If you’ve been considering getting into real estate wholesaling, you know it’s not the easiest business to get off the ground. But it is possible – and even better – you can do it while juggling a full-time job!
In this episode, our host, Lauren Hardy, shares her secret to starting her real estate business while working full-time hours and how she’s finally able to quit her job and do wholesaling full-time!
How to Get a Real Estate Wholesaling Business Off the Ground While Working a Full-time Job
Do you want to get into wholesaling but you have a full-time job? Are you looking for a side hustle, a way to make extra money perhaps or maybe to get out of the corporate life? If you are, you came to the right place because I did that. I started wholesaling when I had a full-time job. I was a new mom. I had a one-and-a-half-year-old and also a baby on the way. My end goal was I wanted to quit that full-time job. I didn’t want a side hustle. I wanted to be an entrepreneur. I did not want to have a boss anymore. I wanted to have more time, freedom, and flexibility because being a mom was tough and I needed to be there for my kids.
My goal was to quit my full-time job within one year because I had found out that I was pregnant with my daughter when I discovered real estate investing. I knew I had 9 months and 3-month maternity leave to figure that out but I wanted to make sure I had a whole year’s salary saved in the bank before I quit my job. I was terrified to not have a full-time job. My full-time job was like crutches for me. I didn’t want to let them go. I was afraid to not be tethered to a company, employment and paycheck. It was very scary. I wanted to make sure I had a full-year salary in the bank before I made that move.
Spoiler alert, I’m sure you have probably guessed. I hit my goal within a year. I did do it. It took me an entire year. In this episode, I am going to give you some tips that helped me get to that stage, from being tied to a full-time job to quitting. I’m going to talk about time management and how to find the time to work that side hustle while you are working full-time. I’m going to also discuss the discipline that it is going to take because believe me, it’s going to take some discipline, so I’m going to have to motivate you a little bit to get you prepared for it.
Dedicate at least three hours a day to three money-making activities.
I’m going to share my opinion on the fastest way to get started in your wholesaling business. I’m going to finish with how to stay motivated when you want to give up. How do we find the time to work a side hustle? The last time I checked, we’ve got 24 hours in our day and with your full-time job, let’s subtract ten hours towards that. Maybe you work eight hours but you commute there and back. Maybe that takes you 30 minutes to 60 minutes and you commute home. I’m going to say ten hours of your day is dedicated to working your full-time job.
You’ve got fourteen hours still from there. Simple math. How long do you sleep typically? Let’s say eight hours of sleep. If you are sleeping any less, maybe you should probably get more sleep. Sleep is important. That leaves you with six hours left. That is six hours that you can work your side hustle. You have to find time in that six hours. Go and find six hours in your day. The six hours don’t have to be consecutive. It can be 1 hour or 2 in the morning. Maybe you get up earlier. It could be an hour in your lunch break. It could be four hours after work. Whatever it is, you need to find that time during the workweek.
We are not even talking about weekends. You still have Saturday and Sunday where you don’t have work. Maybe you work limited hours Monday through Friday but you catch up on Saturdays or Sundays. That’s what I did. For me, I worked an 8:00 to 5:00 schedule and had about an hour commute, both ways. My hours look like this. I would work my lunch break, which was a little over an hour. My company was not as strict about lunches. I would work after work. I would even make some seller calls in the car because I was sitting in a lot of traffic. The car was pretty stationary. I live in Orange County, California. The traffic is insane. I would make a lot of calls in the car as well.
Anything that I couldn’t get done, I would then finish up on the weekends. It was common that you would see me at a Starbucks on a Sunday, on my laptop. Let’s talk about the discipline that’s going to take. You are reading this probably going, “This sucks. Are you kidding me? I have to work. When am I going to watch the Wire?” Unfortunately, you are not. You are going to have to tell yourself that this is going to be the year of suck. This is the year that you are going to have to take it and do whatever it takes. You are going to have to let go of some of your free time because what you do this year is going to set you up for the rest of your life.
Think about it. If you work hard for one year, you could completely change the trajectory of your life. If you don’t, if you decide to stay in this corporate job and all you do is stay in that corporate job and you work your eight hours, that’s it for you. You are always going to have jobs. You are always going to be an employee. How are you going to be an entrepreneur? You are not. If you want to be an entrepreneur and you don’t have the luxury of quitting your job and being supported by your trust fund or something, then you are going to have to do it as a side hustle for a while.
If that’s the case, then you are going to have to find that six-hour somewhere in your day and give some things up. When I was in that season of my life, I gave up a lot of socializing. I didn’t have a ton of friends. I kept my friends but I wasn’t going out with them very regularly. I gave up socializing and television. I didn’t watch any TV at all that year. Honestly, I don’t look back going on, “I missed out on episodes of Girls.” I don’t think about that. I don’t care. I don’t even remind, “Do you remember the TV shows you watched years ago?” You don’t even remember it.
You’re going to have to let go of some of your free time, because what you do in this year is going to set you up for the rest of your life.
Give up a few things knowing that it’s going to be a year. You get all of that back. I’ve got time freedom. I work fewer hours than when I worked corporate, which is crazy to think. I work probably half as many hours and make way more money. If you want that for yourself, you’ve got to hunker down for a year at least and make that happen. It’s going to take a lot to get that discipline every single day.
