Ronnie Boyd's Page

Hi Ronnie,

No, I'm not currently pursuing my wholesale business.  Initially, I had great success finding potential deals using the methods Sean Terry talks about in his podcast.  I was getting up really to put out bandit signs on the weekends.  Then, I would take them down on Monday morning before heading off to work.  Unfortunately (here comes the excuse), I wasn't in a position to leave work and visit with homeowners.  Calls would pour in, but I was stuck at work, unable to take action.  

The few times I did leave work to try to make a deal happen, I was advised by my boss that continuing to take "extended" lunches would result in me being forced into a permanent lunch break.

Additionally, I found it really hard to concentrate at work.  I find real estate extremely exciting so I was spending a lot of time and energy pursuing that and not doing my job.

Again, this lead to more "advise" from my boss.

Eventually I had to make a choice.  I don't regret putting it down as it was a great learning experience.  

Here are a few tips if you're wanting to make it work where I failed:

1. Pick a strategy and stick to it.  If you're willing to spend the money on a lead lists and yellow letters, I suggest that over bandit signs.  Although bandits signs are cheaper, they're a huge pain to put up and take down.  Some even hire people to do it for them.  However, finding a reliable person that is willing to work cheaply, either really early or really late at night, is almost impossible.

2. Persistence is everything.  Yeah, you'll have your success stories.  You know, the one where a $7,000 deal falls on your lap the second weekend of putting out bandit signs.  Trust me, they're rare.  Keep working at it.  Devote a set amount of time towards working several aspects of your business.  Don't take the all or nothing approach and have other aspects of your life falter as I did.  I worked really hard to find the deal.  Yet, I didn't take the disciplined approach of developing a cash buyer list as well.  I think that lead to me subconsciously sabotaging the deal because I knew that even if I nailed the contract, I didn't have anyone to sell it to.

3.  Know your markets.  KNOW YOUR MARKETS.  I ended up with a deal for a house that was in one of the worst areas of Kansas City.  I thought I had won!  I could already see the extra $1,000 in my bank account.  Unfortunately, no one wants a 25k house in the slums of Kansas City.  Even worse, this house needed A LOT of work.  I was pushing to get the deal done at 7k.  I really needed to secure it for 2k.  Either way, I didn't make a deal and I let the contract expire.  Thank goodness for good contracts.

Knowing what markets to pursue is critical.  I found that the easiest markets were also extremely crowded.  Everyone and their second-cousin was wholesaling houses in the 30k to 90k range.  Few people were messing with the 150k-200k range houses.  That was the major leagues in KC.  Unfortunately, that also meant a longer wait in between deals.  It meant staying persistent with my marketing.  It meant that I would have to overcome other more experienced investors.  

I didn't make it.  Hopefully, you will.  Good luck!

Hi Ronnie and welcome to the Wealth Building Group!  Your background in sales will be a plus with real estate investing and there has never been a better time to start.  Check out a few of the discussions and if i can help in any way please let me know.  I look forward to your participation.  

Mike

Hi Ronnie -- Welcome to the 48 Days community. We're glad you joined.

This is the idea and social networking site for people that want to create their own opportunity.

Depending on your interests, there is a wide selection of discussion groups to get involved with.

If you are interested in closing the gap between your passion and purpose, here is the link to ours, Powerful Living for Health and Wealth. 

To make the most of your experience, visit our handy getting started tutorial page. You'll find how-to videos and suggestions.

-joel

48 Days advisory team

Hello Again Ronnie,

So glad you joined the Speak It Forward group. Be sure to jump in on all the great discussions taking place; you'll love it.

Live It Forward,
Kent Julian
www.liveitforward.com

PS Also, in case you're interested, I offer a free e-resource entitled Goal-Setting That Actually Works! to those who join the Make The Move email community (also free). I think you'll get a ton out of both resources.