How Much Work Is Wholesaling Real Estate? (Step By Step Breakdown)

How Much Work Is Wholesaling Real Estate? (Step By Step Breakdown)

– Hey guys, what’s happening?
Steven Howell here, and another video for ya. So glad to have you here, if you are brand new
to my channel, welcome! We talk a ton about real
estate investing, wholesaling, entrepreneurship, marketing mindset, and a bunch of good stuff. So feel free to check
out the other videos. I encourage you to consider
subscribing to the channel here where I do content very, very often. And today we are going to be talking about how much work is real estate wholesaling? How much work is real estate investing? So this is a question
that I get asked a lot. And I wanted to do a video
and break down step-by-step and give you some real world examples of what this looks like. So as you’re gauging your, you know, maybe you’re just getting started with real estate wholesaling, maybe you are a brand new investor, or maybe you’ve been at it a while, but you’re looking to get better traction and better results in your business, I think you’ll get a lot of of this video. So let’s just get started
breaking this down, step-by-step. So let’s pretend you are brand
new, you’re getting started and you’re thinking of,
like, oh my goodness, Steven, do I need to set up an LLC? I talk about this in some other videos, but let’s just say for
this sake that you do want, you do want to set up an LLC. I’m not saying that you have to, I have a lot of students
who get started, get moving, and then they’ll set
up an LLC after they do their first deal or two done. So let’s say you wanna set up an LLC, which I’ve used Legal Zoom, Rocket Lawyer, for around $200, depending on
the state that you live in, and you wanna go ahead
and get that set up. So let’s just put LLC here. Alright. So you can go ahead and
if you’re using, like, Legal Zoom or something like that, you can go ahead and
get this set up within around 30 minutes and
request your EIN number and get your LLC set up. The next thing you
probably wanna think about is business cards, right? So when you’re saying
to the market at large, hey, I have a business, I
have a real estate business, and I wanna let you know my information. If you’re networking,
you’re talking with people, you’re letting them know
that you buy houses, and you wanna go ahead
and get business cards rockin’ and rollin’. And this might be a little small here. Can you guys see that? Alright, so you can go
get business cards set up at VistaPrint, or a ton of
different companies online, very inexpensively in
around 30 minutes as well. And what I’m gonna do is
I’m gonna start writing a little bit bigger
and then we can just go to another sheet of
paper here if we need to, ‘cuz I realize this is
pretty small here, so. So the next thing is a website. So we’re talking about
marketing and branding, so kind of getting your stuff
set up, rockin’ and rollin’, so let’s say you wanna get a
real estate investor website. Now I do have another video about that, which you can see in the link above this, where I do a 15 minute video
on, should you consider getting a website? And some different things to think about. So definitely, if that’s a concern for you or something you want to learn more about, definitely check out that free video, I think you’ll get a lot out of it. But the cool part is you
can get a website set up, let me get a better marker here, you can get a website set
up within one to two hours. Okay. So it’s one of those things that a lot of times we’ll overthink and end up spending too
much time getting ready to get ready on, but it doesn’t need to take a lot of time, and especially when you
check out that other video, I break down. A really good company, you
don’t need to get a website, but it certainly adds validity,
credibility to your business and you can get a website
setup within one and two hours, so that way it’s just
done and out of the way. Okay. Next thing is, let’s use the example of getting probate leads, which, probate, if you don’t know, it’s inherited homes. It’s a very very good real
estate lead, an off-market lead, in fact it’s one of my
number one lead sources, it’s one of my favorite leads, it’s how I do large spread
deals that are off-market. And again, it’s probably
how you found out, potentially about this channel, it’s one of my videos that
I made three years ago that went viral, with over 124,000 views, so I will link to that, as well. Definitely check that out. The good part is, when
you’re watching this, when I’m making in 2018, it still works the exact same way as it worked back then. So let’s say that you’re
going to the courthouse, or maybe your county, you’re lucky, and your county delivers the leads online. So depending if you’re getting them online or if you’re going down to the courthouse, it’s going to take, to
get your probate leads, get probate leads, the first couple times you do it, it’s definitely gonna take more time. So it’s probably gonna take
you three to four hours, you might have to split it
