The Millionaires Blog Wholesaling GuideNo B.S. (Money-Getting) Advice for Wholesaling Real Estate, Wholesaling Houses, Real Estate Wholesaling and Flipping Homes

There are numerous reasons why investors never realize any success in real estate wholesaling. In this article I am going to focus on one step of the wholesaling process that so many investors get wrong. The sad part is that many of the guru wholesaling courses actually teach newbie investors the wrong way.

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From my experience the most critical factor in the entire wholesaling real estate equation is having a solid buyers list in place. Many newbie investors make the mistake of focusing their energies on locating great deals on houses prior to having any investors to buy those houses. The best deal in the world is no good unless you have a buyer lined up ahead of time. Sure, you can find buyers after you have found a good deal, but going that route has some large risks:

Risk #1 One of the main risks of finding buyers after you find motivated sellers is that your chances of being able to follow through on the contract decrease substantially because you are starting from scratch.

Risk #2 If you cannot follow through on your contracts, then you will quickly start building a reputation as someone who cannot follow through on promises. Having a good reputation is critical to success in the long run. If you over promise and under deliver to the wrong Realtors or investors in a particular market, then your options for finding great deals, and selling those deals will quickly decrease substantially.

Risk #3 Your profits can decrease substantially. Because you are starting from scratch with your buyers list, you may end up having to sell your contract for far less than what it is worth simply because your buyer options are so limited.

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Real Estate Wholesaling is one of the most powerful wealth builders that does not require cash or credit. Far too many people complicate the wholesaling real estate process with their “what if” worries. What if I cannot find a buyer? What if the market changes? These are just a couple of the “what ifs” that first time and even seasoned real estate wholesalers spend far too much time on. Detachment is the process of pulling your emotions away from the outcome of any scenario.

The process of detachment will help you pull your emotions out of the real estate transaction. Detachment leaves you in a far better place to make decisions relating to real estate wholesaling, because there is no emotion or baggage that you need to include. Detachment sets you free from “what ifs”, because all of your “what ifs” can be answered with “so whats”. Not that your “what if’s” are not legitimate concerns, but most of the time they are only emotional responses to issues that you bring up in your own head, rather than real world happenings.

Detachment can be achieved through realizing that “you” are not your outcomes. If the real estate market plummets to 10 year lows, you are still you. If the market skyrockets to all time highs, you are still just you. “You” will essentially be just you, regardless of the outcome of any real estate transaction. So stop stalling, I promise the world will not end if you make a mistake.

Feel free to check out my real estate wholesaling and real estate bird dog blog at www.birddogsblog.com, or check out my real estate wholesaling Real Estate Courses at www.UltimateWholesalingSystem.com or www.TheForeclosureCollege.com or my $30 introduction to real estate wholesaling course at www.InvestorsLunch.com

Check out my real estate investing courses at:
www.UltimateWholesalingSystem.com
www.BirdDogBiz.com
www.InvestorsLunch.com
www.BirdDogsLunch.com
www.TheForeclosureCollege.com

As real estate investors many of us are all too familiar with termites. I have lost a couple of sales because a home was infested with termites. Why are termites so dangerous? After all they are just a small bug, what harm could one little bug do? As I am sure you know, it’s not one termite that destroys a house, it’s a colony, but a colony is started with just a couple of bugs. If a couple of termites are allowed to penetrate the foundation of a home, a colony will soon arise.

Bad thoughts are a lot like termites. One bad thought will not take you down. The problem is, if you let one bad thought in, then one leads to another, then another. Soon you have your own colony of bad thoughts. It will not take long for a colony of bad thoughts to begin munching away at the foundation of your life.

Food for your bad thoughts is available every where. Our morning news is a breakfast for the termites of our minds. “Three dead today in a triple homicide” touts the smiling news person. Followed by “Our housing market is tumbling faster than Brittney’s career”. The amazing thing with the news is that many Americans start their days with the news, and end their days with the news. I guess bad thoughts need their dinner too.

