When to Reveal Your Wholesaling Homes Plan to Friends & Family
What is the best timing to reveal your plan to start wholesaling homes to your friends, family and coworkers?
You are excited about what wholesaling homes can do for you and your family, you want to share it and you know that those closest to you can be your best, easiest and fastest path to getting your first round of deals under your belt or even picking up that extra cash you want to get started. Plus, you want their support and sometimes know that they will hold you accountable to fulfilling your goals.
However, tell them too soon and you could sabotage your goals and tell them too late and you could miss out and be kicking yourself for months. So when’s the best time to include them in your plans?
Telling friends, family and other acquaintances about your real estate investment aspirations too early can be counterproductive. Negative vibes and digs can make you unnecessarily doubt yourself and sabotage your success.
Many will put your ideas down, and oddly enough your harshest critics are often those closest to you. They might not mean to, but sometimes they are jealous, don’t know how to do it themselves and feel inferior and need to prove themselves or are afraid of your becoming more successful than them or losing you. It challenges their comfort zone.
So when is the best time to make your announcement?
It can be smart to build your real estate education first so that you really know what you are doing and can rebut their doubt effectively.
Have your research and business plan finished (at least 90% of it) so you are able to show you have really thought it through, have the expertise and aren’t just wildly chasing a dream without preparation.
If you want them to support you, or send business your way or invest with you, you have to show credibility and dedication.
Of course you don’t want to wait too long either and end up seeing them buying houses from someone else, investing their dough with someone else or letting their homes go to foreclosure or sell them dirt cheap to your competition; that will burn.
So have your plan, show them the proven system you are following and realistic expectations of results as well as your hope for best case scenario. Then practice your ‘elevator pitch’ so you come off confident.
Don’t just advise them of your intent to begin wholesaling houses either. Press them for business, referrals and stay at the front of their minds. Leverage them as referral sources and ‘raving fans’ in person, though branding in their homes and through their social networks.
Prove you can do it and even if they doubted, let them share in the success in future.
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