Set Up Your Core Wholesaling Team
Taking steps to set up your Wholesaling team.
(be sure to pass this to a friend)
To survive as a successful Wholesaler you cannot be a lone wolf. I see some investors handle everyone like an opponent. That tactic only lasts but so long.
To be in this business any length of time you will have to depend on others in a give and take relationship. To survive as a Wholesaler you must assemble a small core team of players to help you get things done.
I use the analogy of a basketball player position, the point guard. He may be the best ball handler in the world but unless he has someone to pass to, block, or screen the opposition he'll be ineffective. even overwhelmed!
The Wholesaler is no different. They are the first one in to set things up. Unless they have others to pass things off well, their deals wither away before their very eyes, and they becomes ineffective very quickly. Soon they earn a reputation as someone who can't close deals, as word gets around quickly.
So who should make up your core teammates?
1) Settlement Attorney/Agent
2) Cash Buyer
That's it! With these two players as a minimum you're in business. Of course your team members will grow as your business does.
Notice I didn't mention a CPA, a Realtor, Tax Advisor or Asset Planning Attorney! These are all valuable players you will certainly want to add to your team eventually, but for starters your two most valuable players are your settlement attorney and a cash buyer.
Ironically, I see far too many Wholesalers abuse both. They mistreat the buyer by deceiving them of the facts then getting into a tug of war over price, etc.
With the settlement attorney they waste their time with empty promises of deals they're working on. Or have the attorney/agent pull title searches on property they've miscalculated. And worst of all some Wholesalers attempt to trick the settlement attorney/agent into doing an illegal or awkward transaction.
That's counterproductive. When treated as part of your team both players will make your real estate life so much easier. Everyone will be working on a common goal, which is to get the money as quickly as humanly possible and hassle free.
When you take the win-win approach you eventually won't have a need to show up at settlements. Your cash buyer and attorney will know their roles and take care of everything at settlement;. meanwhile, you'll just wait for a wire transfer.
You as the Wholesaler will have your attention on the set up. Bringing the deals in to pass off. Your two core team members will appreciate your business and respond accordingly especially if and when you need help in tough situations. There's nothing like back up.
Contrary to the scenario above which will run like a well oiled machine with just three people, many Wholesalers complicate everything.
But-but-but, what about setting up my LLC? What about my tax planning? What about a realtor on my team?
First of all don't waste your time and money setting up an LLC before your first deal. I've seen many waste both time and money on an LLC only to never get around to doing a deal.
If you really must have an LLC on your first deal, your settlement attorney can create one for you at settlement using your proceeds from the deal, no old money spent. Remember your revenues should always precede your expenses in any business.
Tax planning can be placed on the back burner until you get some deals flowing. There's no bigger waste of time than tracking down a busy CPA to talk about your hypothetical deals. Once you have one or two under your belt, the CPA will be more open to talking to you about "what is" instead of "what might be."
As for real estate agents, I love em! But, not many of them understand what we're looking for and how we figure our profits. Besides, to be an effective Wholesaler, you must repeat this motto to yourself everyday until it's second nature. "GET THERE FIRST!!!!"
The more people between you and the money means less money and more time to close a deal. Like the other eventual players, a realtor should be added at some time to your dream team, but under your directions.
Take this tip, and tuck it safely under your cap for future reference. Resist getting off track and plunging yourself deep into the weeds of counter-productivity.
You'll discover more strategies such as this one straight from me, The Wholesale Wizard by joining me on April 21st. That's this Saturday which is the start of a 5 week teleseminar/coaching program. I will fill you with plenty of useful money making techniques.
Get involved by going now to:
http://www.thewholesalewizard.com/
Register now and get on the Fast Track to Cash!
Take Action!
Ken Williams aka The Wholesale Wizard....
P.S. To discover simple team building strategies and
more, join me on April 21st for my 5 week teleseminar/
coaching series: http://www.thewholesalewizard.com/
Taking steps to set up your Wholesaling team.