It is no wonder that America is one of the most wealthy nations of the world, yet our depression rates are skyrocketing, and our health is tumbling more rapidly than ever. So many Americans are being eaten alive by the termites of their minds. I think it’s time to send in the termite inspector for the mind, that inspector is awareness.

We need to pay attention to. the things that we pay attention to. We need to start a bad thought extermination program. By taking the food from the bad thoughts, soon the bad thoughts will realize that they need to go someplace else if they want to eat. What are you feeding your mind? Are you starting your days with the breakfast of champions, or with 2 homicides over easy, and a side order of doom?

Feel free to check out my real estate wholesaling and real estate bird dog blog at www.birddogsblog..com, or check out my real estate wholesaling Real Estate Courses at www.UltimateWholesalingSystem.com or www.TheForeclosureCollege.com or my $30 introduction to real estate wholesaling course at www.InvestorsLunch.com

It occurred to me one day that because humans have the ability to make their own decisions, we also have the ability to hold ourselves back. Many real estate investors that I know, have been held back their entire lives because of poor, or no decision making.

I have a strong feeling that every cow on earth would be shaking in it’s shoes if plants had the ability to make decisions like humans did. If plants had to make decisions, I am afraid to say, it would be all meat, all the time. I can see it now, a small little seed of corn gets buried in the ground. Instead of growing like it needs to, the corn would stay at the seed stage for a couple of years until it can get past the fact that it had one more inch of dirt over it than the seeds around it.

Once the small seed had grown into a one inch corn plant, then it would need a couple of more years to grow into a medium size cornstalk. It would be difficult for the small plant to grow because instead of using it’s energy for growth, all of it’s energy would be dedicated to figuring out why the corn around it was getting more sun. Finally, after a couple of years of evaluating why the other corn had it so much better, the little plant would become medium sized. Only of course, after it had exhausted all of it’s options for keeping the other plants from getting more sun.

Now the medium sized plant would have some big decisions to make. Should it grow up to full size and risk not producing corn that would be good enough for the farmer to eat. Maybe it should stay medium sized, so that it doesn’t need to face the possible painful rejection by the farmer.

Can you even imagine? What decisions have you been making in your real estate investing career that have kept you a seedling rather than a full stalk of corn? Who are you blaming for blaming for your lack of sun? The answers to these questions will help take you from where you are now to where you want to be.

Feel free to check out my real estate wholesaling and real estate bird dog blog at www.TheMillioinairesBlog.com, or check out my real estate wholesaling Real Estate Courses at www.UltimateWholesalingSystem.com or www.TheForeclosureCollege.com or my $30 introduction to real estate wholesaling course at www.InvestorsLunch.com

One of the main reasons that people fail at any endeavor in life is that they fear failure, or fear the unknown. So many times new investors would rather live with a known bad situation, than put there neck out for an unknown outcome. Including outcomes that more often then not will end up better than where they are currently at in life.

One of my favorite, yet most saddening quotes is by Henry Thoreau “Most men lead lives of quiet desperation and go to the grave with the song still in them”. Don’t be one of those men or women. Instead live the life of this other Thoreau quote “I have learned, that if one advances confidently in the direction of his dreams, and endeavors to live the life he has imagined, he will meet with a success unexpected in common hours”

One of the tools that I have used to get beyond the ordinary, small life of quiet desperation is weighing my opportunity cost. Failing to weigh the opportunity cost of not doing, can leave you living your life like a paper weight. Opportunity cost is the cost of what you are doing compared to what you could be doing. Example: If your time is worth $30/hr, and you take a day off work to sit around on your butt, then your opportunity cost for sitting on your but is $30/hr. You are essentially paying $30/hr to sit on your but.

This relates to real estate investing because if you could be making an extra $20,000 a year as an investor, then your opportunity cost for doing nothing is $20,000 a year. Essentially, most wannabe investors who have become paralyzed by fear are paying at least $20,000 a year, to remain in the “getting ready, to get ready” state of mind.

