In America, if you make $118,000 a year you are in the Top 10% of Earners as of 2023! And that's in one of the Richest countries in the world!
In the Wholesaling Real Estate Community, it is not rare to see young and inexperienced wholesalers doing 6 figures in their first year wholesaling. But to some people this seems impossible. It's NOT. I've been a part of many wholesaler's success stories and I've seen patterns with successful wholesalers that you can copy to get the same results! I'll share with you the fastest way I know to 6 figures wholesaling Real Estate. But before I do, let's take a look at the math.
Full transparency, As of 2021, my average wholesale deal is $12,636. Many other wholesalers across the nation are averaging $7,800 a fee. Some are doing WAY more! But just to be conservative, let's say the average wholesaler is somewhere around $10,000 a deal. That means you only need to close 10 of those in order reach goal. If I'm only closing baby deals and my average deal size is $5,000 than I need to close 20 to reach target. You get the point. Set the goal and get to work!
5 Pro Tips to Your Next 6 Figures
#1 Core Metrics
You'll be tempted to do EVERYTHING except what actually matters when you first start wholesaling real estate. In the end, the ONLY thing that matters when you are reaching out for your first 6 figures is your "Money Making Activities". And for most new wholesalers, you'll be starting off on the phones because it's most cost affective and it's honestly one of the best ways to begin learning your market and mastering the skill of wholesaling real estate. Here's a list of Core Metrics
- Calls Made Daily (Set Your goal based on if you're calling with/without a Dialer)
- Offers Made Daily (5+ Offers a Day Keeps Poverty Away)
- Appointments Daily (10 Weekly Appointments is Ideal for those who Run Appointments)
- Contracts Daily (3 Contracts Weekly is a Great first Benchmark to shoot for)
I'm not going to lie. It's painful and sometimes frustrating getting started in the beginning but when momentum hits and that bank account fills up, you quickly start to look like a freakin' GENIUS!
#2 Stay the Course
I strongly recommend 1-2 Marketing methods MAX when getting started. Whatever Marketing method you choose, it's better to go 10 toes down digging deep and MASTERING that particular marketing method rather then scattering your efforts and energies to 10 different marketing methods that never yield you anything. I see this all the time with new wholesalers who end up wasting all their initial money and energy without closing a deal. Most people don't have the discipline to focus and master one marketing method at a time. Then again, most people don't have a predictable 6 figure wholesaling company. Bruce Lee said "Don't fear the man that has practiced 10,000 moves, fear the man that has practiced 1 move 10,000 times". This applies here perfectly.
#3 Feed the Business
One practice I strongly recommend to new wholesalers is to identify their monthly expenses and add them up. Whatever that number totals to is what we call "Blood". "Blood" is what's needed for survival. That's the amount of money you need monthly to live your current lifestyle. I recommend that number as the ONLY amount of money you take from your wholesaling business a month no matter HOW MUCH money you make. Well then, what do you do with all the rest of the money that comes in from your hard work. I recommend investing that back into the business and force the business's growth. More Leads, more deals, more money! Eventually you'll consider hiring out different roles in your business so that you're not doing all the work. As time goes on and your cash flow increases in the company, you can play with your Profits and Owner's pay allocations. This is when it get's fun. This ACCELERATES your way to 6 Figures!
#4 Find a Mentor
I know. Your eyes are probably rolling like "Oh no the ole Guru speech". Listen, every athlete has a coach and every great leader was first an incredible follower. That's just facts. I know many "Bad Apples" have spoiled the word "mentor" for a lot of people but all that means is you need to VET OUT YOUR COACH. A good mentor will give you step by step instructions. He'll help you make the transformation you want in your business so you don't make all the mistakes your competition is making. They didn't have the guts to invest in a mentor. Well, here's a secret my coach told me. Whether you invest with a coach or not, you will have to pay for mentorship. You will either be mentored by your coach for whatever he charges, or you will be mentored by life lessons that often cost a whole lot more and hurt more too. A good coach can cut your 6 figure journey in half or more if you're coachable and willing to put in the work.
#5 Remind Yourself of the Goal Daily
The most cliche reminders have profound affects on us and our businesses when we actually apply them. For example, we've all heard of the need to "write down your goals and review them daily." But how many of us ACTUALLY do it.I wish I could give you some sort of magic potion, some "All In One" software that does it all, or some program that solves all your business start up problems... but I don't. All I have is the "Winning Formula". Of course it works every time, but only if you do. You have to be consistent and committed to it. Here's what to do:
Whatever revenue goal you set for yourself, starting TONIGHT you will write it down and say to yourself your affirmation about reaching that goal. Then first thing in the morning you'll review it the same. You'll do this daily. What's happening is you are programming your subconscious mind towards success. People laugh at me when I talk about this stuff. I laugh too, only difference is it's to the bank. Let me know how this exercise works for you. Please engage with me and reach out if any of this resonates with you.
I wish many multiple 6 Figure years for all of you reading!
-Earon Bevans
