Real Estate Wholesaling: What Not To Do In 2019
The New Year is here! What will you achieve through real estate wholesaling in 2019?
Committing to what not to do is just as important as setting objectives and goals you want to achieve. You’ve got to be just as keenly aware of the things which can slow you down, if you are going to sustain and scale your efforts.
So, set bigger goals, but make sure you are consciously avoiding these pitfalls too…
Work for Less Than Needed to Reach Your Goals
You should have a specific income goal set for the year. You should know what it will take to achieve that each month and week. You should know how much you need to make per hour put in to hit that goal.
For example: If you plan to make $1M in real estate this year, and only work 24 hours a week, you need to make $801.29 per hour.
If it takes you five hours of time to find, fund and flip one wholesale deal, you need to make a minimum of $4,007 per deal to hit your goal.
You can’t afford to spend any time on tasks that won’t return you at least that much on your time. Delegate and outsource everything else.
Forget Basic Principles
There is going to be a lot of temptation to discard basic money, business and investment principles this year. Make sure you don’t fall for it, or you could lose everything you’ve built so far. Make sure you diversify, and don’t speculate and overpay on deals that you could get stuck in.
Get too Comfortable
If your real estate wholesaling is going really well, it can be tempting to get comfortable and become over confident. This is usually when the mistakes start mounting up. Don’t stop learning. Keep expanding your knowledge and abilities in marketing, funding and sourcing deals. There are so many new tools. If you aren’t using them, your competition could easily leave you in the dust.
Get Caught Slacking on Marketing
Marketing is the heart of your real estate wholesaling business. Stop marketing and the blood stops flowing to put new deals in the pipeline and produce revenues. No matter what happens. Don’t stop marketing.
Let Taxes Take the Wind Out of Your Gains
It’s almost tax time again. There are so many breaks and deductions available to real estate entrepreneurs. Make sure you are using them. Make sure you are working to minimize taxes all year, versus rushing to get filed at the last minute.
What are your goals this year? What are you committing not to do in 2019?
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