Posted on: June 14, 2021

Virtual master coach Lauren Hardy was once asked, “How easy is wholesaling?” She knew then that more people should be aware of the difficulty level of wholesaling and what characteristics are needed to be successful in it.

Join Lauren as she tackles topics that people who are trying to get into wholesaling usually wonder about. She will provide an insight on how difficult wholesaling is, what personalities should an entrepreneur have, and what are the hardest parts of wholesaling or business. 

Key Takeaways

  • There is no such thing as “get rich quick”—everything that is worth it needs hard work.
  • Being a wholesaler or entrepreneur will challenge you, but it is the most absolute and rewarding work you will do. 
  • Your personality and mindset contribute to your success.
  • The hardest part of being in business is the constant change—you need to learn to adapt.
  • You should avoid jumping ships and stick to your business even during hard times.
  • Wholesaling is not easy; but if it is, it wouldn’t be so fulfilling.

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Episode Transcription

Lauren Hardy:
What’s up, Rhino Tribe? This is Lauren Hardy, and you are listening to the Wholesaling Inc podcast. If you guys are newer to the podcast and you’ve never heard of me, or you don’t know who I am, let me introduce myself. My name is Lauren Hardy and I am the coach for all things virtual. So I coach virtual real estate investing. We cover a lot of virtual wholesaling in the course, but I am basically a virtual expert. I’ve done it all. I’ve had rentals virtually, I’ve built houses virtually, I’ve flipped houses virtually, and I currently run a very large volume wholesale operation that is in three different states, four different territories. So virtual is what I’m all about, but today I’m doing a little solo. I wanted to talk about how easy wholesaling really is. Someone was asking me, “How easy is wholesaling?” And I think you guys are going to see that my answer might surprise you.
So today we’re going to talk about a lot of things. We’re going to talk about my opinion of: is wholesaling easy? And I’m going to share with you how I came to that conclusion. And I also want to get into the types of personalities that I’ve noticed tend to find wholesaling easy. So you can see if this resonates with you if you feel like you’re that type of person. I’m also going to go into, what are the hardest parts? And this isn’t just hardest parts for me. I mean, this is just kind of across the board. What I hear are the hardest parts from the students that I coach.
So why should you listen to this?
Listen, before you go and you buy into a coaching program, I think it’s worth listening to this entire episode because you might want to hear what I have to say about this topic and see if wholesaling is for you. I can probably save you a lot of time and money. I think you are going to be very surprised by my answer. And I feel like I do have a lot of experience in this because I’ve coached over 250 students at this point. So at this point, I feel like I can pinpoint with almost 100% precision, what type of student is going to do really well with wholesaling and really enjoy it versus maybe something that it’s just not a personality fit.
Let’s get to the million-dollar question. Do I think wholesaling is easy?
I think wholesaling is not easy, but I do think that it works if you do the work. All right, you guys are probably thinking, “What? What do you mean? It’s not easy? I want it to be easy. I want it to be a get-rich-quick kind of thing.” Well, you know what, here’s the thing. There’s no such thing as get rich quick. If I promise something like that to you, I would be a scammer. Honestly, if anybody is saying, “Oh, it’s easy and it’s get rich quick,” just right there write that person off as a scammer. Especially if they’re trying to sell a coaching program. It’s not, it’s not easy. Everything that is worth it will take some work and work is hard sometimes. I mean, sometimes it is hard to do the work and I promise you in wholesaling, you are going to find that it’s going to challenge you. Being an entrepreneur is going to challenge you.
When you are a wholesaler, you are an entrepreneur. I want you to think about that. This isn’t just like a new job. No, no, no, no. You are owning your own business and that is not easy, but it works if you do the work, and it is the absolute, most rewarding work that you can do.
Over time, I’ve seen some people do really, really well with wholesaling real estate. And I’ve noticed that they almost seem like they’re cut from the same cloth. There’s a lot of similarities. We even like read the same books. It’s kind of funny. So I’ll go into some of the personality types that I think have done pretty well with wholesaling and entrepreneurship, just in general, because I’m sure a lot of you that are listening, you guys actually might have maybe a full-time job. So I think the big question too is like, “Am I ready to be an entrepreneur?” And I think that these ideas apply to just being an entrepreneur in general. It’s not just wholesaling.
The first thing is a self-starter. People that are self-starters don’t really need to be motivated to do the tasks. They are self-motivated. I’ve noticed people with more self-motivation tend to be better entrepreneurs, or they tend to weather the storms of entrepreneurship. When it gets hard, they’re able to get themselves up and do the tasks they need to do to push through it. Also, people that have excellent follow through with tasks that they set out to do or goals that they want to achieve. So how many of you guys have said like diet starts Monday, or you set out some crazy goal and you don’t do it? We’re all guilty. We’ve all done that. I’ve absolutely thrown some goals out that I didn’t really plan on fulfilling, but I’ve also set some goals out that I have absolutely fulfilled. So if you are the type that you find that when you really put your mind to something and you really want something, nothing stops you and you have very good follow through, entrepreneurship is absolutely for you. And you probably will find wholesaling pretty easy.
The next is people that tend to have a no excuses type mentality. So somebody who is kind of hard-headed and won’t be told no will do very well in this industry. You need to commit to making this work. So I say this a lot, commit to making this work. If you can commit to making this work, no excuses, it will work. It might not always be easy, but it will work. People that give up too easily tend to struggle with entrepreneurship hustles, any type of entrepreneurial hustle, whether it’s wholesaling or anything. So no excuses type mentality.
The next is people who can handle sales and talking on the phone. This can kind of go two ways. So if you are an extreme introvert and you hate sales work, the acquisition side and the lead generation side of wholesaling real estate is going to be very, very hard for you. However, that does not mean that this business is not for you. It just means that you need to be strategic about it. You either may need to commit to doing it for a little while, until you can scale enough and hire someone to do the acquisition work for you, which is basically what I’ve done. Or you could get into disposition real estate and disposition wholesaling, where you’re a JV partner and your focus is building a huge buyers list, and you work with other wholesalers that maybe don’t have as big of a buyers list and you help move their contracts and you make a fee.