up into a couple of visits, but once you get it down, you’re gonna be able to get these leads in about one to two hours per week. And then you can always
outsource this as well, so even if it’s locally,
you can pay a family friend, a relative, a college kid, you know, a certain amount of money, you know, 20, 30, 40 bucks to go down, get the leads for you, sort them, heck, even do your mailings for you. So there’s different
ways to outsource this. I recommend in the beginning
to kind of pay those dues, to kind of learning how your county works, becoming the master of it, learning these leads inside and out, frontwards and backwards and upside down. That way, when you do train someday, you know exactly what you’re doing, you know exactly what to look for. And it is worth your time learning how your county works with probate. Again, it’s been my number one lead source for all these years, and it still works, and it’s
only gonna get more prominent as we enter this next phase of
the market with baby-boomers becoming more elderly, and the millennial generation
accumulating more debt. You know, when somebody inherits a house, they’re gonna wanna take that
property that they inherited and pay off student loan
debt, pay off other debt, so you want to learn probate, and I highly encourage you
to check out the other video, where I dive into exactly
how I do that portion of my business. Over an hour and forty minute training. So I think you’ll get a lot out of that. So, as you can see here,
we don’t need to spend a ton of time to get
some of the basics going. So if you were to classify
this, this is basically getting your LLC set up, getting business cards, getting a website. These things are not
an absolute necessity, but certainly if you’re trying
to build a lasting business, it does make sense to
get some of these things. But remember the phrase that I love. It’s “do what you can from where you’re at “with what you’ve got.” Do what you can from where
you’re at with what you’ve got. Right? Alright, so the next thing
that I wanna talk about is a friendly tip, after you’re
gotten your probate leads, you wanna take 30 minutes
to sort your leads. Now, this is something
that I learned early on, it saves a ton of time,
and it’s just gonna make your life a lot easier
as you’re processing through your leads. So what I recommend
doing, just very simply, is taking about 30 minutes or so, and let’s say you come away with 20, 25 probate leads for that particular week. You wanna go home and type
every single lead into Google and click on every link on
the first page of Google. And so that way you can do
a little bit of research, and find out the beds,
bath, square footage, the year that it was built, and the tax assessed value
or just an approximate value. You’ll also find by clicking
on the first page of Google all the links if the
property’s listed or not. So that way when you’re
talking with these leads, you at least have your bearing. So you at least know if
it’s a two bed, one bath, or three bed, two both
property, how big it is, the estimated value or
at least a ball park. If the house is listed, if it’s not, you know, what part of town it’s in. So that way, as you’re
processing through your leads, you already have those bearings when you’re talking with people, so you can get better
and better of like, okay, who am I gonna spend the most time on? And is this seller realistic
with what they wanna sell for? And all of those things. So just a short thing there
that doesn’t take a lotta time, it takes as little bit
of discipline to do, but it’ll make your life easier
as you’re processing leads. So definitely do that step. The next part is to get your letters out. To get your probate letters out. Now, again, the first
couple times you do this, you might have to set up mail merch, you might have to get your envelopes, you gotta get your printer
system set up and ready. You’re gonna be stuffing
the letters yourself maybe for the first few weeks,
for the first few months, getting stamps, so it’s gonna take a little bit more time. But once you get this system down, you’re gonna be able to
get letters out the door, especially if you’re doing
20, 25 leads for that week, you should be able to get
these done within one hour. Okay? Alright, so the next thing is, we’re going to call probate leads. A lot of people just stop there, they just stop at sending
letters and they’re like, “Oh yeah, I heard about
this probate thing before, “maybe I should just send a postcard “or send a yellow letter
or, you know, I’m just gonna “blast out a few letters, “and then let’s just see what happens.” Well, as you can see in
my other free training when I dive a lot deeper on this subject, kind of the magic sauce is
reaching back out to them, calling the executors,
calling the attorneys, and sending an email to attorneys is very, very powerful, and
it doesn’t take a lot of time. So let’s pretend that you
go down to the courthouse on the previous page that
I just flipped up here. You go down to the courtyards,
you get your leads, and you sort your leads when you get home, and you stuff your letters
