On today’s podcast I talk about wholesaling real estate and being a wholesaler versus buying rental properties.
The idea for this podcast episode came from this past weekend, where I spent 3 days with my coaching students at the Wholesaling Inner Circle. The purpose of the Wholesaling Inner Circle is to teach students how to wholesale. Most of my students that attend this event have already purchased a property or two and almost all have attended our Wholesaling Real Estate Boot Camp, and our Fixing and Flipping Boot
The students that attend this event are interested in learning how to wholesale. Some of them want to become full time wholesalers and quit
their job. When I asked everyone at the Wholesaling Inner Circle why they were there this past weekend, the vast majority said because they wanted financial freedom.
When I asked how they would create financial freedom 80% of the room said they wanted to create financial freedom by buying rental properties. We spoke about their financial freedom number, and how many properties they would need to own free and clear for them to have enough passive income for them to live the life they imagined.
My next question was “Why are you at the Wholesaling Inner Circle?” If your goal is to buy rental properties, then why do you want to learn wholesaling? We had a very good discussion about this which is why I thought it would make a great podcast episode.
Many beginners don’t understand the difference between what they do for a living (their profession) and how they invest the money that they make from their profession. You could choose to invest in rentals, stocks, bonds, commodities or any investment with the savings that you have.
If you choose to invest in rentals, that does not mean that you need to quit your job and become a wholesaler. You can stay at your job and buy rental properties until you have enough properties and they are paid off. At that point you will have achieved financial freedom.
If you are attracted to wholesaling because you want to first make money so you can then buy rentals you are doing it all wrong. If your goal is to buy rentals then focus on buying rentals. If your goal is to quit your job and become a wholesaler then learn how to wholesale.
One is an investment. The other is a profession. I don’t know too many successful part time wholesalers. You are either all in as a wholesaler and you do it full time or you don’t do it at all. If your goal is to flip a few houses to make extra money so that you can save that money and invest in real estate that is fine.
But never confuse your profession with how you choose to invest. They are completely different. Focus on your vision and your goals of what you want to achieve. If your vision is 10 free and clear rental properties then focus on buying property number one – and don’t focus on anything else.
Whether you're a seasoned real estate investor or just dipping your toes in, Lex is the guy you want in your corner - and your headphones! I cannot tell you how much I've learned from this show. Thanks a million, Lex!
Lex is a fantastic host and wealth of knowledge! I highly recommend the listen!
Lex gives you real tips with actual names of multiple sites and services to use from the beginner up to advanced. I feel he’s giving away his classes for free on the podcast. Most podcasts stop short of details and give generic advice unless you join there groups.
I’ve been looking to get into the world of real estate investing but everyone I ask gives me answers that makes it all sound way too easy. This podcast gives you the real deal. More please!
As an amateur flipper since I was in my teens, I kind of have gotten pretty good at identifying great opportunities and taking advantage of them. But, Lex dives much deeper and gives actionable tips on how to make sure you are looking at everthing before making any decisions. I'm hooked!