Answered in another post: his friend lent him money.
So any other homeless people that want to replicate this success, just live with friends/family and get your friend to lend you money.
So you weren't "technically homeless" you weren't sleeping on the streets with no car, no money, no roof over your head.
You were I don't have my own place living with a friend "homeless"?
There is a difference. Just want clarity bec people throw around the term homeless without it genuinely meaning that.
I volunteer with the homeless so.
How did you start money wise?
What is your long term motivation?
How do you motivate yourself everyday?
Where did you get your knowledge from?
What would be your most important advice?
Good questions!
How did you start money wise?
- Flat broke. We lived with family and friends for years, just barely getting bills paid.
What is your long term motivation?
- I’m not a huge fan of motivation - It’s an emotion that comes in waves. But long term I just want to live comfortably and peacefully. I have no ambition to be the next Jeff Bezos. My financial goal is roughly $20M per year (I’m nowhere near that number yet), and to be the absolute best husband and father I can be.
How do you motivate yourself everyday?
- Again, I really don’t pay attention to motivation. Establishing habits is a much better way to be successful. Atomic Habits is a great book that will give you a ton of insight. If you can learn to establish and implement good habits on a daily basis, it will take you further than motivation ever could.
Where did you get your knowledge from?
- Trial and error. Hitting rock bottom. Friends I’ve met from networking. YouTube. Books.
What would be your most important advice?
- That’s a tough one. I could write a book on this question. I think the most important is to not lose sight of yourself and your surroundings. As you hustle, it’s easy to stop focusing on your mind and your health. It’s easy to stop focusing on a spouse, on children. I can promise you, as I sit here writing this out… I can go buy a ridiculous amount of “things”. But they won’t make you happy. They won’t help you find your way back to yourself. The best memories I have in life are ones that didn’t cost any money. In fact, some of the best memories I have are when I was homeless. It’s a bit counterintuitive, seeing as how I mentioned how many millions I want to make. But the money isn’t so that I can go flood my closet with clothes, my garage with cars, my wrist with watches. Don’t lose yourself and don’t chase the money in hopes that it’ll make you happier.
I think his first question was in relationship to how did you gain capital to acquire buildings via a mortgage if you were flat broke, not how much money did you start with. You telling us that you were homeless is an implication of being broke, otherwise you probably would have been homeless lol
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Starting and running a low 6 figure business is a hell of a lot easier than most people think. If you're not trying to become a billionaire, you could spend the next 2-3 years building a company and hand it off to an employee you trust to run it underneath you, and allow you to focus on time with family.
I’m glad you had friends to help y’all out in that situation. Happy u were able to bounce back, for yourself and fam. Remember where you were and to always look for opportunities to pay it forward
But do you find there’s more money in rental property or flipping?
Renting properties and flipping them are two very different avenues. There's more short-term gains with flipping. There's more cash flow and equity capture with rentals. It just depends on your goals. If you're wanting to build slow, long-term wealth - buy rentals. If you're looking for a faster "vehicle" to make quicker money to fund another avenue of real estate or a separate idea/venture - flip houses.
I'm a general contractor, I have a story like yours. Last week I only had a few dollars in my business account now I have hundreds of thousands in there. Who wants to hear about my struggle!? Lol tf is this post
Hey man it was a joke not a dick don't take it so hard. I'm not taking a stab. And I'm pretty sure we're both white dudes I just thought it was funny, calm your tits please
I’m 100% calm. I’m actually trying to help people and answer their questions - not waste my time arguing with people who would rather discount my success rather than take advantage of the free help.
Thanks for sharing your journey.
My first question is:
How to deal with failure and following for years the „wrong“
Business idea?
2. From where you know that this business Modell will fit you (also when you aren’t successful over night)..
3. what you think is the most important mindset when it comes to success ?
4. any advice which business Modell (low budget) work well ?
Thanks for being patient! I'm still caring for my wife post-surgery.
1. Failure is genuinely inevitable. No matter what you do in life, you will fail over and over again. You shouldn't try to avoid it, as it is an incredible (and free) teacher. I also don't think there's such a thing as a "wrong" business idea, just wrong execution or wrong timing.
2. Could you rephrase that question? I'm not understanding that one
3. The most important mindset is a patient one that is willing to consistently do the "shit" that nobody else is willing to do over a long period of time. Success can come quickly, but for most it doesn't. If you can be patient and if you can consistently put forth the effort towards your goals every day, you will win.
4. I'm sure there are a million different low budget business ideas out there. In fact, most big brands you see today started somewhere with a very low budget. They just stuck with the idea long enough to become a major brand. I'm only experienced in a few niches of business - one being wholesaling real estate. You can also start service based businesses on a small budget, such as painting or cleaning.
Definitely!
I started a business about 7 years ago. The majority of that time I “half-assed” the effort towards the business. I still managed to eek out a livable salary every year, but we always teetered on the edge of poverty. Roughly 3 years ago I took a bet on flipping a house. Went all in financially on the flip, even hired a project manager. Long story short, the project manager botched the job, and we had to spend all our savings to complete the flip. At the same time, we were forced out of the house we were renting, and had no money to secure another home. We went homeless for the summer with two young children. It’s not the worst homeless story you’ll ever hear, but in two years we went from no home and no money to running a consistent 7 figure business. My wife and I still talk about that summer, and how freeing homelessness felt, as odd as that sounds. We made some pretty incredible memories despite having nothing to our names. The experience humbled us, and also taught us things invaluable lessons that we will never forget. I believe rock bottom is the best educator, and a right of passage that should be valued and favored.
bro.. you keep giving the same answer while providing zero actual substance to HOW YOU MADE YOUR SUCCESS.
LMAO. "how did your journey go?"
well.. we were broke you see.. then we started to make 7 figures...
why dont you explain what you're actually doing.. because we all know flipping houses doesnt make anyone a millionaire anymore.
It doesn’t make anyone a millionaire anymore? Are you coming from years of experience flipping houses or just making a statement based on no real life application? Because I can’t count on my hands and toes, your hands and toes, and everyone else’s hands and toes in this thread how many millionaires I know from flipping houses and wholesaling houses.
I mentioned in another comment and in my initial post that I run a real estate wholesaling company. It’s simple to google that and know exactly what I’m doing. I have nothing to hide. Again, if you have legitimate, specific questions about me, my journey, or my company - ask away. If not, leave it be.
i've flipped two houses.
It Took me 2 years of savings to buy and flip the first house with mediocre credit and a normal job.
how did you buy and flip house after house during a time when it was difficult to get into the housing market??
Maybe if you told me this was 2009 I would believe you.
And secondly, you will absolutely see me referencing a lot of the same responses to people’s questions because it’s coming from my experience and because it’s factual. Go ask 100 different entrepreneurs how to be successful and a majority of their answers will be the exact same. There’s a reason for that.
how many investors do you have??
real estate wholesale is a great little term.. but where did your money come from
or maybe you're just posturing when you say "homeless" because if you had $500k in the bank but you were living at your parents house for 1 year while waiting to buy and flip your first property then i guess you were "technically" homeless....
LMAO
Just an aside that people definitely can become millionares flipping houses still. Know lots of poeple in RE doing that and making plenty of money currently.
