When we go on a trip it’s nice to have an itinerary, or a plan on when, where, what, and who we are going to see.
Most importantly, we need to know HOW to get there.
Over the last few days I have tried to show you a few things that will make the January 2020 WREIA meeting provide benefits for your business.
You should be able to walk Monday night with action steps you can take home and implement immediately.
Step One on this prep was to decide what type of investor you are, or want to become in the next 3-12 months.
You can still catch some of those details here at this link.
Second, using a short, (well it was 7 minutes long), video I tried to describe what the day in the life of a wholesaler might be like.
Now, I realize not everyone likes to watch Youtube on their phone, or maybe didn’t have time while you were checking email in line at the store, so below is a short description of what that day might be like as well.
Wholesaling does not need to be complicated. We can break it down into four
easy steps.
- Identify Property
- Control property with contract
- Identify buyers
- Close and Collect CASH
Now, I realize I have skipped a few steps here but we need to begin with
something.
If you are new to real estate and laying out an action plan as a wholesaler, it might look something like this:
- You will need to learn how to market and identify property
- You will need to understand contracts and how to control real estate
- You will need to create a buyer lists so you can market your deals for highest
- profit
- You will need to build your team so you can close deal efficiently
The good news is that all of this can be learned and implemented.
As you become a full time investor, you will eventually spend a portion of your day or week doing the following:
Planning and Reading One Hour
Generally, most people this is done first in morning.
Market Research One to Two Hours
Get to know your geographical region. You should know style of housing, rents,
prices, neighborhoods, services, schools etc.
Marketing Two Hours
You will need to decide how you are going to reach your potential customers.
Direct mail, Phone Calls, Knocking on Doors, Social Media, Networking Events
Evaluation One to two hours
You will need time to research potential deals and analyze values, renovation ect.
Networking Two Hours
You can use coffee appointments, lunch, breakfast meetings to network and build
your database
Buyer Lists/Team Building One Hour
Your buyer lists can be generated by your networking for the type of investor
based on your properties. ( Rehabber, Landlord, Builder)
Also, need to begin to find title attorney, accountant, contractors ect
Appointments and Closing Deals
As your marketing generates leads setting appointments and securing contracts is
your main focus.
I hope you are doing your prep and getting ready for our first Washington REIA meeting of the year.
Planning to be successful this year will depend on your focus and your ability to stay motivated to execute your plan.
Going from one idea to the next will keep you busy but most likely not very profitable.
Choose one technique and become really proficient at generating leads.
If you are involved in real estate now, 2020 is the time to think out of the box and add strategies to your current model. By doing so, you will increase revenue.
Lastly – it’s Saturday morning, and we are supposed to get some “weather” here in DC over the next few hours. Maybe you plan on binge-watching a new series on Netflix or Disney+.
I went out this morning to check on a few properties and made a short invitation to WREIA video and give you a few more details on the meeting.
You can check it out here.
Maybe – just maybe – instead of binge-watching a show, you can take a few minutes and focus on YOU and expanding your business and your profits in 2020.
Make a plan and execute on it. That’s what Monday night is going to be all about.
Just do it! Come out and join us at our first 2020 WREIA meeting!
You are going to love this next meeting! Especially if you want to grow in 2020.
I guarantee it.
John Peterson
P.S. If you need to reserve a seat or update your WREIA membership you can find tickets at this link.