Wholesaling Houses Full Time: The Struggle for Financial Stability
One of the biggest fears those considering wholesaling houses full time have is regular income and achieving financial stability. Despite the fact that they know real estate is their key to financial security they fear those initial months without any other income. So what’s the solution?
Certainly the first question to ask is what you have now? If you are living paycheck to paycheck it can’t get too much worse. Even if you have several hundred thousand dollars in the bank right now and a semi-safe job that probably isn’t going to give you the retirement you want, when you want it and it probably isn’t really delivering on the life that you dream of having right now.
So if you don’t get started now you are only delaying the financial security you desire longer.
What many see as the biggest challenge to stability if wholesaling houses full time is the random checks from closed deals. For some it is this way and while the money is big it can be sporadic. Fortunately with wholesaling houses you’ll enjoy the fastest paydays of any real estate investing strategy and it’s a lot quicker to get ramped up, even if starting with nothing.
The first step in achieving financial stability here is getting a system and planning the right structure for scaling up and loading the pipeline constantly. You can’t just focus on one deal and then the next if you plan to be wholesaling houses full time and want steady paychecks.
You need to be generating deals daily. Plus, you’ll need more leads and more deals going in to your pipeline then you really need to close as some will fall apart. So how many new deals have you put in today?
Secondly, don’t blow it all! Big paychecks are awesome but you might be pretty hungry in between them if you splurge every time you close a deal.
Get good at money management. Yes, reinvest in your biz, set aside personal savings and contribute to a business reserve fund in addition to having set aside money for bills until next payday from each closing. How long did it take you to close the last one? That’s at least how long you should plan that check to last you.
Don’t take on a bunch of overhead or credit because you got one big check or even had one great month either.
If you are still concerned, you can always start flipping houses part time. Work up to wholesaling houses full time once your income is consistent. If you don’t have a job then go at it hard, you’ve got nothing to lose. If you need cash next week you can also take a part time job until your real estate income is consistent.
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