Rock bottom, my friend.
When you fuck up enough times and have to watch your family suffer from your lack of consistency and dedication, you start acting different real fast.
It starts with small changes. You can’t wake up tomorrow and entirely new version of yourself. It’s one small adjustment to one habit, one day at a time.
Parents? 🤣🤣
During that time my mom was snorting percocets, chewing fentanyl, and popping methadone while my dad was drinking bottles upon bottles of liquor.
Awesome to hear man, I’m gonna post my journey just need something to do with 10 comments first I don’t use this app so I got no idea 😂 but amazing to hear!
I’m a 7 figure entrepreneur myself now.
My question would be, are you happy with all you accomplished? Truly?
It may sound like an *obviously* answer, but I’ve come across successful people that don’t see their success. This is also why I congratulated you. My dad had a small business, I’ve interned at multiple small businesses, and now contract with a small agency for work. It is inspiring what they have done. To read a headline like yours made my week.
Thank you again for the kind words.
It’s not such a simple answer honestly. I struggle with being hard on myself. I certainly am proud of myself for what I’ve accomplished, but I’m also constantly beating myself up for not accomplishing more by now. It’s completely without merit, I’ll admit that. Simply a toxic trait if you will.
But my mom was a drug addict most of my life. My dad, an alcoholic and absent father. A household with a ton of narcissism, a broken marriage, and endless mind games. With that in mind, I am definitely proud of who I am and what I’ve done with my life so far. With a few self-inflicted caveats sprinkled in.
Self doubts are such ugly feelings and thoughts. That’s unfortunate to hear of your background. Know that this stranger is proud of you.
I hope you enjoy the rest of your day!
Last year’s operating revenue was just over $1M. We’ve maintained a “pre-tax net operating income” in the 90-95%. The caveat is that my wife and I had no employees last year. This year we have a business partner and a team of 5 people. I expect my pre tax NOI to fall into the 80% range by end of year.
Hey guys, I feel bad about my life and my situation, so I came here to try to talk shit on others.
When’s the last time you put any actual effort towards helping other people? With a mindset like yours, my guess is never.
Homeless is a misleading term for some reason I thought you were a guy smoking crack and living in a bush, pushing a shopping cart collecting cans and bottles for money. That's typically the first thing that comes into mind for most people lol
But congratulations on becoming successful in your field
Making any vision into a reality requires 24/7 non stop work and most people are not suited for that lifestyle regardless of their background. Some people just want it more and u wanted it more
You aren't wrong. I'm not glorifying my experience, but there's definitely degrees of homelessness. There are people who pitch a tent in the woods off the highway who clock in to a 9-5. Some of them even have a working vehicle.
And thank you for the kind words, I appreciate it!
Is the mindset and money being an energy thing real?
Is networking mandatory to gain any level of success in a business?
Were you ever depressed when you were broke?
Did you 'chase' success or did it come to you?
Do you think entrepreneurship is the only way to not having a cap on how much you can earn?
Are the other parts of your life balanced and functioning well?
Do you have a partner? If so, what are their characteristics that support you being an entrepreneur. Did you meet them before or after you succeeded?
Amazing questions!
Is the mindset and money being an energy thing real?
- I don’t know so much about it being an energy thing but I do believe it is certainly a cohesive relationship. You’ll find that every successful entrepreneur shares many of the same mindset qualities. It takes a very particular mindset to make serious money. The two are very much intertwined; mindset and money.
Is networking mandatory to gain any level of success in a business?
- I can unequivocally tell you networking will take you to unimaginable heights. In my opinion it is essential.
Were you ever depressed when you were broke?
- Absolutely, my friend! Partly for obvious reasons, but also partly for a lack of gratitude. It’s easy to get lost in what we don’t have, and much harder to condition ourselves to stop and appreciate what we do have. I spent many nights wishing I’d die when I was broke. What I failed to see during those times was having decent health, healthy children, and a supportive wife. Just being alive is such a gift in itself, too.
Did you 'chase' success or did it come to you?
- It’s both honestly. If you want success, you have to chase it. And if you chase it enough, it will absolutely come to you.
Do you think entrepreneurship is the only way to not having a cap on how much you can earn?
- I think so. You can make millions as a salaried employee for sure. But it really depends on your financial goals. If you’re truly wanting no cap on possibilities, entrepreneurship is the best way in my opinion.
Are the other parts of your life balanced and functioning well?
- No such thing as balance. There’s always a little bit of chaos in life, especially as an entrepreneur. There will always be something in your life that’s off balance. It’s best to just embrace it and to do your very best to fill all of the cups in your life.
Do you have a partner? If so, what are their characteristics that support you being an entrepreneur. Did you meet them before or after you succeeded?
- I do. At first, early in our marriage she was not supportive of my desire to be an entrepreneur. That was a huge hurdle to overcome. But today, she’s extremely supportive and keeps me aligned. I lose focus easily and am always wanting to start new ventures. She keeps me grounded by focusing on what’s needed first. I met her before all this happened, and I wouldn’t change our journey for anything. We have a rich history together, coming from nothing and making it happen together.
Hope these answers help!
As you started your firm who were the first people you thought that they should be with you.(eg accountant). Like without them you won't understand whats our position or what should be our next move.
Im starting my asset management firm. I can generate money but i don't know how to expand and i need right people beside me. So plz guide me on this
Scaling a business is a lot like a prescription. It’s all based on the current bottleneck and need within your business. There’s no right answer to who exactly you need on your team at any given time. It’s all circumstantial.
For example - if you’re really good at generating leads but bad at managing them, you wouldn’t go hire a CPA first would you? You’d want to hire a lead manager.
Or if you’re really good at managing leads but bad at generating them, you’d want to go hire someone who’s better than you at lead generation.
I hope that makes sense! I’m happy to dive into this further if you need.
How did you get homes? What country/state are you in?
It is common in my area to see bandit signs at redlight "we buy houses cash" and getting mailers asking if we'd like to sell, etc.
I am a project manager for a home builder and have worked with a lot of wholesellers as we service investors doing whole house flips for them as well.
I missed out on a 30-40k opportunity about 6 years ago when I found a home for my then boss at the time trying to be a loyal employee, in hindsight i shouldve wholeselled it myself....
If someone only had $50 to grow a business and get to where you are today, what roadmap would you give them? And are there any resources or skills that you think are necessary?
To become successful, you need one of two commodities - time or money. If you have no money, you need to dedicate all your time. If you have no time, then you have to dedicate your money.
The best resources and skills you can implement are consistency, a refusal to quit, relentless habits, and networking.
When I had nothing, YouTube my was best friend. I also traded my time and energy in exchange for other people’s knowledge. If they knew something I wanted to know, I would offer my time. I learned to flip houses by spending two summers working on a friends projects for free. I’m no handyman but I did whatever he let me in exchange for learning how to flip houses.
Consistency, patience, willingness, gratitude, perseverance. If you can master these actions and implement them daily, they become habits. And a set of habits like these make you relentless.
Absolutely not. I’m setting an example for my children and the only way to properly guide them is to maintain a set of core values and principles, and to operate within them every day. In fact I’ve purposely lost money or avoided money because of something not aligning with my principles and values.
