Wholesaling Real Estate is a difficult industry to enter. That said, Real Estate Wholesaling is an easier path to entering the real estate market with little to no capital.
There is a concept discussed in the book called “The Dip” by Seth Godin, which showcases that if something is worth doing there will be a dip or a phase or a phase that is extremely difficult that one must overcome. The dip in the area of time between starting out and enthusiasm and learning, and Excellence or mastery. It is the long grueling process of perfectionism and perfecting one’s techniques and tools in order to do very well. In order to become a prime wholesaler, you must first overcome a huge dip in which 1 out of 10 people come out when entering the wholesaling market.
The prospect of quitting shouldn’t be a negative one, at least it shouldn’t be. If something is Out Of Reach for the moment it is the smartest thing to do to let it go before it starts to become a problem in your life. As long as you don’t do one of two things it is very safe and intelligent to quit something that is for the moment too difficult for your life right now. These two things include a) blaming yourself for your own failures and b) blaming others for your own failures. Pondering on why you quit and whose fault it is is one of the worst things you can do when you quit something that is not possible for the moment. Just accept that it is Out Of Reach for now and move on to better things in life.
There are multiple reasons why one might decide to quit or Why wholesaling Real Estate might be considered very difficult. Listed below are a couple of reasons why you should consider quitting if they are too much of a burden for you.
Running Out Of Time
Running out of time, although being one of the most cliche excuses for not doing something, is a real reason for you to consider before entering the wholesale market. It’ll take hours upon hours of research dedication drive and focus inside of this industry in order to truly be able to be a successful wholesaler. If you don’t have the time to dedicate a couple of hours of a day to this occupation then you should consider giving up then and there because it is too difficult for you. Given your own situation and your own time, you must make the proper arrangements in order to truly be able to get into this Market. A good amount of time to see and locate whether or not you should quit is whether you have a certain block of time at least about 2 hours to dedicate towards real estate wholesaling.
Running Out Of Money
When entering the wholesaling market you must understand that it will not be a free Prospect. Although it takes way less Capital than it does real estate investing, wholesaling will cost you two things. The first thing they will cost you will be time, as discussed above. You must consider the opportunity cost in amounts of dollars for the amount of time you are dedicating to wholesaling, if the opportunity cost is too high meaning that you are sacrificing a job that pays very high in terms of hours you will run out of money very quickly because you are dedicating the time it would take for you to make less money than it would another way.
There are also other expenses that will occur for Real Estate wholesaling. For example, real estate wholesaling requires you to possibly send out mail to certain groups of people which will cost hundreds of dollars. It also requires you to do a lot of marketing both online and offline which will cost another few hundred dollars if not thousands, in addition generating leads will also cost a lot of money in order to generate leads of hundreds of people, software can do it for you but it will cost some money. Therefore when considering how difficult it is on Capitol, you must ask yourself if you are willing to spend a couple of thousands of dollars in the wholesaling market, if this amount of money is not a big deal in order to maintain a safe and healthy lifestyle then you should keep on going otherwise it would be a waste.
Not Serious
If you are coming into the wholesaling market as just a Pastime or something that you’re just going to try out you should definitely consider quitting. Wholesaling isn’t something that you can do unless you are completely and totally enthusiastic and serious about it. People who aren’t serious are just going to be wasting their time money and resources. You should only dedicate your money and time and two things that you believe you are going to be completely serious and otherwise, it’ll be like throwing money in time down the drain. If you aren’t very serious about wholesaling it’ll be very difficult for you in general. The dip will seem endless and boundless because you don’t have the seriousness and toughness to withstand and overcome it.
Loss Of Enthusiasm and Intrest
One of the greatest challenges for the dip is of course the loss of Interest. Before the dip, there is what we call the honeymoon phase where everything new that you learned seems a lot more interesting and increases your interest and enthusiasm for the subject. It’s like a shiny new thing dial Emma, think of a dog being showered with attention at first until the owner loses interest eventually (which of course is a very horrible terrible thing). It is very difficult for people who lose interest very quickly as the level of difficulty increases steadily. If you happen to know that you can easily lose interest in things, you should probably quit before investing a lot of time money, and effort into learning wholesaling.
In order to decide whether or not wholesaling is for you and is worth it, you need First to understand whether you are willing to become a nonmediocre wholesaler. Do you have the drive and dedication to go through the dip and become a world-class wholesaler, because settling for mediocre wholesaling will only get you income that equals an average-paying job? Therefore, becoming a mediocre wholesaler will not be worth it in the long term because the risk-to-reward ratio is way too high. Therefore if you decide to take on wholesaling make sure you know that you want to become the top 1% of wholesalers, and this also applies to any other field that you may take on in the future.
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