5 Things I Wish I Knew...My Advice To New Real Estate Wholesalers

Hey guy’s, what’s going on it’s your boy Cody Sperber the Clever Investor and today im going to share with you the 5 main things I wish I knew when I was first becoming a real estate wholesaler.

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#1 – Focus on working class neighborhoods
Wholesaling is a game of finding discounted or distressed real estate at below market value and then flipping the paperwork on that real estate over to a cash buyer thats either a rehabber or a landlord. Most cash buyers like to buy properties that produce the highest ROI which is typically found in middle class neighborhoods.

#2 – Dominate agent referrals
What you’re going to want to do is find one investor friendly real estate agent and build a really solid relationship so that he or she starts bringing you deals. After you completely dominate that relationship you can move on to making more connections with other agents. Before you know it you’ll have an army of agents bringing you deals. Get referrals from everyone in you know, try looking for networking meetings to attend and make sure to you follow up with the people you might want to do business with.

#3 – Keep your cool
I can’t tell you how many times I got so mad, so frustrated, just absolutely irate because a deal was going sideways. There are so much money in real estate and so many emotions involved that it can be easy to get upset. What you need to do is not react to every little situation as things tend to work themselves out, so just remember to stay cool.

#4 – Become best friends with local wholesalers
Sourcing deals is probably the hardest skill to master when first getting started as an active real estate investor. So when you think about it there’s 2 sides of a wholesale transaction which is acquisition and disposition. If you’re just getting started acquisition is probably going to be what you spend most of your time doing. By making making relationships with other wholesalers you can leverage their relationships, co-wholesale deals and still make a lot of money. You bring them deals and they find the cash buyers, or visa versa, it’s as simple as that. This is great for virtual wholesaling.

#5 – Keep the grand slams
As an active wholesaler you can put systems and processes in place that make your job a little easier. Maybe you have people who do acquisition and disposition and you just look over the entire operation. Yes you are a little bit more passive but technically you are still an active investor. When you come across amazing deals you should switch from an active wholesaler mindset to a buy and hold passive mindset or cash flow real estate investing. That’s how you’ll generate passive income and generate long term wealth.

Just because I love you guys, I want to give you one last piece of advice, looking back I wish I would have stopped caring so much about what everybody else thought. Everyone has an opinion and can lead you down a rabbit hole. The most important thing that I can teach you is to go find a mentor who is playing the game at the highest level and model EXACTLY what they’re doing. Find one person to go to for advice for and stick with it.

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Cody Sperber, Clever Investor OUT! 😎

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Cody Sperber is a real estate investor, cryptocurrency investor, social media influencer, and entrepreneur from Arizona that has successfully flipped over 1000 houses and is currently one of the largest investment educators in the world. He’s been featured in Forbes, INC, Entrepreneur, Buzzfeed, and Huffington Post as well as on multiple episodes of Million Dollar Listing Los Angeles.
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Here is a clip from a Q&A at an event in Naples, FL. This was a brand new, young real estate agent asking for advice…

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Ricky Carruth is a real estate agent, speaker, author and real estate coach. He started selling real estate at 20 years old in 2002, became a self-made millionaire by 23 and bankrupt by 25. During that time, he read over 100 books searching for the reason he lost it all. After realizing the problem he started building his business the right way by valuing relationships over transactions. Since then, he hit #1 for RE/MAX in Alabama three times selling over 100 properties a year since 2014. Ricky still sells full time and started real estate coaching agents for free in 2017. He mission is to share what he learned from his downfall in hopes to reduce the failure rate in the real estate industry.

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