If you have multiple exit strategies, you’re making wholesaling more difficult for yourself. This is why agents and brokers frequently have trouble getting into the Wholesaling business – they have a fallback option.
IN THIS EPISODE YOU’LL LEARN:
- Why having multiple exit strategies is a mistake
- The ONE rule that every Wholesaler needs to follow
The ONE Rule
There’s only ONE rule you need to follow when you go into a new deal. You need to have a single focus: Wholesale this deal or there is no deal.
Don’t think of how you can list the property yourself or dream up other exit strategies. Keep things simple so that you can stay focused on your priority.
The big problem with multiple exit strategies:
- You will be less committed to your number.
- It’s more difficult to create a fully streamlined and automated business that scales and serves you.
If you keep a singular focus on your top priority – making a great Wholesaling deal – then you will make it happen.
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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I’m going to give you a very quick tip tonight because it’s late and I’ve had a long day, but I want to really give you something that’s very, very important for wholesaling as an agent. Let’s get started. What I want to go over with you today is something that’s very, very simple, and this is especially important if you’re a wholesaler who’s also an agent, or if you’re a broker.
Here’s the deal. If you have multiple exit strategies, like for instance, if you are an agent or if you are a broker or if you’re a rehabber or a landlord or whatever you do, it is very important that when you’re wholesaling houses not to have multiple exit strategies in mind. And I’m going to tell you why that is. When you’re wholesaling houses, wholesaling houses is a number game and the bottom line is you’re giving a very low price.
Here’s what I want to tell you about this. When you have multiple exit strategies, it makes it very difficult to be a wholesaler, and that is why, that is why it’s always difficult very often for agents to become wholesalers because they always are attempted to list the property. So this is what I want to tell you. This is so easy and so effective. When you go into a deal, into a wholesale deal and you’re sitting in that living room table, you’re sending that contract, you want to have a singular focus that you are going to either wholesale this deal or there is no deal.
Now, why would I say that? Because when you meet with the seller, if they don’t know that you’re totally committed to your number and there’s some safety net that you’re operating with, you are going to be cutting yourself off at the knees because you’re not going to be totally committed to wholesaling. I think that’s one of the reasons why the agents struggle is because in the back of their mind, they’re always thinking, or rehab or landlord, they’re thinking, “Well, if I can’t get this low enough as a wholesale deal, I can always list it as an MLS listing or I can always do another exit strategy.” So if you do have multiple exit strategies, that’s okay, but just know that is going to dilute your numbers a little bit.
The other problem with multiple exit strategies is this. It’s very hard to scale your business when you have multiple exit strategies. For instance, if you have multiple exit strategies, what happens very often with these people is that they do make some money, but they’re working at a job. So they’ve created a job. They’re the technician, they’re the experts, so they know how to do short sales, REOs, seller financing, land trusts, wholesaling, lease purchase options, wholesaling, listing as an agent. These are great if you want to go to a job every single day and serve a job, and you will make some money per deal, but if you want to create a business that is a servant to you, that serves you, that runs without you, you want to have a singular objective, which is wholesaling.
Now, once you leave the account, if it’s absolutely dead, I’m not saying not to go back and say, “Hey, you know what? On second thought, Mr. Seller or Mrs. Seller, I’d love to be able to list the property because I’m also an agent,” or, “I’d love to do this or that.” You have to be willing to walk away if you can’t. If you don’t do that, it’s just going to come out and they’re going to realize that and they’ll see that safety net, so this is really important. Singular one exit. You’re either going to wholesale that house or you are going to go home and if you do that, that will come across with the seller and subconsciously you will make it happen, just like my wall says, “Make it happen.”
So very important. Singular focus. You can always go back. This is a especially important if you are an agent. I do encourage some of our tribe members to get licenses. Licenses are great. It allows you to do some things that other people can’t do, but I don’t have a license. You don’t have to have a license to be a wholesaler and if you don’t know what wholesaling is, it’s really fantastic. Wholesaling is a way to find discounted property, put it under contract and then sell the contract. And remember with wholesaling, we sell the contract, not the house. Very, very important distinction.
So rock and roll, guys. it’s awesome to be able to spend time with you. Wholesaling is fantastic. It is, like I said a hundred times before, the most honest, wholesome way to make an absolute fortune in a very, very short amount of time. And just remember, keep this in mind, if you’re an agent or a broker or a rehabber or a landlord, or you have other exit strategies like REO, short-sale, seller financing, land trusts, whatever you’re doing, you want to make sure that when you’re wholesaling, you’re singularly focused on wholesaling, singularly focused on wholesaling. If I can do it, you can do it. Go to Wholesaling Inc, Wholesaling I-N-C dot com, book a call and we will go from there. Have a good night. We’ll talk to you later.