How can you achieve financial stability and a steady income stream as a new wholesaling CEO?
It can feel great to leap into wholesaling houses full time and dub yourself a wholesaling CEO. However, that doesn’t mean there won’t be financial challenges ahead.
One of the biggest challenges many encounter in the early days of real estate investing is achieving financial stability and consistency in income. Flipping houses can offer big paydays for little work. You can even get started with no money of your own and horrible credit. However, whether you are coming in with seven figures or seven pennies stability can still seem elusive.
While some seem to strike gold in hours it take a while for others to taste their first slice of real estate investment profits. Then even if money comes in fast it can be a case of “easy come, easy go”, especially for those dizzy from the amounts of cash to be had.
Banking $5,000, $50,000 or $100,000 paydays is awesome, but it means little if you immediately blow it all. If you have nothing left for marketing or to pay the bills next month there is little peace of mind. Constantly finding yourself in this situation as a wholesaling CEO can see you making desperate mistakes. Some may just mean missing out on a deal, others can end in bankruptcy or even fraud and jail. So don’t put yourself in this position.
Even if starting out with nothing or deep in debt you can turn wholesaling houses into a steady source of income and build financial security.
To get there, remember to always pay yourself first, no matter what. This means socking away savings you refuse to touch.
Then be sure to contribute to a slush fund to get you through to your next payday in case it doesn’t come as fast as you think. If you can pay your bills in advance you might save money, but you should also be slicing off a fixed percentage to build up a business reserve fund and to reinvest in your real estate business.
However, none of this will last unless you can keep the cash flowing in, and flowing in regularly. Work on systemizing your business and scaling up volume for consistent income.
Recognize that you may have to write 2 or 3 times the contracts you need to close, make 4 times amount of offers and have 10 times the qualified leads. Back it out and then determine the real estate education and money management skills you need to develop as a wholesaling CEO and make it happen.
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