(be sure to pass this to a friend)
To survive as a successful Wholesaler you cannot be a lone wolf. I see some investors handle everyone like an opponent. That tactic only lasts but so long.
To be in this business any length of time you will have to depend on others in a give and take relationship. To survive as a Wholesaler you must assemble a small core team of players to help you get things done.
I use the analogy of a basketball player position, the point guard. He may be the best ball handler in the world but unless he has someone to pass to, block, or screen the opposition he'll be ineffective. even overwhelmed!
The Wholesaler is no different. They are the first one in to set things up. Unless they have others to pass things off well, their deals wither away before their very eyes, and they becomes ineffective very quickly. Soon they earn a reputation as someone who can't close deals, as word gets around quickly.
So who should make up your core teammates?
1) Settlement Attorney/Agent
2) Cash Buyer
That's it! With these two players as a minimum you're in business. Of course your team members will grow as your business does.
Notice I didn't mention a CPA, a Realtor, Tax Advisor or Asset Planning Attorney! These are all valuable players you will certainly want to add to your team eventually, but for starters your two most valuable players are your settlement attorney and a cash buyer.
Ironically, I see far too many Wholesalers abuse both. They mistreat the buyer by deceiving them of the facts then getting into a tug of war over price, etc.
With the settlement attorney they waste their time with empty promises of deals they're working on. Or have the attorney/agent pull title searches on property they've miscalculated. And worst of all some Wholesalers attempt to trick the settlement attorney/agent into doing an illegal or awkward transaction.
That's counterproductive. When treated as part of your team both players will make your real estate life so much easier. Everyone will be working on a common goal, which is to get the money as quickly as humanly possible and hassle free.
When you take the win-win approach you eventually won't have a need to show up at settlements. Your cash buyer and attorney will know their roles and take care of everything at settlement;. meanwhile, you'll just wait for a wire transfer.
You as the Wholesaler will have your attention on the set up. Bringing the deals in to pass off. Your two core team members will appreciate your business and respond accordingly especially if and when you need help in tough situations. There's nothing like back up.
Contrary to the scenario above which will run like a well oiled machine with just three people, many Wholesalers complicate everything.
But-but-but, what about setting up my LLC? What about my tax planning? What about a realtor on my team?
First of all don't waste your time and money setting up an LLC before your first deal. I've seen many waste both time and money on an LLC only to never get around to doing a deal.
If you really must have an LLC on your first deal, your settlement attorney can create one for you at settlement using your proceeds from the deal, no old money spent. Remember your revenues should always precede your expenses in any business.
Tax planning can be placed on the back burner until you get some deals flowing. There's no bigger waste of time than tracking down a busy CPA to talk about your hypothetical deals. Once you have one or two under your belt, the CPA will be more open to talking to you about "what is" instead of "what might be."
As for real estate agents, I love em! But, not many of them understand what we're looking for and how we figure our profits. Besides, to be an effective Wholesaler, you must repeat this motto to yourself everyday until it's second nature. "GET THERE FIRST!!!!"
The more people between you and the money means less money and more time to close a deal. Like the other eventual players, a realtor should be added at some time to your dream team, but under your directions.
Take this tip, and tuck it safely under your cap for future reference. Resist getting off track and plunging yourself deep into the weeds of counter-productivity.
You'll discover more strategies such as this one straight from me, The Wholesale Wizard by joining me on April 21st. That's this Saturday which is the start of a 5 week teleseminar/coaching program. I will fill you with plenty of useful money making techniques.
Get involved by going now to:
http://www.thewholesalewizard.com/
Register now and get on the Fast Track to Cash!
Take Action!
Ken Williams aka The Wholesale Wizard....
P.S. To discover simple team building strategies and
more, join me on April 21st for my 5 week teleseminar/
coaching series: http://www.thewholesalewizard.com/
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