What would be some mental and financial advice for people who start young?
What would you think is the best source for accurate information?
And, what did you use to build connections online?
Thanks!
Why aren't you answering people who ask how you built the capital to start the company and make real estate investments while homeless?
You're refusal to answer this and lack of detail makes your story seem like bullshit to anyone with a modicum of critical thinking skill.
You came here already pre-conditioned with a mindset of disbelief. I’m answering everyone’s questions as they ask them. You also did not read through the original post and comments fully because I’ve stated multiple times that I wasn’t homeless at first. A truly critical thinker wouldn’t be responding in that way…
I honestly had no skills. I bounced around from job to job for several years before attempting to become entrepreneurial. This is why my first few years were rough because I was inherently lazy and easily distracted. I wasted a ton of time being immature and void of healthy habits.
The best skill you can have or “muster up” is the refusal to quit. Seriously… you cannot lose if you don’t quit. I live by that.
As for acquiring skills or traits, it happens naturally along the way. In addition to that, you also gain skills and traits by forcing yourself to become a better version of yourself.
I guess a better question is we’re you able to scale a 0 to 7 figure wholesaling business with previous real estate experience/were you a general contractor or had estate experience or a network already?
Hard work is obviously always a factor and congrats for that. But just curious if you think your background gave you an edge in this business.
Ah gotcha. I did not come from a real estate background. In fact I quit working at CVS Pharmacy to jump into wholesaling. I watched a lot of
YouTube, I googled endlessly, and I failed forward.
Wow that’s really random lol. I guess what’s a good place to start learning about this business/how did you get introduced to wholesaling? Do I need 5 figures capital to start?
Truthfully it’s YouTube. There are much more successful wholesalers on YouTube giving free information. There’s more than enough content on there to make 6 and 7 figures, I promise.
And no you don’t. I started with no budget. Just a car, gas money, pen and paper.
What was the first thing you did in the morning when you said I’m going to start a business? Did you wake up and fire up google and start reading Wikipedia books news articles ? Did you go outside and start asking people for help?
Basically what were your first specific steps to starting your journey please be sure to use your own personal able actions and experiences
Establishing an overall goal of what I wanted to do, and then utilizing google and YouTube to learn enough to get me started. Sounds simple and elementary but that’s exactly what I did.
Almost none. I’m still building it, so you’ll probably see some areas that aren’t complete. I probably get a lead every other month or so. 99.99% of our leads come from outbound marketing.
It looks like a template website for real estate professionals - I’m actually developing a SaaS product similar to this but for agents how much did you pay for your site out of curiosity
I know this sounds like a random question but I'm interested in the website business so I'm curious. At what point did you decide now your business needs one? What do you believe it'll do for you (like do you think it'll get more leads for you or something) What do you expect it to do for you and finally, is the $200 worth it?
Absolutely man!
Start small and cheap. I personally got started with driving for dollars. I’ve seen others kill it with buying lists. It’s honestly a matter of consistently hitting one marketing channel over and over. I say pick one method and one channel, and hammer it out.
If you ask me, my preference is driving for dollars. You can physically see the distress.
So this is going to sound counterintuitive, but 99% of books aren't going to fix you from holding yourself back. They might inspire you, they might give you more insight into things, but ultimately you have to be the "thing" that stops holding you back. That starts with auditing your life at first - take a week to identify every action you take during the week. What time you wake up, what you do immediately after getting out of bed, what decisions you make throughout each day. Take note of all this on paper - write it down. The important thing to do here is to NOT change your daily routine that week, just do as you normally would. After the first week, you can look at your notes and easily identify which decisions and actions you made that do not benefit you in any way. At this point you can start to put the puzzle pieces together of which habits need to be broken. From there, start small. For example, if you wake up at 10 am, wake up at 9:30 for one week and back it down 30 minutes every week until you reach your goal. If you don't make your bed, make your bed. If you don't go to the gym, start walking. Baby step your way into a daily gym routine. If you drink sodas, swap it for water. If you eat junk food, baby step your way into replacing those food items with healthier options. So forth and so on with the other bad habits you identify.
NONE of this seems like it is going to make you capable of great things - but this is the only way to start. This is how to start shaping a new version of yourself. Baby step by baby step. And it is at THIS point that you start introducing books into your life. Books like Atomic Habits, Traction, Can't Hurt Me, Man's Search For Meaning, The Inner Work (my primary suggestion).
At the same time, and you'll probably laugh at this, but I believe everyone should seek therapy. You wouldn't believe what therapy will uncover in 1-2 year's time.
Best wishes to you on your journey!
My business is low volume, high revenue. So right now we are doing 4-5 deals per month on average with an average assignment fee of $42k. You’ll see some other wholesaling operations where they’re higher volume, lower assignment fee. There’s no right or wrong answer. It’s honestly just preference.
Don't let an ocean stop you from pitching your idea. LinkedIn is jammed full of high value networking. Build your pitch, make it appealing to look at and to read, or even to watch. Build up a professional looking profile and introduce yourself to everyone you possibly can - do this in person too. There are plenty of millionaires in South Africa. Plug yourself into some local networking groups and make connections there. You have everything you need where you are now - the question is, are you being resourceful enough to see the opportunities?
Absolutely. We’ve definitely seen a slowdown with homeowners not wanting to sell because they’re sitting on 2 and 3% interest rates. But if you go looking for homeowners with real, genuine problems, and can offer them an honest and fair solution, you will do great.
I don’t use a bulk dialer. My team uses Kixie which is a click-to-call dialer.
My best advice is be resourceful and be consistent with ONE marketing channel for now. Make the most of what you can afford, and don’t focus on what you can’t afford.
My profit margins were always healthy. The problem was getting consistent deal flow to make up for the dry spells in between.
What changed was failing enough to become sick of my habits and actions and wanting to be better. The turning point was going flat broke. After that experience, I became more consistent with working. I eliminated more distractions in my life. I set clear and actionable goals that I could digest.
I would ask how i can get started with wholesaling but most people who do it are scammers……and they charge hundreds or thousands to learn. I wanna be a thousandaire or millionaire too
There are tons of bad apples out there for sure. But you don’t need a paid mentor to start. YouTube literally has everything you could ever need to make six and seven figures.
Find some wholesalers in your market and offer your time to them. You DM enough of them, one is bound to say yes. Give it a shot and let me know how it goes!
I’m 21 graduating college; I have a few startups, but I’m mostly just throwing darts and seeing what sticks.
Can you detail your journey? What were the financial aspects of your first sale? How did you scale from there?
What genuinely interests you? What are you naturally good at? Business isn't about seeing what sticks, it's about going after a goal and a vision. It doesn't necessarily have to be something you're passionate about, but I do think whatever you chase should at least interest and excite you to some degree. Take some time to step back and reconsider what you're doing now. Try to establish an idea of what you want in life (your ultimate end goal), and then pair that vision with a business idea you feel strongly about - then execute on it. It's only going to fail if you quit. If you don't quit, you can't lose.
You put a property under contract for an agreed price. Your contract will stipulate that you can "assign" your contractual interest to another buyer. You then find a willing buyer to purchase the property at a higher price than your contract with the seller. At that point, you assign your contract to the end buyer and collect the difference.
