income goal is to figure out the average you will make from a wholesale deal. Then, figure out how many deals you need to do. For example, if you average $10K per month, you only need to do 10 deals to reach $100K.
Once you know how many deals are necessary, it's just a numbers game. Figure out your marketing conversion rate and how many leads turn into deals. Then, just market enough to get the 10 deals you need to make $100K.
Many new wholesalers make it harder than it needs to be. Set up your foundation in the first two months by getting your marketing going and creating your buyer's list. Then, as the deals start to come in, keep track of the numbers. This will allow you to set and achieve your income goals as a new wholesaler.
Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.
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