So in our business, we talk a lot about that. We call it maybe a JV partner or co-wholesaling. You might hear the term co-wholesaling or disposition partner. That’s another type of wholesaling strategy that you can completely focus on and it really does take away the sales side of it. So if you are more introverted and you don’t like sales, maybe look into that. But if you are like, “I love sales. I love talking to people. I have no problem cold calling.” Then you are probably going to thrive, actually. You’re going to do very, very well and be happy with it.
Let’s talk about some of the hardest parts of the business. And I would say this isn’t just my opinion. I hear a lot from people that this is the stuff that gets to them a little bit. And the first one is the business always changes. So you won’t get bored, let me tell you, but the business always changes. So for me, a big topic of… My focus is going virtual. And often, this has happened to me several times, I’ll be in a territory and I’ll notice that it starts getting really competitive. So I have to pick up and move. I have to find another territory where it’s not as competitive. And because I’ve got those virtual skills, I’m basically an expert at this point. I am able to do that very, very easily for me, but it is hard for some people. Some people are like, “Wait, I can’t just pick up and start wholesaling somewhere else. How do you do that?”
There’s other things. Marketing methods change and you might get really used to say mass texting is your favorite thing. And mass texting is how you get leads. And now we’re hearing that our text messages are getting blocked by carriers and there’s some new TCPA laws that are trying to get passed. You need to be able to basically course correct and go, “Okay, well, now I’m moving on to direct mail.” Or, “Now I’m moving on to TV ads,” or whatever. So the business does change and you need to be able to motivate yourself to figure out what you’re going to do next. And you need to be okay with change.
Another hard part, I think people struggle with making offers to sellers. I think the reason is because it’s an uncomfortable conversation. So typically you’re talking to a seller and I’ve heard this like funny saying, they say, if you’re not embarrassed by the offer, you are making your offering too high. I hate to say it, but it kind of rings true. You do need to feel almost like a little embarrassed by the number when you’re giving it to a seller. And that’s really hard for some people. It’s very uncomfortable for some people. So if you are the type that is really terrified of rejection, you might find that really hard. But what I found to overcome that because I personally hate rejection is you just have to do it a lot. You have to do it so much, like take a week where all you do is make low offers and you keep hearing no over and over again, and it will callous your mind. It will thicken up your skin and it won’t hurt so bad and eventually it won’t bother you at all.
Those are some of the hard parts that I hear most often.
The next thing I want to lead into is, a lot of people are listening to this because they’ve been following Wholesaling Inc or they’ve been on YouTube University for a year and they’re really thinking about getting into wholesaling. And I will say, before you get into any kind of coaching program with wholesaling in mind, I want you to look at you and see if you resonate with any of the ideas that I put on this podcast, because there’s ways to get better. If you’re into self-development, you can fix these things. For example, if you’re the type of person that maybe goes like career to career, and you’re constantly reinventing yourself, you get to a point in your career where you’re just starting to figure it out. But by then, it’s either it’s too hard, you’re over it, and you jump ship to something else. Who is going to say that you’re not going to do that with wholesaling?
But I have a solution for you. And it’s this book called The Dip. What I found is usually that type of person, they jump ship from any career that they’re trying to master, as soon as they are in the dip. And if you read the book, The Dip, is by Seth Godin, you’ll know exactly what I’m talking about. Essentially, as soon as the business gets really, really hard, and you’re in a stage of the business where it’s just almost seems impossible, you jump ship. And that’s what a lot of people do. A lot of people do it. But if you just stuck through that hard time, you’ll see that you come out of the dip and there’s way less competition and you’ve made it. And you’ll be very, very happy that you stuck through it. So, if you do see that you kind of hop from thing to thing, try reading that book. It really changed my mindset and I think it will help you a lot.
I think getting through the dip can be really, really challenging for a lot of people, but I did hear from one of my students recently that I said one thing that resonated with them. And honestly, when I was saying it, I really didn’t think that this would be just like a quotable thing. But I said, “You need to commit to making this work.” And what I meant by that is like, “No excuses, no matter how hard it is, please promise me that you’re going to commit to making this work no matter what.” And if you can write that down, commit to making this work and put that everywhere, put that in your mirror in the morning, put that everywhere in your house so you have to look at it every day and hold yourself to that commitment, this business will absolutely work for you. And you’re going to look back and you’re going to go, “Gosh, that wasn’t easy.” And because it wasn’t easy, it’s going to be so fulfilling for you when you actually do achieve your goals.
If wholesaling was easy, it wouldn’t be fulfilling. You wouldn’t have so many people on this podcast, shouting from the rooftops, how excited they are and how their lives have changed if it was easy. If it was easy, it wouldn’t be that interesting. They wouldn’t be so excited to share their story. Listen to the other episodes in this podcast and you will hear the excitement. And it’s because people are so proud when they make it through the dip, when they make it through the hard times, when it’s not easy and they achieve their goals. So I don’t want to deter you by saying wholesaling is not easy. I wanted to inspire you because if you can commit to making this work, it really is so fulfilling.
Guys, that’s it. I hope you love this. And if you want to learn more about wholesaling and you are into the idea of being able to go virtual. So you’re not just tied down to your local territory, but you’re able to expand when you’re ready. I’ve got an awesome coaching program. Check out virtualinvestingmastery.com. That’s www.virtualmastery.com and book a call. I would love to have you a part of my team. Thank you so much guys for listening. Till next time.

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