and you get them out. Let’s say that’s Monday’s activity. Well, Tuesday, we’re gonna
sit down and we’re gonna call, let’s say, all 20 executors, okay? We’re gonna call all 20
executors and all 20 attorneys. You can actually split
that up over two days. So for your phone calls, again, it shouldn’t take any
more than an hour or two. And I want you to start thinking in income-producing activities, right? Is going down to the
courthouse, getting your leads, gonna produce you income? No, not necessarily. Is sorting your leads
gonna produce income? Not necessarily. But you need to do those
things to be more effective in your income-producing activities, which are actually
mailing the letters out, and even mailing letters
are not necessarily an income-producing activity, if you don’t answer the
call when they call you, if you don’t make the phone calls, then a lot of times,
nothing’s gonna happen. But those things are necessary to make your income-producing activities a little bit better. So, alright, so. When you do your letters and then when you do your phone calls, those are, especially your phone calls, that is gonna be an
income-producing activity. So if you get your letters
done on Monday, for example, and there’s, you know,
there’s different ways you can do this, you’re gonna have to think critically about your schedule,
the time that you have, but when you do have an hour
to, especially for those of you that are working a
full-time job, like I was, when I got started, you might only have an
hour or two in the evening, you need to already have mapped
out what you’re gonna do. Are you getting leads? Are
you doing your letters? Are you doing phone calls? What are you gonna do to
progress your business forward? Okay? And that’s what I
wanna help you to think about in this video. So if you’re loving this video so far, definitely be sure to
subscribe to this channel, feel free to browse the other
videos that I’ve published, and I’d love to hear
from you in the comments. Let me know what you
like, what you don’t like, other topics you wanna
learn, and believe it or not, I actually take time to
thoughtfully read the comments and do my very best to respond. So I’d love to connect with you, I want this to be interactive, and so let me hear from
you below in the comments. So, when you do your calls, the next thing you’re gonna
do is you’re gonna do emails. Now this takes even less time, and you’re gonna basically send emails to your executors and your attorneys, and you can bust these out
in about 30 minutes, okay? So the cool part is, Monday
you’re getting the leads and you’re sending out your letters, Tuesday, and possibly
Wednesday, you’re saying, “Okay, I’m gonna sit
down, and I’m gonna call “these 20 executors,
or these 20 attorneys.” Or maybe you get over ambitious
and you wanna do both, and you’re gonna make 40 calls, okay? You can bust that out
in about an hour or two, especially if you’re doing 40 calls, if you’re doing 20 you can
get that down in an hour, roughly, maybe just a little bit more. Same thing with your emails. So, now think, it’s Wednesday
and you’ve already done that much activity. The other stuff, the business,
the LLC, the website, the business cards, again, I’ve had many many students
get started working with me, one of the things I’m very big at is working on a shoe-string budget and starting where you’re at. And I’ve had a lot of students
that have worked for me that are like, “Steven, my budget’s tight, “and I don’t have really
a ton of extra money “to set up a website or to
deal with these other things.” And they just get busy
on this stuff, right? And they go out and implement
this stuff that I teach them, and they get a ten or
fifteen thousand dollar deal done within a couple of months, and then they can go
reinvest into a website, into a CRN System, into a
phone system and other things. A lot of this is about getting moving, having momentum in your business, and just taking massive
action and being determined to get results quickly, right? Not saying it’s gonna happen overnight but if you clear the clutter
and you start taking action and get out from behind the computer and get into the real
world and start producing, results happen so, so much faster. So I just wanna encourage you to do that. And I wanna give you some parameters on how much time the actual
action itself takes, okay? Again, I want you to give yourself a little bit of leeway,
because when you first start, it’s gonna feel uncomfortable, you might have to do a little research, you might have to figure
out the actual process, so it’s gonna take longer, and the tricky part, where
you can really fool yourself, if you let your brain get in the way, and if this is a problem
for you, let me know below, because I know it’s tricky, you can fool yourself into thinking it’s always gonna take that long. But what you’re not taking into account is that you’re gonna get better and better if you keep practicing the same activity you’re gonna get more fluid. It’s gonna feel more natural. So I just wanna encourage
you with that thought. Alright, so now we’re at
