Posted on: May 26, 2020
WI 435 | Start Wholesaling

 

Let us crush a common misconception: you need to have huge capital to start a wholesaling business. Nothing can be farther from the truth! If anything, you can start your wholesaling business at any time you deem fit, even if you have zero capital!

If the idea is enough to get you excited, you’re in for a treat! In this episode, TTP coach and wholesaler extraordinaire Brent Daniels provided a step-by-step guide for those who would like to get into wholesaling without spending a single cent!

Have a pen and paper handy, and be prepared to take down simple, straightforward, and easy action items you can instantly implement. With Brent’s expert guidance and some hustle and creativity thrown in, you’ll be running a successful wholesaling business before you know it!

How To Start Wholesaling With Little Or NO MONEY!!!

Episode Transcription

If you had to start your wholesaling business over and you didn’t have a lot of money to invest into it, how would you start getting deals? This is critical because you don’t have to have a lot of money to start wholesaling real estate. I’m going to break it all the way down. I’m going to break it down if you have $0 and if you have up to $500. We’re going to keep our budget at $500 because we’re going to stretch and push ourselves to give a deal without spending a lot of money because the point is to keep the money you make.

Starting out, here’s the number one thing that I need you to do. I talk about this time and time again. You need to make the decision that real estate wholesaling is going to be your obsession. If you’re thinking about 3 or 4 different businesses that you’re getting started with or you’re interested in wholesaling, don’t start. You need to be obsessed with this business because if you get obsessed with this business, you are going to change your financial life. It happened to me. It has happened to countless other people. It is incredible. This is the best business.

You need to make the decision that real estate wholesaling is going to be your obsession.

If you’re starting with no budget, the first thing that you’re going to do is download every wholesaling podcast that you can. Wholesaling Inc. has a great one. Wholesale Hotline is great. Max Maxwell has a great wholesaling podcast, Wholesaling Elite. Download those. That’s what you’re going to listen to because I need you to put all these good thoughts in your head. You need to educate yourself. This costs $0 out of your pocket. You’re going to get so much great instruction, information and education from those podcasts. It’s going to keep you engaged in this business and keep you motivated.

The first thing is this. Let’s set the foundation. The key to this business is to source real estate opportunities. That’s what wholesaling real estate is. Source real estate opportunities. The number one key to that is consistent quality conversations with distressed property owners. Why do I keep saying that? It’s because distressed property owners are where we are going to start. The focus of your business is distressed property owners. You can spend thousands of dollars and get specific lists on probates, preforeclosures, tax-delinquent properties and properties that got inherited.

WI 435 | Start Wholesaling

Start Wholesaling: You need to be obsessed with this wholesaling business because if you do, you are going to change your financial life.

 

 

Let’s start this. Drive down your street. Any properties you see that need some love, that’s what you’re going to go after. That costs you nothing. If you want to stay in front of your computer and not even leave your house, you can virtually drive for dollars. That’s going on Google, checking out properties that need some love, and writing down the addresses. You’re going to write down these addresses. That costs you nothing. What you’re going to do if you want to keep your budget at $0 is to go to your county recorder’s website, type in whatever your county recorder office is and start pulling up who owns those properties. It’s all public information. How beautiful is that?

Let’s go into a little bit of budget. Let’s say you’ve got a little bit that you can throw into this business. For $40 a month, you can get the DealMachine app. Why do I always talk about this? It’s because it is critical for your business if you have the budget to spend $40. Make sure you use the coupon code TTP or it will be $50. We’re saving more money with the TTP code on DealMachine. That will already pull up the owner information. You have two options to do this with zero budget. You can go to their door, door knock on the door and see if they would consider an offer.

You don’t have to spend your money to start wholesaling, but you’ve got to educate yourself.

See if you can catch them at home and have a good conversation. Start and say, “I know this is out of the blue, but I was in the neighborhood. I’m interested in buying a home in the neighborhood. I wanted to see if you would consider an offer on your property,” and then shut up. They’re going to respond. We get into that in different videos but not now. We’re talking about how to get a deal for under $500. You can do that for free. You can just drive around. You don’t even have to write down addresses, knock on the doors that you see that need some love and start building your business.

That way, it costs $0. For $40, you can do it virtually. You can go to DealMachine, get all the owner information and then get the phone numbers for those properties. If you want to do it for free, you can do a reverse lookup on Whitepages.com. I’ll be honest. The information is maybe 10% or 15% accurate. It’s not very accurate. I looked up my house and I don’t know who they pulled up that lived there and the phone number was way off. You could get lucky and start building it that way. You get the number, pull out your phone, call them up and ask them if they would consider an offer.

WI 435 | Start Wholesaling

Start Wholesaling: If you’re a firefighter, a nurse, a teacher, or got a nine to five job, your schedule will completely steamroll your productivity if you do not time block for this business.

 

 

If you don’t know what to say, there’s TalkToPeople.com. Check it out. There’s a free script there. It’s the most effective calling script of all time. You can fumble and do whatever. If you don’t want to go to the website and do it, you can call them up and say, “I wanted to see if you would sell your house and consider an offer.” You can fumble but clean it up and use the script. That’s free if you can get it off of Whitepages. If not, go to BatchSkipTracing.com and put your addresses on that website. They’re going to give you the most accurate phone numbers. You pull up your phone, start calling, hand dial and start building up that endurance and these conversations that you’re having.

How incredible is this business? For $0, you can go knock on doors and start getting a deal that’s $5,000, $10,000, $20,000 to $100,000 deals from one conversation. I’ve seen it every single week. Every single week, somebody reaches out to me that has made over $50,000 on one conversation. I know that you can do this. You can do it for $0 because I want you to keep your money. You don’t have to spend it, but you’ve got to educate yourself, be obsessed with this business and be consistent. You have to time block when you’re going to commit to this business.

If you’re in the military, you’re a firefighter, a nurse, a teacher or you’ve got a 9:00 to 5:00 job, if you do not time block for this business, your schedule will completely steamroll your productivity. You know it will. Be consistent. Make sure that you time block and take this business seriously. The average person makes $30,000 a year. I know that 68% of Americans have less than $500 in their checking accounts or savings accounts. Real estate wholesaling will change your life if you are being proactive, you keep your expenses low and you are completely obsessed with this business. Let’s look at the budget and break it down a little bit here.

It’s $40 for DealMachine. I want you to get 100, 200, to 300 addresses of properties that are in distress. It costs, on average, $0.15 for skip tracing. For 300 skip traces, that’s $45. This is under $100. For under $100, you can start in this business and start building some momentum. When you pick up the phone and have that first conversation with somebody who will consider doing business with you, you get so nervous and excited. All the synapses in your brain are firing off. Everything is alive. I want that for you, but you have to take action. I know you’ve got this. Get out there and get your first deal for not even $500 but under $100. Go out there and talk to people.

 

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