Dedicate at least 3 hours a day to 3 money-making activities. As a wholesaler, my money-making activities are talking to new seller leads, making offers, and following up. If you do those 3 things every day for 3 hours, you are going to close deals but you would be surprised how many people cannot even dedicate 3 hours to those 3 money-making activities.
Instead, they will take an hour and configure their CRM, perfect their logo or do all these other things that don’t make you any money. Stop doing that. Focus on the three things that make money in this business. It’s talking to sellers, making offers, and following up on those sellers with your offers. That’s all you’ve got to do to close deals.
If you do enough of that, you can quit your full-time job. That 6 hours I told you, it’s 3 hours of very hard work but you still have 3 more hours that you could find and do stuff with. For me, I only worked about three hours a day. If I was able to do that Monday, say 6 days out of the week, I took maybe 1 day off, I was able to quit my job in a year.
I had somebody give me this explanation. It’s disgusting but it’s this whole eat a frog a day analogy. This is a military thing. The idea is that you have to eat 1 frog every day, 7 days a week to hit your goal. The frog that you don’t eat today means it’s going to get pushed to tomorrow, then tomorrow you are going to have to eat two frogs.
If you don’t eat the frog the next day, those two frogs are going to get pushed to the next day, so you’ve got to eat three frogs. You are already imagining in your head like, “How disgusting. If I don’t eat all my frogs and don’t keep up with my one frog a day, at the end of the week, I’m going to have seven frogs. It sounds gross.”
If you work really hard for one year, you could completely change the trajectory of your life.
That’s the whole analogy. That’s how those three hours a day works. If you don’t do your 3 money-making activities for 3 hours every day and you save it for the weekend, your weekends are going to be terrible and you are not going to do it. You are only doing maybe three hours on that Sunday and that’s it. It takes discipline. It sucks. Sorry, I don’t have better news for you. You’ve got to have some self-discipline. Anything worth getting and achieving is going to take some pain. No pain, no gain.
How do we stay motivated when there’s so much pain? Why is this so hard? It feels like you have been doing this for months and you still haven’t made any money. How do you stay motivated? This is a lot of mind work. I didn’t get paid in real estate investing for eight months. My first deal came after four months. I flipped the house. It took about 4 to 5 months after that to flip it, so 8 or 9 months before I even made my first paycheck.
How did I stay motivated? Number one, listen to a good podcast. I would put a podcast anytime I could get in the car. I would listen and get inspired. It recharges your battery. I made sure I did that every single day. Also, use mind work. Imagine yourself as a full-time wholesaler. What does that feel like? What does the morning feel like? What would be your morning routine? Imagine it. Picture yourself there and do that type of work every single day. I want you to become obsessive over it.
Before you go to bed, I want you to envision yourself and what you want your life to be like. The more that you feed this to your brain, the more you are going to stay motivated to do the difficult activities it’s going to take for you to accomplish that goal. It’s crazy because I used to imagine myself being interviewed on those podcasts. I would listen to podcasts like Wholesaling Inc, BiggerPockets and I said, “Wouldn’t that be so cool if one day I’m on that podcast?” I thought, “That would be the coolest thing.”
Craziest thing ever, I ended up being on those podcasts. The first one was BiggerPockets. That was a huge deal for me. I was on BiggerPockets many years ago. It’s a huge deal. I couldn’t believe it. I’m like, “This is insane. I’m being interviewed on this podcast.” Are you kidding me? Not only was I have been on Wholesaling but I’m also a host. I would have never believed that my life would go that direction when I was that tired mom, working a full-time job, pregnant at the time with a one-and-a-half-year-old.
If you told me that, I would have said, “You are probably crazy.” I would have never believed I’m a host of one of those shows but I am. It’s because of my grit and determination to see myself being a full-time wholesaler and real estate investor. That’s how I’ve got there. I want you to believe in yourself. This is a fact that if you try hard enough, you will get to this goal. You have to stay motivated. The biggest challenge for quitting your full-time job and doing your side hustle full-time is going to be staying motivated and disciplined with your time.
If you can stay motivated, keep with your discipline and keep doing your money-making activities every single day, you will get there and you do have to believe it. Hopefully, you feel confident that you can do it, too. If I was able to do it, you can. If you want to get started on your wholesaling journey, I want to help you. Go to www.VirtualInvestingMastery.com and fill out an application. Somebody will reach out to you. I cannot wait to have you a part of our tribe. Thank you so much. We will see you next time.
- BiggerPockets – Past episode featuring Lauren Hardy
- Be sure to join the Wholesaling Inc Facebook group
About Lauren Hardy
Lauren Hardy is a Virtual Investing expert and Real Estate influencer who owns multiple companies in the real estate industry including real estate investment, coaching, and software companies. She is also a Wholesaling Inc coach and co-host of the Wholesaling Inc Podcast.
Her experience in the last decade has been focused on real estate investing and creating products and services to serve the real estate investing community. If you are interested in investing in real estate virtually, house flipping, or virtual landlording, Lauren’s your girl.