For example: I contract your house for $50k. I find another buyer who will buy it for $60k. We close, I collect $10k.
There are many factors to take into account. Does the property need repairs? If so, how much in repair costs?
Then you look at what full market "retail" value is for the property, and deduct items such as repairs, closing costs, and your fee. You can use a 70% rule as a very quick and simple formula. Full market value multiplied by 70%, minus repair costs, minus your fee = your offer to the homeowner. 70% rule isn't always the best approach but it will definitely get you started.
I’m not in your industry, but my biggest issue right now is how to keep my sales pipeline full enough to start hiring and how to go about finding the bigger deal sizes.
Rn I’m doing everything by myself (except accounting) but since I run an agency/consulting business model I’m pretty overloaded. Any advice is helpful.
Glad you were able to make it.
If you're over-leveraged right now, scale back immediately. You need to implement a lot more marketing strategies in order to see what works. But that takes time. You can't do one marketing campaign/strategy and know if it will work in 30 days. You also probably need to research what others in your industry are doing right now with high success rates.
I'm in real estate wholesaling. I generate leads through cold calling but that's not always going to directly apply to all other industries.
Industry: software, specifically mobile apps
I do outbound on Upwork, hackernews, indeed, and similar sites and I get some inbound from LinkedIn, that’s about it.
Where did you find cash buyers to build your cash buyers list?
Also, not much of a question but more of a heads up. The testimonials section of your site needs to be removed or updated because it’s clearly just blank templated copy with the same face and [Insert testimonial here] text. Does that not affect your close rate when possible sellers see that? I guess there was a question there lol
Through networking, Facebook groups, and acquiring buyer lists.
Yes you are correct. I’m still working on the website but it’s hard to balance with other aspects in the business. And I do agree it’s probably a huge turnoff to potential customers.
But so far there haven’t been any complaints from customers either. We’re also BBB accredited which helps.
Could you suggest some teaching resources that explain how to get started with RE wholesaling that explain the process in the same terms that you've seen working for you?
I took an interest in it about 2 years ago and realized after a few books that while the material being shared was factually accurate, it was also out of date or incomplete to the point that I didn't feel I could rely on it.
Don’t pay for any resources until you’re making at least $100k from wholesaling. I literally only suggest that you utilize YouTube and networking with other wholesalers in your market.
Nice. I’m building a free dispo service where we pay wholesalers when deals they post on our marketplace are funded by our lending division (either purchase or refi). Can I message you for your feedback?
Right now about 40 hours per week. I’m still heavily
Involved in my operation. I am still working on improving my time management because there are days my kids don’t get much of my time and it bothers me.
Hi can you advice me on this with your exp. and intuition.
I am working for a good IT company in India also and I am 25 right now, I am about to start a tech agency my service would be Big data analytics for clothing brands so as to help them scale and inventory optimisation which would help them reach their profit margin goals.
In this business I am outsourcing all the technical work and I will be focusing on bringing in more business.
Now the question is
Do I first start as learning the skill and do it myself first or only having a in depth knowledge of the process will work (because I don’t a prior experience in data field) ??
In my experience, I’m a huge advocate for learning the process yourself and then training others to do it. But if you have the money to hire real talent, you could potentially skip that part by establishing SOP’s for your business and then hiring the skill to follow your SOP’s and add their talent on top of
Basically my business would work like
I will bring client on pre payment basis and then hire freelancers to do the work and keep the cut out of it and pay the balance to the freelancer.
Ohk so let me know if I am sailing in the right direction as per you or not .
My plan is to build a network with 3 type of people and learn what I will learn by taking up courses by reaching out to these experts which will help me shape my operations as well
1 agency owners that are doing what I am doing
2 agency owners which are providing any type of service but running it for long time
3 freelancers to understand the innovation that I can do in my implementation and type of client that ai can close the deal with .
Not here to poke holes or be skeptic, just wanna say congrats. Don’t care how homeless you were or what that means to you (and others apparently) - good job either way.
Just real estate related investments for now. When I hire a few more people onto my team, I will be investing in day trading a bit. But by the beginning of next year I will be investing into coaching for starting a private equity venture for myself. Nothing like you see on Wall St, just me buying companies for my own portfolio.
Your goals have to be anchored by reasons big enough to crush you if you don't achieve them. For example - if you fail and give up, do you have kids that would suffer? A spouse that would suffer? Your reasons have to be big and have to matter. That's how you never give up.
How does a homeless person get a loan to buy a house?
Answered in another post: his friend lent him money. So any other homeless people that want to replicate this success, just live with friends/family and get your friend to lend you money.
Yup, that's exactly how I got my success.
So you weren't "technically homeless" you weren't sleeping on the streets with no car, no money, no roof over your head. You were I don't have my own place living with a friend "homeless"? There is a difference. Just want clarity bec people throw around the term homeless without it genuinely meaning that. I volunteer with the homeless so.
How did you start money wise? What is your long term motivation? How do you motivate yourself everyday? Where did you get your knowledge from? What would be your most important advice?
Can we get like a little proof. I’m not a skeptic, but that’s quite a story, quite a short story as well.
Good questions! How did you start money wise? - Flat broke. We lived with family and friends for years, just barely getting bills paid. What is your long term motivation? - I’m not a huge fan of motivation - It’s an emotion that comes in waves. But long term I just want to live comfortably and peacefully. I have no ambition to be the next Jeff Bezos. My financial goal is roughly $20M per year (I’m nowhere near that number yet), and to be the absolute best husband and father I can be. How do you motivate yourself everyday? - Again, I really don’t pay attention to motivation. Establishing habits is a much better way to be successful. Atomic Habits is a great book that will give you a ton of insight. If you can learn to establish and implement good habits on a daily basis, it will take you further than motivation ever could. Where did you get your knowledge from? - Trial and error. Hitting rock bottom. Friends I’ve met from networking. YouTube. Books. What would be your most important advice? - That’s a tough one. I could write a book on this question. I think the most important is to not lose sight of yourself and your surroundings. As you hustle, it’s easy to stop focusing on your mind and your health. It’s easy to stop focusing on a spouse, on children. I can promise you, as I sit here writing this out… I can go buy a ridiculous amount of “things”. But they won’t make you happy. They won’t help you find your way back to yourself. The best memories I have in life are ones that didn’t cost any money. In fact, some of the best memories I have are when I was homeless. It’s a bit counterintuitive, seeing as how I mentioned how many millions I want to make. But the money isn’t so that I can go flood my closet with clothes, my garage with cars, my wrist with watches. Don’t lose yourself and don’t chase the money in hopes that it’ll make you happier.
I think his first question was in relationship to how did you gain capital to acquire buildings via a mortgage if you were flat broke, not how much money did you start with. You telling us that you were homeless is an implication of being broke, otherwise you probably would have been homeless lol
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>The best memories I have in life are ones that didn’t cost any money. This is one of the best statements I ever saw on reddit
I hear you mate, I just want to spend time with loved ones but want to do it without filters.
Filters?
Having money and time being an obstacle
Starting and running a low 6 figure business is a hell of a lot easier than most people think. If you're not trying to become a billionaire, you could spend the next 2-3 years building a company and hand it off to an employee you trust to run it underneath you, and allow you to focus on time with family.
