Always Have More Than One Deal Going!
Posted on April 4, 2016 byRemember being in elementary school? If it was anything like mine, sometimes a classmate would get in trouble and the teacher would make him write ‘sentences’ for punishment. Remember? Write such and such sentence 25 or 50 or eek! 100 times! It was like being sentenced to prison. It was very painful when one was young but we oftentimes got the message…don’t mess with the teacher.
So let’s bring that back for a moment. Repeat after me…
I shall always have more than one deal going…
I shall always have more than one deal going…
(Repeat as long as you need to until you never forget it…)
It’s such a simple lesson! But far, far too many times I see this happen with wholesalers, especially new ones. You work on this ONE DEAL so hard and do everything in your power to make it happen. And it is a sincere effort as well where there is rapport and legitimate effort being made to get it to the closing table. Then at the last second, the unthinkable happens…it falls apart. Seller suddenly changes their mind. Even worse, it’s for a legitimate reason such as a health issue arises. And the Seller is very apologetic and you know they aren’t making it up. Still the deal is dead, at least for the time being.
If this was the only deal you had going, this is usually very, very discouraging. In fact, if this happens to you 2-3 times and you are new, many times that’s all it takes for you to say ‘this wholesaling thing isn’t for me.’ Who wouldn’t be discouraged greatly? You may have spent weeks if not months on this one deal. And the bigger the check, the harder the discouragement tends to hit.
The solution is very simple. Remember the sentence we wrote…I shall always have more than one deal going. There’s no big secret. It should ALWAYS be your mission to have more than one deal going so when the unexpected happens…and it will…it’s business as usual.
Other examples might be as simple as a closing being delayed. Seller got called on a business trip. There could be two Sellers and they get into a debate and one of them no longer agrees to the deal. A real estate agent got involved. Nothing against agents but I have seen where the Seller asks an agent for advice right before closing and they get words like ‘you can get more money! Don’t sell!’ Or could be the Buyer not being able to come up with funds at the last minute. And it could be legit like their private lender changed their mind about the deal. The list goes on and on.
Life happens and when you are about to make money, especially a lot of money, expect things to possibly happen. By having multiple deals going, you are in a much better position to maintain your momentum and keep disappointment at bay. The end result will be a much happier you and a more successful business that never has all its eggs in one basket.
Frank Iglesias is an active wholesaler, rehabber and landlord in the Atlanta metro area who enjoys creating win-win real estate transactions. Leveraging a mostly virtual staff, Frank has taken working with virtual assistants (VAs) to a high level where they do the majority of the work necessary to run his real estate investing business. As a result, Frank is able to do less while accomplishing more so he has the freedom to spend more time with friends and family and teach others to do the same. Frank is also the leader of the Atlanta Wholesalers Group.