Wednesday in my example here. Now, the other thing that, you don’t wanna just be a one-trick pony, you don’t wanna do, and this is very easy, especially in real estate, to
try to do way too many things. You wanna do a couple things, and you wanna do them really, really well. And I’m giving you an
example of how to do this with probate. Now, a nice little sweet
spot is incorporating maybe another lead
generation strategy or two. So let’s just pretend you
wanna do Craigslist ads, or Bandit Signs. Those are very common
examples with, you know, real estate wholesaling and investing. So maybe Thursday you’re
ordering your Bandit Signs, and you’re writing up Bandit Signs. Maybe Friday you’re
doing that for an hour, so getting those prepared
and ready to put out on the weekend. And maybe Friday you’re spending an hour, and you’re sitting down and
you’re writing Craigslist ads. But you’re not just writing
a generic Craigslist ad. You’re writing four or
five different variations, so you have different
ones you can switch out, and you’re writing an
ad maybe that’s directed towards tired landlords, and maybe they have that
pesky rental property that they don’t want. And you’re critically thinking,
with a blank piece of papers what’s the most compelling
headline I can write? How can I really speak to this
tired landlord’s pain point? And what’s he or she
actually going through? And maybe you’re telling a
little story, or drawing them in, you’re trying to get better
at becoming a better writer, a better advertiser, a better marketer, and you’re giving them a
strong, powerful call to action. What if you take an hour or
two and you work on that ad? Maybe you write a newspaper ad, maybe you’re doing a Google Adwords ad. So. So what I’m gonna do here, is I’m gonna say “other marketing.” I recommend in this example where you spend another
hour or two each day, Thursday and Friday, doing
another form of marketing. Again, that can be getting a Google Adwords campagin set up, that could be writing a
newspaper ad, a Craigslist ad, that could be literally calling
through for sale-by owners, for rent leads, right? Being proactive, reaching
out to other wholesalers, networking, making phone
calls, getting busy, interacting with people,
asking for referrals, dropping your business cards around town. Whatever it is for you. Bandit Signs, Craigslist ads. Decide on one or two things, and commit to doing them
for the next six months, that’s the biggest thing
is people hop too much, and that, a lot of times,
is just gonna help you to just go crazy, right? It’s gonna cause you to stagnate, and it’s not going to lead to results. So I want you to get really good. I have students that
get all of their deals with Bandit Signs. I have other students who do
all their deals via Craigslist. I have other students who do
all of their deals via Probate. A lot of times we overthink
and we think, well, it’s 2018, that stuff
doesn’t work anymore, there has to be a better way, okay? But the question is, who’s
willing to do the work? Who’s willing to make
decisions? To be proactive? And to get laser-focused? And those are the people who
are getting results, right? And then the other aspect is consistency. We can’t just do it one or two weeks, it has to be, you know,
two, three, four, five, six, seven weeks in a row, very consistent, and then
the results start to happen. So now the next part is naturally, as we’re doing lots of marketing here, there’s gonna be some inbound calls. There’s gonna be some calls coming in, and there’s gonna be some
follow-up that’s necessary. So I recommend scheduling in,
you know, in this example, 2 days a week where you take an hour and you are calling people back. You are following up. And in the beginning, you’re
gonna have less leads coming in but as you get more leads coming in, following up with people,
little short check-ins, little voice mails, you know,
checking back with people, staying top of mind, reminding them of the value
and the service that you have and that you provide, and painting that little
picture in their mind, of how you can help them. Doing that often, it doesn’t
need to take a long time. A lot of times I’ll flip
through my hot pad of hot leads, and just take an hour and
call through all of them, and just leave them a
short little voicemail, checking in with them. It’s so powerful, it
doesn’t need to be complex. An a lot of times, like I said, you can take one or two hours
and implement this follow-up and it’s gonna result in a
huge spike in your business. Alright, so now we’re gonna
talk about appointments. So now that you’re doing
that, you’re generating leads, you’re following up with people, you’re making verbal offers, you’re gonna naturally start
to go on some appointments. Now, just a fun tip that I wanna give you that’s gonna save you a lot of time, is you wanna get in the habit
of making verbal offers. Letting them know the benefits, and only going on the most
hot appointments, right? Only after they already know
who you are, what you can do, how you can help them, and a ball park that you’re gonna be at and they’re so motivated
