OfflineHi Everyone,
I saw the thread with someone asking if is was possible to make $100k wholesaling in a year. Not only is it possible to make $100k in 12 months, I have done it in 30 days.
So I thought I would lay out how to make $100k in your first year in real estate. The concept is actually very simple if you have the correct approach and you are willing to do the work.
I have showed brand new students this technique and I have seen newbies make over $100k in their first year.
First and foremost you absolutely must have 5-10 buyers that are ready and willing to buy properties. You really don't need more than 10 buyers because you will sell some buyers more than one properties in a year.
First of all $100,000 might seem like a lot of money (its a small down payment on a Lamborghini:)) so we need to break it down. You are going to make the $100k in 12 deals (on average). SO that is assigning a contract or doing a double close where you average $8333 per deal. Thats doable. If that is a high profit margin for your area then you will need to break it up into 24 deals or $4167 per deal.
We all know it takes 25 offers to get one deal. Well there are 30 days in a month so you are going to average 1 offer a day. If you can put in a offer a day then you will get one deal a month. If you need 2 offers accepted a month at $4167 then you will need to put in 2 offers a day. Thats how simple this can be!!!
Most people make this difficult because they try to swing for the fences and make $25,000 in a deal and when nobody wants to buy their house they say "real estate won't work in my area" Don't base this on money!!! Base your results on offers and you can do this! IT'S ALL ABOUT OFFERS PEOPLE!
I put in 250 offers a week in order to do 30 - 50 deals a month. I focus on offers and everything else falls into place (because I built a buyers list first).
I get really irritated when someone emails me complaining that real estate doesn't work and I ask them "well how many offers have you put in?" and they say "well I haven't put in any". I end the conversation immediately. I can't help that person.
YOU CAN'T GET A DEAL DONE ON AN OFFER YOU NEVER PUT IN!
Go out there and stop messing around with this thing. Get serious. Stop being scared and put in offers.
Get it done!
Matt Larson
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
JCommons: Thanks for reminding me of the 25:1 ratio on Deans book Profit From Real Estate Right Now!
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
SIMPLY POWERFUL..
Thanks Mr. Larson
_________________________
Maurice
I deal in the real world with people that make their living doing what they do. My agents know and appreciate and continue to work with me BECAUSE I
don't use the pray and spray method. Believe me I keep them busy enough making intelligent offers. Personally, I do not like to re adjust my offer because I did not do my due diligence in advance. I have a much better reputation with those I work with and it keeps their already large workload more reasonable. A lot of banks (when dealing with REOs) will not take a price reduction when you make an offer and then come back during inspection and ask for a lower price (real world stuff) Then you loose credibility with every one involved when you back out because your original offer was too high.
Also, I don't care if a home owner does or does not know what ARV is. I simply offer what I can pay and they say yes or no. We let the deal speak to us. It may not be a wholesale deal, it may be a subject to or L/O. Or we may walk. On to the next. We don't pound round pegs into square holes. But then again this thread was about wholesaling NOT L/Os or subject tos.
Not every area is in a down market. That is a generalization that comes from not knowing the market conditions on the very street of the subject property.
As far as follow up. That is where we get most of our deals. Most offers ARE NOT accepted the first time. We follow up with homeowners and our REO listing agents. Systematically!! I wholesale to cash buyers not end buyers that need some kind of financing, but that is just me. Anyone out there wholesaling to end buyers needing financing let me know how that is going!
I offer the way that works for me, dealing with professionals and keeping relationships with the professionals I work with. My reputation is one of a CLOSER. One that knows this business and does not abuse the people he works WITH with some system that makes it easy on me but hard and mostly a waste of time for them.
So thanks for the advise, but no thanks. To each there own, more power to you if you can develop a loyal team and do at least a couple of deals a month with the methods you mention. Not theory but DEALS. (selling for a profit)
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thanks for responding,always good to know there is someone willing to help. In response to your question,,,, 7 agents have walked when I gave them offers to submit , I picked up 2 more to work with 2 weeks ago, they set up client portals for me , and I went thru them right away. I put together a list of props , sent to them asking for comps, 8 days ago, and haven't heard from either since ?? So I have been working on 2 FSBO props, I am certain I can make money on these, but please tell me how to get comps on these without an agent ? I have interviewed about 13-15 so far, even met 2 of them at the REI club, they were the worst 2 thus far !!! How did Carol Stinson do this without money from home ??? Is an assignment my only option at this point, since I don't have any earnest money to submit with offers, I would to have someone walk me thru a deal, with an agent to learn how it works !!!
