The end goal obviously is financial freedom. There is financial independence and there is financial freedom. Financial independence means you’re generating your own income independent of other people. In other words, you don’t have to work for somebody to generate income. You’re generating your own income. You’re independent.
Financial freedom is when you no longer even have to generate your own income. When you have plenty of income-producing assets that are generating income for you. That’s when you can start traveling around like I do, going all over the world practically. At the moment, I’m in Osage Beach in the middle of Missouri in the Ozark Lakes Region. The leaves are turning colors, the temperature is a perfect sunny 80 degrees. I’m going to be out on the water here in a little bit, and also go look at a natural bridge and some ancient ruins. I get to do this because I can go anywhere I want, virtually any time I want, and do whatever I want, all as a result of owning real estate, owning income producing assets. What allowed me to get to this point involved wholesaling.My goal for you is to first get you to financial independence. You’ve got to roll up your sleeves.
You’ve got to get busy. You’ve got to put some skin in the game because it isn’t going to happen on its own. Once you accomplish that and establish a beach head in your financial life, you can start to acquire your own assets.
Wholesaling is not the end game, guys. Wholesaling is simply a path to allow you to eventually accumulate your own properties. See, true wealth in real estate was never built on flipping homes or wholesaling. It was built on owning the assets… but if you can’t own the assets right now (in financial terms, if you don’t have the capital to do that), you’ve got to turn to something like this. You’ve got to wholesale. And you’ve got to get your real estate license.By the way, if you don’t get your license, you’re missing the boat. Years ago, all the gurus used to say you didn’t need your own license. The irony was they all had theirs, every one of them:
Carlton Sheets, Than Merrill, Ron LeGrand, Russ Whitney. I knew them all. I never met Carlton Sheets but I met the other three.For right now, the path to profit is paved with cash flow. In other words, if you don’t have the capital to buy properties, it’s because you don’t have enough cash flow to accumulate capital.The way you acquire cash flow is to get involved with serving other people through wholesaling,and with your real estate license. Eventually I want you to purchase some rentals.You can flip those if you want. I flipped a bunch of them. I even flipped apartment buildings. That’s another subject for another day but it’s another way to accumulate wealth and income,building up huge chunks of capital, rather than competing with every Tom, Dick, and Harry out there who are flipping single-family homes.
Here’s a little bit of psychology as to why it works. I’m a professional trainer. I know that if I only give you the ‘what’, you’ll understand it intellectually but you’ll be unlikely to implement.If I give you the ‘what’, then you’ll need the ‘how’—which is critical because you want to know how the mechanics actually work, how you actually piece together the puzzle. What step do you take first? What step do you take second? That’s the ‘how’.The third piece that makes the critical difference between you succeeding or not is the ‘why’.Why does this work the way it does? Why do people sell properties or get things under contract with a wholesaler? Why would a wholesaler do this? Why would a wholesaler sell the contract?Why would a purchaser buy a property from a wholesaler as opposed to trying to get it directly from the owner?
That’s what we’re going to talk about now. When you understand this, all of a sudden, a light bulb is going to go off in your head and you’re going to understand completely and concretely why this works the way it does.In basic principles, wholesaling works because of two important factors: some people have available time but not a lot of available money. Other people have available money but not a lot of available time.At some point in everyone’s life, we fall into one of these two categories. Of course there are exceptions. Some people have time and money, and as you might guess, my goal for you is to be one of these people eventually. But initially, you’re either going to be someone with a thriving business who’s generating good cash flow but without a lot of time… or maybe you’ve got a lot of time because you might not even be employed right now, or maybe you tried to build a business but it collapsed (which happens the majority of the time, sadly). A typical wholesaler, at least in the beginning, has time but not good cash flow.
Wholesalers need to have time to go out there and find the deals, get them under contract, and sell them to ready buyers.There are people out there who are ready, willing, and able financially and they’ve got cash.They have cash flow and capital but they don’t have the time to be out there looking for properties, negotiating, and all that kind of stuff, so they migrate toward wholesalers who have done all that work for them.An investor with the money is willing to pay a fee for the wholesaler to do all the legwork to identify and provide a contract on these good deals. That’s the basic premise, two groups of people.One group has time, no money. The other group has money, no time.
Wholesaling brings those two groups together. If you’re in category one, which is Party B (thewholesaler), then you can serve those in category two. That’s why you’re here.Just remember that to do a good job wholesaling, you have got to find your buyers first. Too many people make the huge colossal blunder of going out there to find the deals thinking that if they find the deal, it will attract the buyers. They don’t have enough time under the contract to find the buyer and get the buyer interested plus pitch them on the potential profits of this property, and get them onto the wholesale deal so they can eventually buy the property.
The fact of the matter is, I don’t care who you talk to. Anybody who has wholesaled successfully and correctly over a lot of years will tell you, you’ve got to get your buyers lined up first. Find your buyers first, then build up the demand. Especially because it helps you understand what your buyers are actually looking for, so you can go out there and find those specific types of properties.When you get properties under contract, you can operate with confidence and competence because you know what you’re doing. You’ll be confident because you know you’ve already got a buyer who is committed. They’ll be sending you information saying, “Here are my qualifications. I’ve got money. I’ve got credit. I need to buy something.” Then you go find the properties.That is the absolute most critical thing for you to learn here at this stage. But you have to understand, some people are looking for rentals. Some people are looking for flips. You need to know what that is on a client-by-client basis. Set up your file structure on your computer to help you accommodate this. We’re going to show you all that, too, by the way. Hang in there. Again, if I could emphasize this one more time, nothing could be more damaging to your reputation than putting things under contract and not having investors to buy the contract.
When you can’t buy that property and you don’t have a buyer ready to buy it, and that deal falls through, the seller gets hurt… and you get hurt because your reputation is going to suffer.Believe me, your reputation will get around, either as being somebody who is trustworthy,honest, reliable, ethical, and more importantly, who gets the job done. Or as somebody who wiggles out of a lot of contracts. Your reputation will suffer and nobody will want to work with you. I’ve seen it happen personally. I’ve seen people who used to work for me as agents, or as students who didn’t follow the rules.And they didn’t last. They got out of the business. They got squashed. Yet there were other people who did exactly what I told them to a perfect T, who have gone on to build thriving million dollar businesses through wholesaling.If you find yourself in a situation where you’re reading a book or somebody is teaching a program or class that says, “Don’t worry, just go find the deals and we show you how to get out of them if you can’t find the buyer,” run as fast as you can the other way. They don’t know what the heck they’re doing. They’re wrong and you’re going to get hurt.
The consumers will also get hurt. The only person walking away with the money will be the person you paid for a bad course. Enough of my preaching, I just wanted to go over that with you so you understood that there are absolutely pros and cons to getting into this, the yin and the yang, the good and the bad. Most of it is very identifiable, learnable, and understandable. When you identify it, learn it, and understand it, you’ll be able to operate a lot more effectively and profitably.In the next module, we’re going to get into some marketing and learn how you actually find your buyers first.
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