and they’re willing to entertain that offer, then you wanna go on an appointment. So if you do that you’re
gonna save yourself from driving all over town,
going on a million appointments and wasting so much time, which is one of your most valuable assets. So let’s say you really
get going with this and you have a lot of hot leads coming in, and some lukewarm leads, some cold leads, you’re making lots of verbal offers, and you start to go on appointments. A lot of times in the
beginning it’s gonna be maybe one or two or three appointments, really really hot
appointments per week, okay? Each appointment should
only take you about 10, 15, 20 minutes, plus drive time. So again, this can be one to
two hours a week, at the most. You know, and as you scale your business, it can be more than
you can bring in people to go on appointments
and to pick up contracts, and to do different things for you. In the beginning you wanna
do that stuff yourself, getting that experience. But again, it doesn’t take a lot of time. You might have an appointment this week, an appointment next week,
and you zip out there for 10, 15, 20 minutes, and you’re done. So this doesn’t need to
be some grandioso thing. And then, lastly, selling the deals. So once you get the deals under contract, of course there’s gonna be some
time emailing back and forth making a few follow-up calls, sending over the contracts, so there is time there invested as well. But, again, it’s gonna be very minimal, especially in the beginning, and as you have more influx of business, that time table will creep
up just a little bit. But selling deals on the back end, I go into a very, very
deep dive training on this, inside of my course, the
Ultimate Wholesaling Blueprint, where I basically blow up
on my wholesaling business, I teach you step-by-step how to do this, so module five of my course
is one of my favorite modules, I take you from them saying
“yes” over the phone in person, all the way through to the closing table, there’s 13 videos, and with my students and
customers, I teach them 12 marketing strategies
to sell their deals very very quickly, to really good quality buyers, and to really make those buyers
just be begging for more, because we serve them up with such value, excuse me, and with such really good deal. So, there’s not a, you know, I don’t wanna overwhelm you in this video, but I just wanna let you know
that if you want more on that I’ll have the link for my
course below this video. And it’s not just on selling deals, it’s on everything, A-Z wholesaling. But let’s just go with the example of, you put out some Bandit Signs, you mail out a cash-buyer flyer to people who have bought in your area, you call up a few realtors, you know, a lot of times on the back
end my students will have their deals sold within a couple of days, within a couple of hours, and they have 12 things,
they have a system, every single time they get
a deal on their contract they have a system of what to do. But it doesn’t take a ton of time, especially if you price the
deal right, which again, we go over in the course as far as exactly how you need to
be pricing your deals so that they are large spread
deals, and so the end buyer is receiving a ton of value. But right here, this is
gonna be three to four hours of marketing your deals. So what I did is I went
back and I flipped back a couple pages here on
the handy dandy easel, and I added up the max
number of time here. Now, taking out the initial one-time setup of your LLC, your business
cards, your website, taking all that out of consideration, and just the actual
income-producing activities on a weekly basis in
this specific example, it totaled up to be 14 hours. So I’m just gonna round
up and say 15 hours. So a lot of times I get
asked that question of how much time does it take
for real estate wholesaling on a week-to-week basis? How much time, Steven, should I set aside? And my answer to that is 15 hours, okay? So when you’re starting your business, it’s helpful to know that,
okay, I need to chunk out this time, I need to
dedicate this amount of time. Now I could push that down a
little bit to sound better, if you’re really really busy, but I don’t wanna do that. I wanna be real with
you, I wanna be honest, I want to let you know, to
actually get tangible results, and not just like oh yeah, you’ll succeed two years from now. But if you really wanna get traction, bottom line, you need to
find out how to carve out about 15 hours per week,
per seven-day week, in your business, and dedicate that time to
doing these type of activities. Now is this the only way to do it? Did the structure that I laid out, is that the absolute only way to do it? Of course not! This is a way that I recommend, and I wanted to get that
framework, rather than just saying, “Well, you need about 15 hours,” I wanted you to see how
this can actually be done in a logical way, and really be done in 15 hours. So what I recommend, because
there’s some follow-up, there’s different marketing, if you try to compile
