Wholesaling apartment buildings is an amazing opportunity. You leverage multi million dollar transaction values, slice off five and six figure assignment fees, all without taking any risk or using any of your own money.
In the early stages though, there is a lot to get your head around. In the world of project management, it’s well established that if you have to learn more than one new skill during the course of executing a project, your chances of successful completion start to go down.
This is definitely the case with apartment wholesaling, and it illustrates quite neatly why the first deal is the hardest deal to do. You are learning how to find deals, how to negotiate with sellers, you are learning how to raise private money, you are learning how to qualify buyers, and shepherd them through the closing process, all the while dealing with your own fears and maintaining a “can-do” mindset.
When you look at this way, it’s not a surprise that, most people struggle getting their first apartment deal done. There are a lot of firsts you have to achieve, and an unforgiving time frame in which to achieve them.
One way to lower the bar though, and increase your overall chances of succeeding, is to break the doing of the deal down into separate parts, and assign the accountability for producing a result in each part to another person. This can be a partner, someone in your network, it can be another Apartment Entrepreneur.