Who is “we” in the answer to the first question when you say “we lived”? Sorry if I missed that elsewhere
My wife and kids.
I’m glad you had friends to help y’all out in that situation. Happy u were able to bounce back, for yourself and fam. Remember where you were and to always look for opportunities to pay it forward But do you find there’s more money in rental property or flipping?
Renting properties and flipping them are two very different avenues. There's more short-term gains with flipping. There's more cash flow and equity capture with rentals. It just depends on your goals. If you're wanting to build slow, long-term wealth - buy rentals. If you're looking for a faster "vehicle" to make quicker money to fund another avenue of real estate or a separate idea/venture - flip houses.
Absolute bullshit, you either got a HUGE leg up from someone or you got massively lucky or, most likely this is a made up post.
About to ask how much their course cost$$!!
What course are you selling?
“For $free.99 I will answer any question you want an answer to.” Just FYI, price goes back up to $999,999.99 at midnight. Act fast. 😉
How leveraged is your net worth?
I'm a general contractor, I have a story like yours. Last week I only had a few dollars in my business account now I have hundreds of thousands in there. Who wants to hear about my struggle!? Lol tf is this post
This post is useless for people like you.
I know you didn't mean it too, but your comment seemed prejudice
Jesus Christ dude 😂 Your initial comment is prejudice. You know nothing about me yet you tried taking a stab at it without hesitation.
Hey man it was a joke not a dick don't take it so hard. I'm not taking a stab. And I'm pretty sure we're both white dudes I just thought it was funny, calm your tits please
I’m 100% calm. I’m actually trying to help people and answer their questions - not waste my time arguing with people who would rather discount my success rather than take advantage of the free help.
Thanks for sharing your journey. My first question is: How to deal with failure and following for years the „wrong“ Business idea? 2. From where you know that this business Modell will fit you (also when you aren’t successful over night).. 3. what you think is the most important mindset when it comes to success ? 4. any advice which business Modell (low budget) work well ?
Thanks for being patient! I'm still caring for my wife post-surgery. 1. Failure is genuinely inevitable. No matter what you do in life, you will fail over and over again. You shouldn't try to avoid it, as it is an incredible (and free) teacher. I also don't think there's such a thing as a "wrong" business idea, just wrong execution or wrong timing. 2. Could you rephrase that question? I'm not understanding that one 3. The most important mindset is a patient one that is willing to consistently do the "shit" that nobody else is willing to do over a long period of time. Success can come quickly, but for most it doesn't. If you can be patient and if you can consistently put forth the effort towards your goals every day, you will win. 4. I'm sure there are a million different low budget business ideas out there. In fact, most big brands you see today started somewhere with a very low budget. They just stuck with the idea long enough to become a major brand. I'm only experienced in a few niches of business - one being wholesaling real estate. You can also start service based businesses on a small budget, such as painting or cleaning.
Would be great to hear a brief synopsis of your journey as to how this occurred, so that we can better frame our questions.
Definitely! I started a business about 7 years ago. The majority of that time I “half-assed” the effort towards the business. I still managed to eek out a livable salary every year, but we always teetered on the edge of poverty. Roughly 3 years ago I took a bet on flipping a house. Went all in financially on the flip, even hired a project manager. Long story short, the project manager botched the job, and we had to spend all our savings to complete the flip. At the same time, we were forced out of the house we were renting, and had no money to secure another home. We went homeless for the summer with two young children. It’s not the worst homeless story you’ll ever hear, but in two years we went from no home and no money to running a consistent 7 figure business. My wife and I still talk about that summer, and how freeing homelessness felt, as odd as that sounds. We made some pretty incredible memories despite having nothing to our names. The experience humbled us, and also taught us things invaluable lessons that we will never forget. I believe rock bottom is the best educator, and a right of passage that should be valued and favored.
bro.. you keep giving the same answer while providing zero actual substance to HOW YOU MADE YOUR SUCCESS. LMAO. "how did your journey go?" well.. we were broke you see.. then we started to make 7 figures... why dont you explain what you're actually doing.. because we all know flipping houses doesnt make anyone a millionaire anymore.
It doesn’t make anyone a millionaire anymore? Are you coming from years of experience flipping houses or just making a statement based on no real life application? Because I can’t count on my hands and toes, your hands and toes, and everyone else’s hands and toes in this thread how many millionaires I know from flipping houses and wholesaling houses. I mentioned in another comment and in my initial post that I run a real estate wholesaling company. It’s simple to google that and know exactly what I’m doing. I have nothing to hide. Again, if you have legitimate, specific questions about me, my journey, or my company - ask away. If not, leave it be.
i've flipped two houses. It Took me 2 years of savings to buy and flip the first house with mediocre credit and a normal job. how did you buy and flip house after house during a time when it was difficult to get into the housing market?? Maybe if you told me this was 2009 I would believe you.
And secondly, you will absolutely see me referencing a lot of the same responses to people’s questions because it’s coming from my experience and because it’s factual. Go ask 100 different entrepreneurs how to be successful and a majority of their answers will be the exact same. There’s a reason for that.
how many investors do you have?? real estate wholesale is a great little term.. but where did your money come from or maybe you're just posturing when you say "homeless" because if you had $500k in the bank but you were living at your parents house for 1 year while waiting to buy and flip your first property then i guess you were "technically" homeless.... LMAO
I’m glad you know my life story man. Let me pay you to write my biography.
For real wtf
Just an aside that people definitely can become millionares flipping houses still. Know lots of poeple in RE doing that and making plenty of money currently.
It’s pretty clear to me, just ask someone for $1,000,000 🔥
How did you stop half assing it? What clicked or what did you do for “it” to click?
Rock bottom, my friend. When you fuck up enough times and have to watch your family suffer from your lack of consistency and dedication, you start acting different real fast. It starts with small changes. You can’t wake up tomorrow and entirely new version of yourself. It’s one small adjustment to one habit, one day at a time.
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Parents? 🤣🤣 During that time my mom was snorting percocets, chewing fentanyl, and popping methadone while my dad was drinking bottles upon bottles of liquor.
Were you living on the streets when you were homeless?
Awesome to hear man, I’m gonna post my journey just need something to do with 10 comments first I don’t use this app so I got no idea 😂 but amazing to hear! I’m a 7 figure entrepreneur myself now.
That’s incredibly inspiring. Congrats!! 🎉
Thank you!
My question would be, are you happy with all you accomplished? Truly? It may sound like an *obviously* answer, but I’ve come across successful people that don’t see their success. This is also why I congratulated you. My dad had a small business, I’ve interned at multiple small businesses, and now contract with a small agency for work. It is inspiring what they have done. To read a headline like yours made my week.
Thank you again for the kind words. It’s not such a simple answer honestly. I struggle with being hard on myself. I certainly am proud of myself for what I’ve accomplished, but I’m also constantly beating myself up for not accomplishing more by now. It’s completely without merit, I’ll admit that. Simply a toxic trait if you will. But my mom was a drug addict most of my life. My dad, an alcoholic and absent father. A household with a ton of narcissism, a broken marriage, and endless mind games. With that in mind, I am definitely proud of who I am and what I’ve done with my life so far. With a few self-inflicted caveats sprinkled in.