this into one day a week, or two days a week, in my opinion, that’s gonna be a little tough. So what I’d recommend,
and I know what I did, is I worked a full-time
job in the corporate world, and I’d work on my real estate business about one to two, somethings
three hours in the evening, not always, a lot of times
it was one or two hours, and then I’d make up a
little time on Saturday and do like eight to one, or
nine to two, or nine to noon, something like that, so I think if you can spread this out over at least three days,
that is going to help you to be able to just, it’s helpful, especially when you’re getting going, to sit down and say, “Okay,
the only thing I need “to focus on today, is
I need to get my letters “out the door, or I just
need to call these 20 people, “or I just need to write
these three Craigslist ads.” When you have a laser-focused activity, that takes a lot of the pressure, it takes a lot of the pressure away, okay? So, that is what I wanna
share with you in this video. I just wanna give you a clear picture that you can build a business, okay? Now the average spread
deal that I personally do, that I do with my students,
is around $12,500. So if you’re doing these
activities consistently, week in and week out, and you might not be the best at first, but you’re gonna get better
and better and better, and the key part is consistency. Most people, just to be frank,
are not consistent enough. They’re just not. And I want you to be different. I want you to put your foot down, because what’s on the other
side of being consistent is producing the income, and getting the results that you’re after. And it’s worth it, my friend. The sacrifice, the commitment,
the uncomfortableness, it’s worth it. So I challenge you, my friend,
to get committed, to do this. If you get laser-focused, it’s amazing what you can accomplish in
the next three months, okay? When I finally quit my
job, burned my bridges, I was able to get my first
$12,000 deal within 90 days, and then within a few weeks
later got a $25,000 deal, okay? It doesn’t have to take years. It’s not gonna happen
probably for you by tomorrow, but it can happen rather quickly. And I want you to have that confidence, and I want you to have
the right time parameters, and I want you to get focused
on the right activity. So if you like this video,
let me hear from you. If you didn’t like this video, I’d also love to hear from you. I want you to know that I
appreciate you big time. My name is Steven Howell, definitely consider subscribing, check out my other videos. It is my goal, just so
you know, I’m working to get these videos up daily. I’m building this habit, I
enjoy doing these videos, I get a ton of really good feedback, it’s one of my biggest passions. So there’s gonna be a
lot of content often, so it’s gonna be in the
ballpark of four, five, six, seven days a week, and soon enough, it will be daily videos, okay? Last but not least, if
you want more information on how to wholesale real
estate step-by-step, how to do large spread deals, 10, 15, 20, 25 thousand dollar deals with a shoe-string budget,
with zero to $200 a month, somewhere in there, in nicer areas on a consistent basis, I definitely would consider
getting my flagship product, which I’ll have in the
link in the description. It’s called The Ultimate
Wholesaling Blueprint, it’s my absolute baby. I recorded these videos
after working with students for the last four years. And them asking me questions,
and me recording videos on exactly how I do my business, so definitely check out that in the link in the description, I know it’ll provide you a ton of value. It’s the most detailed
course, in my opinion, and I know you’ll love it. So definitely check that
out, I’ll see you guys in tomorrow’s video, thank
you so much for watching, and have a great day!

6 thoughts on “How Much Work Is Wholesaling Real Estate? (Step By Step Breakdown)

  1. Thank U Steven
    Had this question on my list to inquire on how to set up daily tasks & hours per day

    Is setting up a Corporation a good idea down the road.. ? Thanks Steve‼️👍🏼
    Awesome Content.. yes I saved that vid on the website. That’s a good site..

  2. Amazing information Steven. I think you might provide the best real world how to get started for little or no money advice out there. Everyone else says drive for dollars but the probate skillset is so valuable. How much is it to become a student and do you have partners in different cities that you might thinking on expanding to?

    Thanks again for such great information.

  3. Great Content!

  4. Can you be my mentor?

  5. Steve, I'm so glad I came across you and your videos. Trying to improve my life and income has become a big obsession and I've been looking into real estate investing, mainly wholesaling. Your information and ambition with your videos seems genuine. I love your stress on personal growth. U promote material and advice I'm just learning more about now. Thank you. I'm gonna be consistent and reach the other side with your help. Thanks

  6. Really good advice about Probate list

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