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Issue #4589: The Case of the Missing Buyer Blunder
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Hey, Eric Medemar hereI'm flattered you have allowed me to be part of your rise to success in the real estate wholesaling business.In todays special report I want to talk with you about the importance of finding buyers
BEFORE
you start looking at any homes.One of the biggest rookie mistakes that I see newbie wholesalers make is that they want tostart looking at real estate BEFORE they have any buyers. Heres the thing, even when things were decent with our housing market, I would never suggest doing that.But now that our real estate market is plummeting faster than Chris Brown's career, you would be teetering on insanity to try wholesaling without a having a good buyers list in place.
Stop the Insanity!
That phrase reminds me of that old bald headed 80's infomercial lady Susan something orother..... Anyway, I don't know why newbie wholesalers are so quick to start looking at houses, but Ihave a sneaky suspicion that most of them have been mislead in one way or another.
It's not your fault
, I am speaking from experience here...When I first started in the businessI was buying every “Super Guru Wholesaling Course” that I could get my hands on. Andmany of them were completely misleading. Looking back I doubt most of those guru's could wholesale their way out of a card board box. Why?
These guru's basically sold me this massive guide of pure garble
....which wouldn'thave been too upsetting had their garble lead me down the right path.....But it didn't.
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One of these “Guru's wanted me to read through a 200 page guide and listen to 20 hours of Cd's to learn how to wholesale.....So I did....Stupid I know. Anyway, after 20 hours of lecture and 200 pages worth of reading I got about 3 minutes worthof information on finding buyers....Yes this same “Guru” is still out their charging $800 fortheir course.....BUYER BEWARE!
Buyers List Blunders
 You and I have already agreed that wholesaling real estate is one of the only ways you canmake an easy 6 figures a year in real estate. In fact as you'll remember it may be the only way to make 6 figures a year without cash, credit or risk. With all that in mind. I want you to get it right. I don't want you to screw up what may be your only chance to jump on the fast track to success....Here are a few of the main underlying issues with not having a solid buyers list in place:1.
Confusion-
Since you don't have any buyers you don't have a clue what type of hometo look for....
Basically you end up pissing away your days "Looking for adeal"
. The bad part is that more often than not this leads to frustration andoverwhelm, then the next step is quitting....Which sucks...I want to see you succeed.2.
Defaulting on Contracts-
Since you don't have any buyers your chances of beingable to find one after a home is already under contract are slim to none. This leaves you in the compromising position of defaulting on your contracts. Sure, if you dothings correctly you won't lose any money. But, each defaulted contract takes one morechunk out of your reputation as a wholesaler.Believe me when I say, word travels fast about people who can't follow through.3.
Plummeting Profits-
Another problem is that your profits in many cases will be farlower than if you had buyers lined up....Reason being, if you have a home undercontract and no buyers lined up then your left with being a lowly beggar instead of ahigh paid chooser.4.
Leverage-
If you want to last in the wholesaling business or any business for thatmatter much of your success is going to hinge on leverage.
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