Take a few moments and write down the things that you have been giving up in your life in exchange for giving into your feelings of fear. What is your fear costing your everyday. For many of you it may be costing you:

1.The great feelings of satisfaction from living the life of your dreams.
2.An extra $20,000 a year that could take you from living a life of scarcity to living the life of your dreams.
3. Paying for you child’s education
4. Allowing retirement 15 years earlier. Think of all that you could do with 15 years of life.

The list could go on and on. Please take a few moments to write out what fear has cost you. Taking your thoughts down from your head and onto to paper will allow you to experience your thoughts with you senses. If you can come up with a list of 20 things that your FEAR is costing you, you will be well on your way to gaining the needed leverage to improve your life.

For more information on Beating investor fears along with information on Real Estate Wholesaling, and Real Estate Bird Dogging, visit either of my sites, www.UltimateWholesalingSystem.com or www.UltimateBirdDogSystem.com

I have had quite a few emails from other people requesting information on real estate wholesaling and real estate bird dogging here is a list of all of the real estate investing courses that I have put together.

http://www.ultimatewholesalingsystem.com/ the most comprehensive online real estate wholesaling course that I have seen. Wholesaling real estate is a no cash needed, no credit need entry point to real estate investing.

http://www.theforeclosurecollege.com/ – This is a great course for anyone who is serious about real estate wholesaling. I offer my complete real estate wholesaling manual, audio, my website, toll free number as well as one on one coaching with me.

http://www.birddogbiz.com/ – This is by far the best real estate bird dog course available. Do you want to know how I know that? I bought them all, and it was very sad. I set the standard for real estate bird dog courses with this one.

I thought I might share some lessons and observations that I have made while being a landlord, I would love to here some other lessons so that I may not need to discover them on my own. These are all things that I have actually seen, done and learned while real estate investing.

1. If someone gets shot in your house, regular carpet cleaner (Resolve) does not work to remove the nasty stuff that comes out when you get shot.

2. Normal people do not want to live in a house where the neighbors have spray painted R.I.P James Smith on the side walk.

3. If a tenant calls and begins the conversation with “I have always liked you”, or ” I hope your having a blessed day” it really means “I do not intend on paying rent this month”.

4. When a prospective tenant says “I live with my grand mother, or any other relative” they are actually saying “There is not a landlord in the world that would give me a good reference, so I will just say I live at home”.

5. If a tenant offers to paint a rental unit for their security deposit, and they say they are good painters. It really means that they are experts at painting linoleom, wood floors, and windows, but your walls may not turn out right. Do they make a 2000 sqft tarp?

6. When a tenant says that they “Don’t do drugs” they really mean “I don’t do certain drugs”. I ask “Do you do drugs?” they say to me “No I hate drugs”, they actually mean, “I hate crack, but weed and vicodin are staples in my life.

7. If your ceiling is torn down in one of your rental properties and the tenant tries to convince you that “It just Fell”, what they really mean is “There was a drug bust here, and we were growing weed in the cieling”.

8. Somehow the postal system is being very discriminate to only my tenants. This is an actual quote “Eric, I know this is the third month in a row that my social security check has not shown up on time, but the postmaster said “He fixed it”.

9. Do not call a heating and cooling guy when a tenant calls and says “My furnace isnt working” because what they really mean is “I have the heat set at 90 and its 95 in here, so my furnace isnt coming on”.

10. This is just a suspicion, but I think tenants are in cahoots with the gas companies, because I have walked into units where the landlord is paying the heat and I swear its 100 degrees, and they have all the windows open in the middle of winter. I asked them why the windows were open, and the furnace was on and they replied “The heats Free”. They act as if the gas company gives them a dollar for every dollar they waste on gas.