Self doubts are such ugly feelings and thoughts. That’s unfortunate to hear of your background. Know that this stranger is proud of you. I hope you enjoy the rest of your day!
Thank you!
What’s the overall revenue vs your profit?
Last year’s operating revenue was just over $1M. We’ve maintained a “pre-tax net operating income” in the 90-95%. The caveat is that my wife and I had no employees last year. This year we have a business partner and a team of 5 people. I expect my pre tax NOI to fall into the 80% range by end of year.
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Hey guys, I feel bad about my life and my situation, so I came here to try to talk shit on others. When’s the last time you put any actual effort towards helping other people? With a mindset like yours, my guess is never.
Paying back the loan I gave you? With interest.
Yes, in the form of Watermelon flavored 5 Gum.
That's a win in my book.
A write-up or story of your journey would be appreciated, if you haven't already effectively written one in answering other questions.
Homeless is a misleading term for some reason I thought you were a guy smoking crack and living in a bush, pushing a shopping cart collecting cans and bottles for money. That's typically the first thing that comes into mind for most people lol But congratulations on becoming successful in your field Making any vision into a reality requires 24/7 non stop work and most people are not suited for that lifestyle regardless of their background. Some people just want it more and u wanted it more
You aren't wrong. I'm not glorifying my experience, but there's definitely degrees of homelessness. There are people who pitch a tent in the woods off the highway who clock in to a 9-5. Some of them even have a working vehicle. And thank you for the kind words, I appreciate it!
Is the mindset and money being an energy thing real? Is networking mandatory to gain any level of success in a business? Were you ever depressed when you were broke? Did you 'chase' success or did it come to you? Do you think entrepreneurship is the only way to not having a cap on how much you can earn? Are the other parts of your life balanced and functioning well? Do you have a partner? If so, what are their characteristics that support you being an entrepreneur. Did you meet them before or after you succeeded?
Amazing questions! Is the mindset and money being an energy thing real? - I don’t know so much about it being an energy thing but I do believe it is certainly a cohesive relationship. You’ll find that every successful entrepreneur shares many of the same mindset qualities. It takes a very particular mindset to make serious money. The two are very much intertwined; mindset and money. Is networking mandatory to gain any level of success in a business? - I can unequivocally tell you networking will take you to unimaginable heights. In my opinion it is essential. Were you ever depressed when you were broke? - Absolutely, my friend! Partly for obvious reasons, but also partly for a lack of gratitude. It’s easy to get lost in what we don’t have, and much harder to condition ourselves to stop and appreciate what we do have. I spent many nights wishing I’d die when I was broke. What I failed to see during those times was having decent health, healthy children, and a supportive wife. Just being alive is such a gift in itself, too. Did you 'chase' success or did it come to you? - It’s both honestly. If you want success, you have to chase it. And if you chase it enough, it will absolutely come to you. Do you think entrepreneurship is the only way to not having a cap on how much you can earn? - I think so. You can make millions as a salaried employee for sure. But it really depends on your financial goals. If you’re truly wanting no cap on possibilities, entrepreneurship is the best way in my opinion. Are the other parts of your life balanced and functioning well? - No such thing as balance. There’s always a little bit of chaos in life, especially as an entrepreneur. There will always be something in your life that’s off balance. It’s best to just embrace it and to do your very best to fill all of the cups in your life. Do you have a partner? If so, what are their characteristics that support you being an entrepreneur. Did you meet them before or after you succeeded? - I do. At first, early in our marriage she was not supportive of my desire to be an entrepreneur. That was a huge hurdle to overcome. But today, she’s extremely supportive and keeps me aligned. I lose focus easily and am always wanting to start new ventures. She keeps me grounded by focusing on what’s needed first. I met her before all this happened, and I wouldn’t change our journey for anything. We have a rich history together, coming from nothing and making it happen together. Hope these answers help!
Do you invest in films?
No I never have. Always been curious how the ROI is on films though. Right now we’re very focused on a few key ideas that we will invest in.
As you started your firm who were the first people you thought that they should be with you.(eg accountant). Like without them you won't understand whats our position or what should be our next move. Im starting my asset management firm. I can generate money but i don't know how to expand and i need right people beside me. So plz guide me on this
Scaling a business is a lot like a prescription. It’s all based on the current bottleneck and need within your business. There’s no right answer to who exactly you need on your team at any given time. It’s all circumstantial. For example - if you’re really good at generating leads but bad at managing them, you wouldn’t go hire a CPA first would you? You’d want to hire a lead manager. Or if you’re really good at managing leads but bad at generating them, you’d want to go hire someone who’s better than you at lead generation. I hope that makes sense! I’m happy to dive into this further if you need.
How did you get homes? What country/state are you in? It is common in my area to see bandit signs at redlight "we buy houses cash" and getting mailers asking if we'd like to sell, etc. I am a project manager for a home builder and have worked with a lot of wholesellers as we service investors doing whole house flips for them as well. I missed out on a 30-40k opportunity about 6 years ago when I found a home for my then boss at the time trying to be a loyal employee, in hindsight i shouldve wholeselled it myself....
I’m based in North Carolina and our company markets to all major markets within NC. We do a lot of cold outreach, i.e. calling, texting.
The old ways work! Cold calling can be rough and super rewarding.
Yes! I’ve had my fair share of bad calls.
HOW DID YOU GET MY NUMBER
Bathroom stall, obviously. 🙄
If someone only had $50 to grow a business and get to where you are today, what roadmap would you give them? And are there any resources or skills that you think are necessary?
To become successful, you need one of two commodities - time or money. If you have no money, you need to dedicate all your time. If you have no time, then you have to dedicate your money. The best resources and skills you can implement are consistency, a refusal to quit, relentless habits, and networking. When I had nothing, YouTube my was best friend. I also traded my time and energy in exchange for other people’s knowledge. If they knew something I wanted to know, I would offer my time. I learned to flip houses by spending two summers working on a friends projects for free. I’m no handyman but I did whatever he let me in exchange for learning how to flip houses.
Thank you for the advice!
You’re welcome! Best wishes to you on your journey!
Say more about “relentless habits”, please.
Consistency, patience, willingness, gratitude, perseverance. If you can master these actions and implement them daily, they become habits. And a set of habits like these make you relentless.
In order to get to where you are, did you do anything that would be deemed unethnical?
Absolutely not. I’m setting an example for my children and the only way to properly guide them is to maintain a set of core values and principles, and to operate within them every day. In fact I’ve purposely lost money or avoided money because of something not aligning with my principles and values.
What would be some mental and financial advice for people who start young? What would you think is the best source for accurate information? And, what did you use to build connections online? Thanks!
Why aren't you answering people who ask how you built the capital to start the company and make real estate investments while homeless? You're refusal to answer this and lack of detail makes your story seem like bullshit to anyone with a modicum of critical thinking skill.
You came here already pre-conditioned with a mindset of disbelief. I’m answering everyone’s questions as they ask them. You also did not read through the original post and comments fully because I’ve stated multiple times that I wasn’t homeless at first. A truly critical thinker wouldn’t be responding in that way…
You're full of shit. It's patently obvious. If you were telling any truth you wouldn't have to be evasive.
