REAL ESTATE WHOLESALING FOR BEGINNERS: SETTING GOALS AND DEVELOPING A PLAN

Embarking on a real estate wholesaling journey can be exhilarating, but having a clear vision and plan is essential. Today, I will continue on the series on wholesaling as I guide you through goal-setting and planning for your wholesaling business.

Step 1:
Define Your Goals
Define your objectives by breaking down your goals into short-term, medium-term, and long-term categories. This approach helps you stay focused and motivated.

Short-term goals (within the first year) might include building a real estate investing team, setting up a website, or acquiring your first property. Medium-term goals (2-5 years) could involve expanding your property portfolio or flipping houses. Long-term goals (beyond five years) might be owning a specific number of units or generating a certain annual revenue.

Step 2:
Assess Your Starting Point and Determine the Number of Units Needed
Evaluate your current situation and determine your wholesaling business's starting point by considering factors like time investment, desired annual income, and your level of involvement. Your answers will help you create a realistic plan.
After defining your income goals, determine how many properties you need to wholesale to achieve them. For example, if you aim to earn ₦10,000,000 per year and expect an average profit of ₦1,000,000 per property, you would need to target at least one property per month. This calculation helps you stay on track and measure progress.

Step 3:
Develop a Plan
With your goals and starting point established, create a step-by-step plan to guide your real estate wholesaling journey. This plan should include:
Establishing a budget for marketing costs, property acquisition, and operational expenses.
Building a strong network of professionals, such as real estate agents, contractors, attorneys, and other wholesalers.

Developing a marketing strategy to find motivated sellers and attract potential buyers.
Implementing systems to analyze and evaluate potential deals quickly and accurately.
In conclusion, setting well-defined goals and developing a plan is crucial for successful real estate wholesaling. This structured approach helps you stay focused, motivated, and on track.
Stay tuned for the next article in this series, where we'll explore the world of off-market properties and the most effective strategies for finding and securing the best deals. Learn how to leverage tools and platforms to identify distressed properties and key negotiation tactics to maximize your profits. With these tips and insights, you'll be well on your way to mastering real estate wholesaling and building a thriving business.

See you on Tuesday.