Wholesaling Smarts: Finder’s Fees & Protecting Your Paycheck
Are you letting others swindle you out of your finder’s fees or are you sabotaging your own future paychecks?
It can take a little while to develop real wholesaling smarts when you get into flipping houses. However, the faster you get up to speed the better and less likely you will be the victim of other real estate professionals, buyers and sellers trying to rip you off or making critical mistakes which could not only mean missing out on nice paydays now but jeopardize your future success too.
Those that try to skimp on their real estate investment education and take short cuts can find it quickly becomes very costly. Failure to benefit from others’ wholesaling smarts to protect your income can mean losing out on tens of thousands of dollars in just the first few weeks due to silly mistakes.
The most common of these newbie blunders comes from divulging information to others that will take that knowledge and cut the green investor out of the deal. Real estate is a cut throat industry. With so many dollars on the line to be saved or gained sellers, home buyers, Realtors and other investors won’t hesitate to take advantage of your mistakes and swoop in.
This is perhaps most popularly seen when investors foolishly hand out the contact information or addresses of properties that they are working on without having the right protections in place to guarantee their paychecks. Newbies often slip up and divulge information out of excitement or when asking for advice from others they think they can trust.
Get contracts signed first and if necessary non-compete or non-circumvent agreements so that you aren’t cut out of the deal, only to find someone else banking big on your mistake.
Even the apparently most reputable and successful won’t pause when the opportunity arises if there is no agreement in place. Once it is done, it’s done. Forget suing. If you unwittingly cut yourself out of the deal you have little ground to stand on.
These situations all too often lead to a second deadly and all too common trap that sabotages the incomes of greener real estate investors. This involves reputation. When swindled out of finder’s fees or profits investors instinctively want to wage a trash talking campaign to destroy the reputation of those that did them wrong. Unfortunately, while this may be justified, being seen as someone that is bad mouthing others won’t make you very likeable or encourage others to want to do business with you. All they see is the negativity.
In the reverse, a crucial element of true wholesaling smarts for flippers is recognizing that as an investor your reputation is your most valuable asset. If you engage in swiping deals from others, whether they left themselves open to it or not it is all too easy to lose your reputation and can be virtually impossible to re-build it due to the internet. This means cheating yourself out of many future paychecks and dollars.
So get the lead by tapping into the wholesaling smarts of veteran wholesalers that have already been there, get the paperwork right and protect your reputation for an endless string of great paydays…
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