In this short blog post, I want to touch on a subject that is pretty near and dear to my heart!
It’s about staying laser focused in your business, specifically on your real estate investing business.
But first, let me tell you a QUICK little story…
Back when I began wholesaling real estate back in the fall of 2011… I had a very simple and a very boring marketing plan.
Every weekend at around 5:00 to 6:00 in the morning… my business partner and I would get up and hit the streets of Tulsa, OK… and put out anywhere between 25 to 50 bandit signs each and every week.
We did this like clockwork… week in and week out.
We only targeted motivated private sellers… and did not fool around with short sales, REO’s, HUD’s or any of the other sexy type of real estate inventory.
We fielded calls from motivated sellers… and tracked where the MOST leads were coming from… and put more signs in those areas and tested new areas.
Some weeks we’d get TONS of calls. Other weeks our phone lines would be silent. (Maybe we forgot to pay the phone bill??)
In fact… during the first 6 to 7 months of my house flipping career… I did not even attempt to go after another marketing system, but bandit signs.
During this time period… on a part-time basis… I was able to flip 1-2 deals every month… and I would average approximately $5,000 on each deal.
Not bad for a newbie, huh?
Later on… I did get into doing direct mail and internet marketing to generate motivated seller leads… but ONLY after I had mastered the fine art of bandit signing.
The Issue Many Wholesalers Have (and how you can avoid it)
One issue that many wholesalers have when they get into the business of flipping houses… is that they jump around from one marketing system to another.
One week they’re mailing out 500 yellow letters… the next week they’re putting up 50 bandit signs in their local area… the next week they’re out there setting up Google Adwords campaigns and squeeze pages.
Another issue that I have seen other wholesalers have, is that they’ll jump on to different niches within the real estate investing business.
One month, they’re all gung-ho on targeting private sellers… and then the next month somebody releases a course and they start going after REO’s (bank owned properties). They do that for a little while… then they hear on a forum that people are banking money flipping HUD homes and then they ditch what they’ve been doing…
…and go after the bright new, shiny object.
My friend, if this is you… you MUST STOP this bad behavior right now.
Yes, you heard me right NOW!
This is the thing… and the unadulterated truth.
You can only be successful in flipping houses… if you stay laser focused on (1) Your marketing systems and (2) Your real estate niche.
So what you want to do is pick ONE marketing system and stick to it until you have success.
So whether that marketing system is bandit signs, letters to absentee owners, letters to probates, post cards, Craigslist, pay-per-click campaigns… you want to stick to that ONE marketing system… and MASTER it… before you start moving to other marketing systems.
Don’t even think about using another marketing system until you either master your one marketing system OR if you’ve been doing your current marketing system consistently for the past 60-90 days and haven’t seen any success in the number of leads that you are getting from that system.
The same is especially true of the house flipping niches…
I personally ALWAYS recommend that newbie wholesalers start their business careers out by focusing on going after private sellers.
Are there people making bank flipping short sales? Yes.
Are there people making bank flipping REO’s? Yes.
Are there people making bank flipping homes off of HUD? Yes.
Are there people making bank flipping homes off of the MLS? Yes.
But hands down… the EASIEST and less risky way for you to break into this business of flipping houses… is by targeting private sellers.
With private sellers… you don’t need to hassle with negotiating with banks… or coming up with large earnest money deposits… you don’t have a bunch of crappy rules & regulations you have to follow… it’s ALL GOOD dealing with private sellers.
So at the end of the day… if you want to be able to make bank in flipping houses… make sure that you are FOCUSING on only ONE marketing method and one niche within real estate.
Hope you enjoyed this latest house flipping post… any comments or questions, please feel free to comment below!
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