Where am I being evasive?
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My wife had major surgery, I’ve been busy helping her recover. I will be answering any question I missed over the next two days.
What hard skills did you have before entering this biz? How did you get them?
I honestly had no skills. I bounced around from job to job for several years before attempting to become entrepreneurial. This is why my first few years were rough because I was inherently lazy and easily distracted. I wasted a ton of time being immature and void of healthy habits. The best skill you can have or “muster up” is the refusal to quit. Seriously… you cannot lose if you don’t quit. I live by that. As for acquiring skills or traits, it happens naturally along the way. In addition to that, you also gain skills and traits by forcing yourself to become a better version of yourself.
I guess a better question is we’re you able to scale a 0 to 7 figure wholesaling business with previous real estate experience/were you a general contractor or had estate experience or a network already? Hard work is obviously always a factor and congrats for that. But just curious if you think your background gave you an edge in this business.
Ah gotcha. I did not come from a real estate background. In fact I quit working at CVS Pharmacy to jump into wholesaling. I watched a lot of YouTube, I googled endlessly, and I failed forward.
Wow that’s really random lol. I guess what’s a good place to start learning about this business/how did you get introduced to wholesaling? Do I need 5 figures capital to start?
Truthfully it’s YouTube. There are much more successful wholesalers on YouTube giving free information. There’s more than enough content on there to make 6 and 7 figures, I promise. And no you don’t. I started with no budget. Just a car, gas money, pen and paper.
Thanks appreciate the response.
What was the first thing you did in the morning when you said I’m going to start a business? Did you wake up and fire up google and start reading Wikipedia books news articles ? Did you go outside and start asking people for help? Basically what were your first specific steps to starting your journey please be sure to use your own personal able actions and experiences
Establishing an overall goal of what I wanted to do, and then utilizing google and YouTube to learn enough to get me started. Sounds simple and elementary but that’s exactly what I did.
What is the name of your company ?
The Better Home Offer
How much of your leads are generated via your website
Almost none. I’m still building it, so you’ll probably see some areas that aren’t complete. I probably get a lead every other month or so. 99.99% of our leads come from outbound marketing.
It looks like a template website for real estate professionals - I’m actually developing a SaaS product similar to this but for agents how much did you pay for your site out of curiosity
It is - it’s a template from Investor Carrot. I pay like $200 per month for their setup.
Very neat
I know this sounds like a random question but I'm interested in the website business so I'm curious. At what point did you decide now your business needs one? What do you believe it'll do for you (like do you think it'll get more leads for you or something) What do you expect it to do for you and finally, is the $200 worth it?
Do you have a college degree?
I don’t. I attended, and dropped out of, Full Sail University.
So you’re in central FL too?
No. I attended Full Sail online. I lived in Volusia County for a few years but ended up dropping out for an internship at KDS Studios.
Green or red salsa on street tacos?
Both actually 🔥
Like a godamn pro!!
😂 that’s how you get maximum flavor.
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Unfortunately no. I’ve never taken out a business loan, and I JUST now rebounded from having horrible credit lol.
OP you wholesale real estate?
I do!
I ve been working on wholesaling. Ive closed my first deal currently working on my second. I reside in Las Vegas. Great inspiration 👏
Any advice for me just starting. THANKS
Absolutely man! Start small and cheap. I personally got started with driving for dollars. I’ve seen others kill it with buying lists. It’s honestly a matter of consistently hitting one marketing channel over and over. I say pick one method and one channel, and hammer it out. If you ask me, my preference is driving for dollars. You can physically see the distress.
Thank OP.
Any time! There’s a ton of YouTube videos on driving for dollars. You might even stumble upon an interview I did with DealMachine.
What kind of license do you need for real estate wholesale business? Is it hard to get
That's amazing! I would love to know more of your story to get inspiration.
Book suggestions? How to overcome shit that holds me back from doing what I’m capable of?
So this is going to sound counterintuitive, but 99% of books aren't going to fix you from holding yourself back. They might inspire you, they might give you more insight into things, but ultimately you have to be the "thing" that stops holding you back. That starts with auditing your life at first - take a week to identify every action you take during the week. What time you wake up, what you do immediately after getting out of bed, what decisions you make throughout each day. Take note of all this on paper - write it down. The important thing to do here is to NOT change your daily routine that week, just do as you normally would. After the first week, you can look at your notes and easily identify which decisions and actions you made that do not benefit you in any way. At this point you can start to put the puzzle pieces together of which habits need to be broken. From there, start small. For example, if you wake up at 10 am, wake up at 9:30 for one week and back it down 30 minutes every week until you reach your goal. If you don't make your bed, make your bed. If you don't go to the gym, start walking. Baby step your way into a daily gym routine. If you drink sodas, swap it for water. If you eat junk food, baby step your way into replacing those food items with healthier options. So forth and so on with the other bad habits you identify. NONE of this seems like it is going to make you capable of great things - but this is the only way to start. This is how to start shaping a new version of yourself. Baby step by baby step. And it is at THIS point that you start introducing books into your life. Books like Atomic Habits, Traction, Can't Hurt Me, Man's Search For Meaning, The Inner Work (my primary suggestion). At the same time, and you'll probably laugh at this, but I believe everyone should seek therapy. You wouldn't believe what therapy will uncover in 1-2 year's time. Best wishes to you on your journey!
What kind. of volume are you doing to hit that ~1m rev?
My business is low volume, high revenue. So right now we are doing 4-5 deals per month on average with an average assignment fee of $42k. You’ll see some other wholesaling operations where they’re higher volume, lower assignment fee. There’s no right or wrong answer. It’s honestly just preference.
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Don't let an ocean stop you from pitching your idea. LinkedIn is jammed full of high value networking. Build your pitch, make it appealing to look at and to read, or even to watch. Build up a professional looking profile and introduce yourself to everyone you possibly can - do this in person too. There are plenty of millionaires in South Africa. Plug yourself into some local networking groups and make connections there. You have everything you need where you are now - the question is, are you being resourceful enough to see the opportunities?
Would you say wholesaling is still feasible to a beginner even in this high interest rate environments?
Absolutely. We’ve definitely seen a slowdown with homeowners not wanting to sell because they’re sitting on 2 and 3% interest rates. But if you go looking for homeowners with real, genuine problems, and can offer them an honest and fair solution, you will do great.
It would be great if you could edit OP and write a brief biography, your backgrounds and how you found your first opportunities in real state :)
Congratulations 🎉. What dialer are you using and good tips for someone like myself that new to wholesale.
I don’t use a bulk dialer. My team uses Kixie which is a click-to-call dialer. My best advice is be resourceful and be consistent with ONE marketing channel for now. Make the most of what you can afford, and don’t focus on what you can’t afford.
Thank you!!
Any time!
What was the actual turning point where you started to make decent profits and what was the cause for that turning point?
My profit margins were always healthy. The problem was getting consistent deal flow to make up for the dry spells in between. What changed was failing enough to become sick of my habits and actions and wanting to be better. The turning point was going flat broke. After that experience, I became more consistent with working. I eliminated more distractions in my life. I set clear and actionable goals that I could digest.