Thanks again,
John B.
Dean, I know this is supposed to work, and I believe it will,,, but I have been in your success academy for 4 months, and as I stand on the edge of bankruptcy, please tell me when and how, I'm doing what the program says, and getting no results, I need some help- and FAST !! Anything other than what is in the program available ?? So far no luck !!!
Sincerely, John Battaglia
This is the same thing Mr. Larson said in "30 Days" page 151.
If you don't have it yet, GET IT!
An offer a day keeps the blues away!
Real estate works...
As always you are full of knowledge and inspiration.
What would you say are the top 3 books to read?
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
I gotta be honest. I understand how to do the process. 25 offers a month scares me. Heck, I've only made 25 offers this year.
What scare me more than making 25 offers a month is having the same results next year as I got this year.
I'm in all the way. Thanks for the reality check, Matt. See you at Edge 2012.
peace,
Dana w/ Crossroads Solutions LLC
http://www.DanaLeigh209.com
http://www.DanaLeigh209.net
http://www.ULostThis.com
---
I am direct to the VP of a $100 million dollar open-ended debt and equity fund which actively writes checks to fund businesses with an EBITDA of at least $1 million a year. We fund also have access to up to $500,000,000 for the purchase of distressed real estate, specially commercial $7,500,000 and up.
thank you, well said both of you
"Don't tell me I can't, Tell me how I can."
You don't ask for comps. You ask for CMA's. That has your comps on it and you are to read that and come up with your ARV from there. They wont do all the work for you. This is what I've learned and I've never had any problem with comps from agents this way.
"I have my mountain in sight. I am climbing to the top and I will kick anyone off that stands in my way or tries to hold me back!" --quot by me.
--quot by me.
"My glass isn't half empty, its overflowing!" --quot by unknown modified by me.
"The sky isn't my limit I can keep going!" --quot by unknown modified by me.
"There are too many square people and I think a little differently if that makes me round hey its better than being flat"
Follow me on my Journal:
http://www.deangraziosi.com/blogs/jcommons
I've set some REALLY high goals for myself this year!
Recently made some drastic cuts to what I've had going on, narrowed my focus!
PROVING THIS POST TRUE FOR MYSELF AS WELL!!!
JUST WATCH AND SEE, I WILL SHOW THE WORLD HOW GREAT I AM!
THANK YOU MATT FOR RAISING THE BAR, AND FOR THIS CLEAR PLAN!
Printed this detailed plan and following it to the T!
YOU ARE AWESOME!
God bless,
Jen
lol! I am resurfacing this post to 2 reasons.
1) post #40 above - DONE and surpassed the target! (God IS good!)
2) you can do it too! Matt has broke it down.....simply follow the steps!
GAME ON!! Set some goals and GO Get Yours!! It's PAST Possible!
Jen
Thanks Matt for this wonderful advice! And thanks Jen for resurfacing it!
-Teresa
Teresa
College Station, TX
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"Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!"
-Joel Osteen
I read this post and it is just what i needed. Broke it down just like he did On Insiders Elite video! He shows how it;s possible, and you are also proof that it can be done. Thank you both!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
.
I love this post it is great and has a good push to it.
I was working for them now i work for me !
If you always put limit on everything you do, physical or anything else. It will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them.” - Bruce Lee
Great post here, lots of info on how to get it done.
Tony
Go faster do more! GFDM!
love DG.COM
Thanks Matt, That is very helpful. P.S I love your story
Dan in Seattle..
I needed this information.
God bless you always.
Now I'm really motivated.
P.S.
Check out my website create an account asap also watch the video asap.
http://real-estate-mogule.neurs.net
Thanks
IM a Diamond in the rough looking for partners I would like to be apart of dean's elite team in the very near future my goal is 100 properties a year
P.S.
god bless all the members may we all shine bright like diamonds.
P.H.G.
see my signature for more info from matt larson.
it can be done.see my signature for matts videos on finding a realtor.
just GO DO IT...
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
happy thanksgiving to you mike and all dg'ers....
bump
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
HAPPY HOLIDAYS HAPPY NEW YEAR !!!!!!!!!!!!!!!!
Love the story lots of great things here.
......
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
........
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools