Updated: Oct 26, 2022
“Jamil! I got my first wholesaling check!”
Those are the best words I hear from my Astroflipping students because it means they’ve started seeing the success of their business and the course.
Of course, the follow-up to that is “what do I do with it?”
Guys, we’re all adults, but getting that first paycheck is such a thing of beauty, that our minds go on overdrive.
And it doesn’t matter if this is your first paycheck at your very first job or the first paycheck at your 50th; this is a big milestone in any industry and any capacity.
But before you start thinking about what you’re gonna buy with this first check, here’s some recommendations on what you should do.
What To Do with That First Check from Wholesaling Real Estate
This might not be a huge surprise, but my first advice to anyone who has gotten their first check from real estate wholesaling is to save it.
That sounds like a no-brainer, but you’d be surprised how many people start spending that money like they won the lottery.
Which for some of you might be the case!
And I get it – when you’re used to struggling to make ends meet, when you have to work tons of overtime for a small amount of money, or when you have to choose between eating or paying bills – a $50K check is a jackpot, baby!
But do you know what happens to most, if not all, of those actual lottery winners?
They lose everything within a short amount of time. Why?
Because they went crazy and started buying a bunch of stuff they didn’t really need.
Don’t go crazy!
Save that money!
You might think you should be using this to scale your business. What you should be doing is waiting until you have at least $30K before you start to think about scaling.
I actually discuss this with one of my students in the video below:
As you’ll hear, I’m very adamant she saves that money unless she needs it for living expenses.
And for her, donating to a charity that she’s passionate about is something that is absolutely okay.
But that’s it. No, big, fancy cars, no million-dollar mansion, not even investing; save your money.
If this is the first check from your first deal, that’s phenomenal and you should be proud; but think about the next five deals and the next five checks.
Because in our business, we want to be consistently doing and finding deals, so we’re consistently making money.
But we also want to be stable and that comes first – stability. You want to make sure you’ve got a roof over your head, food in your belly, and the necessities to live.
Guys, it’s that simple.
It might be boring, but I guarantee you that cushion will be helpful later on as you build your business.
If you’ve found this helpful, then check out some of my other videos and Wholesale Hotline.
And if you want to get started in wholesaling or you want help to scale and grow your current business, then come and join us in Astroflipping.