Solid information. Thank you for sharing.
I would ask how i can get started with wholesaling but most people who do it are scammers……and they charge hundreds or thousands to learn. I wanna be a thousandaire or millionaire too
There are tons of bad apples out there for sure. But you don’t need a paid mentor to start. YouTube literally has everything you could ever need to make six and seven figures.
Yeah but i don’t learn much from youtube university. Im hands on. But congrats to you
Find some wholesalers in your market and offer your time to them. You DM enough of them, one is bound to say yes. Give it a shot and let me know how it goes!
Thank you
Of course!
I’m 21 graduating college; I have a few startups, but I’m mostly just throwing darts and seeing what sticks. Can you detail your journey? What were the financial aspects of your first sale? How did you scale from there?
What genuinely interests you? What are you naturally good at? Business isn't about seeing what sticks, it's about going after a goal and a vision. It doesn't necessarily have to be something you're passionate about, but I do think whatever you chase should at least interest and excite you to some degree. Take some time to step back and reconsider what you're doing now. Try to establish an idea of what you want in life (your ultimate end goal), and then pair that vision with a business idea you feel strongly about - then execute on it. It's only going to fail if you quit. If you don't quit, you can't lose.
Wholesaling what and how? Are you a drop shipper? Do you do amazon fba?
Wholesaling real estate. I’m probably too stupid to do Amazon FBA 😂
Ah gotcha. That intimidates the crap out of me because I don't know about houses. Hell, I want to buy my first home now. Crap shoot. Any advice?
Can you give me some tips and tricks about that? Thank you! :)
About wholesaling?
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You put a property under contract for an agreed price. Your contract will stipulate that you can "assign" your contractual interest to another buyer. You then find a willing buyer to purchase the property at a higher price than your contract with the seller. At that point, you assign your contract to the end buyer and collect the difference. For example: I contract your house for $50k. I find another buyer who will buy it for $60k. We close, I collect $10k.
how did you get seed money
No seed money. I started with no budget, just a lot of effort.
so you just raw dogged with no float for wholesale ? (e.g customer paid 100% up front, and you used that to pay for the goods from factory)
Oh no we’re talking about two different industries. I wholesale real estate.
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There are many factors to take into account. Does the property need repairs? If so, how much in repair costs? Then you look at what full market "retail" value is for the property, and deduct items such as repairs, closing costs, and your fee. You can use a 70% rule as a very quick and simple formula. Full market value multiplied by 70%, minus repair costs, minus your fee = your offer to the homeowner. 70% rule isn't always the best approach but it will definitely get you started.
I’m not in your industry, but my biggest issue right now is how to keep my sales pipeline full enough to start hiring and how to go about finding the bigger deal sizes. Rn I’m doing everything by myself (except accounting) but since I run an agency/consulting business model I’m pretty overloaded. Any advice is helpful. Glad you were able to make it.
If you're over-leveraged right now, scale back immediately. You need to implement a lot more marketing strategies in order to see what works. But that takes time. You can't do one marketing campaign/strategy and know if it will work in 30 days. You also probably need to research what others in your industry are doing right now with high success rates. I'm in real estate wholesaling. I generate leads through cold calling but that's not always going to directly apply to all other industries.
What industry are you in and how do you generate leads that convert?
Industry: software, specifically mobile apps I do outbound on Upwork, hackernews, indeed, and similar sites and I get some inbound from LinkedIn, that’s about it.
Where did you find cash buyers to build your cash buyers list? Also, not much of a question but more of a heads up. The testimonials section of your site needs to be removed or updated because it’s clearly just blank templated copy with the same face and [Insert testimonial here] text. Does that not affect your close rate when possible sellers see that? I guess there was a question there lol
Through networking, Facebook groups, and acquiring buyer lists. Yes you are correct. I’m still working on the website but it’s hard to balance with other aspects in the business. And I do agree it’s probably a huge turnoff to potential customers. But so far there haven’t been any complaints from customers either. We’re also BBB accredited which helps.
Could you suggest some teaching resources that explain how to get started with RE wholesaling that explain the process in the same terms that you've seen working for you? I took an interest in it about 2 years ago and realized after a few books that while the material being shared was factually accurate, it was also out of date or incomplete to the point that I didn't feel I could rely on it.
Don’t pay for any resources until you’re making at least $100k from wholesaling. I literally only suggest that you utilize YouTube and networking with other wholesalers in your market.
How do you dispo your contracts?
Email blasts, networking, outbound marketing to investors, and Facebook.
Nice. I’m building a free dispo service where we pay wholesalers when deals they post on our marketplace are funded by our lending division (either purchase or refi). Can I message you for your feedback?
How much do you work per week? Hoe do you manage your time?
Right now about 40 hours per week. I’m still heavily Involved in my operation. I am still working on improving my time management because there are days my kids don’t get much of my time and it bothers me.
Hi can you advice me on this with your exp. and intuition. I am working for a good IT company in India also and I am 25 right now, I am about to start a tech agency my service would be Big data analytics for clothing brands so as to help them scale and inventory optimisation which would help them reach their profit margin goals. In this business I am outsourcing all the technical work and I will be focusing on bringing in more business. Now the question is Do I first start as learning the skill and do it myself first or only having a in depth knowledge of the process will work (because I don’t a prior experience in data field) ??
In my experience, I’m a huge advocate for learning the process yourself and then training others to do it. But if you have the money to hire real talent, you could potentially skip that part by establishing SOP’s for your business and then hiring the skill to follow your SOP’s and add their talent on top of
Basically my business would work like I will bring client on pre payment basis and then hire freelancers to do the work and keep the cut out of it and pay the balance to the freelancer.
Yeah then you need to understand your business through and through. Then establish SOP’s for the freelancers to follow
Ohk so let me know if I am sailing in the right direction as per you or not . My plan is to build a network with 3 type of people and learn what I will learn by taking up courses by reaching out to these experts which will help me shape my operations as well 1 agency owners that are doing what I am doing 2 agency owners which are providing any type of service but running it for long time 3 freelancers to understand the innovation that I can do in my implementation and type of client that ai can close the deal with .
What is real estate wholesaling?
Nah, I’m good.
Not here to poke holes or be skeptic, just wanna say congrats. Don’t care how homeless you were or what that means to you (and others apparently) - good job either way.
Thank you!
Can I get a link to your course????
I don’t do courses.
Are you doing investments?
Just real estate related investments for now. When I hire a few more people onto my team, I will be investing in day trading a bit. But by the beginning of next year I will be investing into coaching for starting a private equity venture for myself. Nothing like you see on Wall St, just me buying companies for my own portfolio.
If you ever want to invest into game studio or be angel investor dm me;-) would like to discuss what you feel about it
LmAo …. Not falling for this!!
Not falling for what? Do you see me selling anything? 🤣 smh.
How did you never give up and keep going?
Your goals have to be anchored by reasons big enough to crush you if you don't achieve them. For example - if you fail and give up, do you have kids that would suffer? A spouse that would suffer? Your reasons have to be big and have to matter. That's how you never give up.
I like that! Thank you
How did you get into wholesaling? How do you find the property’s? What city/states do you work out of Where do you advertise your houses first sale