Ok, so the number one question I get is “Nick, I’m brand new to this and I just want to know how to start. What do I do first?”
It’s a great question and it’s one that isn’t really answered out there the way that it should be. I’m here to bridge that gap for you and make sure you fully understand what to do from A to Z.
There is a lot of fluff out there online about how to do deals and how to flip houses from home in your underwear by simply clicking your mouse…REALLY?
Please don’t believe that hype. This is a real business that takes time, effort, and energy. There is no getting around that. What I will say, though, is that once your biz is up and running and you have some systems in place, you will soon have more freetime than you can imagine to do the things you love to do in life. That’s why I’m so passionate about this business. I get to travel with my family and never miss ANY of my daughters’ events.
This is a real business that’s not all crowded like many of these other entrepreneurship opportunities. If you get started off in this business on the wrong foot, or with some BS “no work needed” scam program, you will be in for a rude awakening…So, let me explain the right way to get things going for your first deal:
Start with the Single Family Home Triad™ (it’s not copyrighted yet, but I’m thinking about it:-))
This Triad is what you need to have in your sights if you want to break into the real estate business ASAP. It is extremely simple and very easy to understand and implement.
The 3 things you do with single family homes are:
– wholesale them to other investors
– rehab and sell them to retail buyers
– keep them for immediate passive income and long term wealth creation
Pretty exciting, right?
There are tons of reasons that single family homes need to be your focus in the beginning and long term, and I will write a post soon listing all of those reasons. For now, I want to stick straight to the point.
Back to the Triad. So when deals come your way, you have multiple choices on what you will want to do with the home, but in the beginning, wholesaling is going to be the way to go. There is no risk, large amounts of money, or credit needed to get these deals done. What a great way to start a business from scratch!
Alright, so starting with the wholesaling part of the Triad is your starting point. Got it?
I want to mention one quick thing about the Triad before we move on…
Some beginners can start out and do their first few deals with another part of the Triad and that’s totally fine. I’ve helped many people get started that way too, but it’s not as easy to do and there are a few more steps to get those balls rolling.
I STRONGLY urge beginners to step into the wholesaling arena first because you can earn while you’re learning many facets of the business like deal finding, transactions, contracts, etc…
The beauty of the Triad is that once you get some wholesale deals under your belt, the other 2 facets of the Triad will be much easier to dive into for much larger profits and wealth creation.
Without distracting you too much from the first part of the Triad (wholesaling), I just want to show you what’s possible with the other 2:
– Rehabbing and selling can lead to short term profits of $25,000-$75,000+ on ONE deal!
– Buying and holding single families for the long term (again, I’ll explain why it’s the best rental property in another post) can bring you thousands of dollars per month in passive income and set you up with serious wealth and a big net worth that will take care of you for life!
Okay, back to wholesaling your first deal…
When I first discovered this strategy, it blew my mind. I couldn’t even fathom how I could be this middleman and flip a house that I never even owned. Since then, I’ve done tons of these types of deals with my record profit of $46,000. That deal took a total of about 2.5 hours of my time! Now most of them won’t be that big, but I want you to understand the potential out there and what’s possible for serious entrepreneurs.
Remember, with wholesaling there are NO barriers. There are no age, license, credit, or capital requirements. You don’t need to have years of real estate under your belt. You REALLY need to understand that. There are no roadblocks other than the ones that you might create in your mind. But, I know if you’re reading this right now, you’re most likely the type of person to take action and not make excuses. If you have some type of excuse that you think will hold you back, you might want to hear my story on the about page or from some of the interviews I’ve done and I think your excuses will quickly vanish:-)
So, there’s the power of the Single Family Home Triad™ and I really want this to sink in for you because it’s VERY simple and VERY attainable within a relatively short amount of time.
For those that are serious, the sky is truly the limit, my friends…