11. A house, is just not a house, until it has what I call the “Ghetto stamp of approval”, this is when I install new carpet and within 30 minutes of moving in, the tenant has burned the outline of the iron into the carpet in at least 6 spots. What are they doing ironing anyway? Unless they need to wear a suit and tie to the Department of human services.

12. I have found this very interesting, I live in a nice neighborhood with very nice homes, and many of my neighbors work 60+ hrs a week, and they have yards that look like the ninth whole at a golf course, and they maintain it themselves. Many of my tenants on the other hand, work 2 hours a week depending on the length of unemployment line, so one might deduce that their yard would be drop dead gorgeous, as they have so much time to work in it. This is not the case however, I can see missing a Twinky wrapper when you get out of your car, but how in the heck do you accidentally leave a couch in the front yard.

13. It is possible to mow a lawn, with a push mower in one had and a 40 oz of Colt 45 in the other. I was very happy to learn this because I have been mowing my lawn for years and was always stuck wearing a beer helmet.

Wholesaling real estate is one of the best ways that I have found to make loads of cash in real estate investing without needing cash, credit, or handling risk. Successful real estate wholesalers know that they much constantly change their business as the real estate market changes.

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Throughout my life I have been a person who never accepts the status quo. I have always sought out better and more efficient ways to do everything. As a real estate wholesaler I have experienced a tremendous amount of success because I am always refining my business. I treat my wholesaling business like a Nascar pit crew would treat the engine of their driver. Constantly tweaking it to add just a little more horsepower. The more horsepower that I can add to my real estate business the more cash I put in my pocket.

The key to refining your real estate wholesaling business is to ask yourself the following questions at the end of every week that you have been doing business:

1. In what ways could I have run my business more efficiently this week?

2. What problems have I encountered over the past week, and how could I better handle them next time?

3. What did I do well in my business this week, and are there parts of my real estate wholesaling business that I could carry the same ideas over to?

4. If I had my week to do over again what would I do differently?

As you can see these questions are the foundation for just about any business including wholesaling real estate. These same questions can be used to improve any other aspect of your life as well.
Eric Medemar is a Realtor/Real Estate Investor out of Grand Rapids, MI. Eric currently owns 35+ rental properties, and is the creator of the ultimate Wholesaling Real Estate system the programs that enables you to duplicate his exact real estate system. You can view Eric’s Blog at Free Guide To Wholesaling Real Estate guide also, be sure to check out Erics Ultimate Real Estate Bird Dog System

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How would you like to become a real estate middleman. You know, the middleman who takes all the profit without having to take on any of the risk. Real estate wholesaling will allow you to become a real estate middleman.

So what is a real estate middleman? A real estate middleman is the person who buyers come to for great deals, and sellers come to for quick sales. As a real estate wholesaler that is essentially how you make your money. You get paid the difference between the price that buyers are willing to pay and that sellers are willing to sell for.

So what kind of money can you make as a real estate middleman? I have had clients of mine make upwards of $150,000 doing middleman deals. Typical real estate middlemen can expect profits of $7,000-$20,000 per deal. I have had several deals where I have made close to $30,000. The amazing thing is that with those deals I paid under $30,000 for the homes. Where else but in real estate investing can you expect returns of over 100% in under 60 days. Using real estate middleman techniques I have made $9,000 in under 3 days and 20 minutes worth of work. That is why I love being in the middleman business.

In our current slow housing market becoming a real estate middleman is the perfect answer. Real estate middlemen do not have to worry about slow sales, because they do not buy what they have not already sold. Being a real estate middleman lets you buy with no risk, no cash, and no credit.

Eric Medemar is a Realtor/Real Estate Investor out of Grand Rapids, MI. Eric currently owns 35+ rental properties, and is the creator of the ultimate Real Estate Wholesaling system the programs that enables you to duplicate his exact real estate system. You can view Eric’s Blog at Free Guide To Real Estate Wholesaling guide, also be sure to check out Erics Ultimate Real Estate Bird Dog System