BiggerPockets

Chris,

The most import thing is to take action! From your questions I can tell your not sure what direction to take, and a confused mind always says no or does not take action.

From the 100+ properties I have wholesaled, I have never marketed to sellers. Wholesaling like most other Real Estate is all about networking.

Most of the properties came from referrals. Meaning everyone that I came in contact with I made sure they new what I was looking for.

My advise would be to find the top wholesaler in your area and become a bird dog for him. This will do two things. First, you will get some cash coming in which creates momentum. Second, you can learn from him/her and what is working and is not.

The top wholesalers are the top for reason. Find that out and you'll be very successful.

Wish you the Best!

-Ken

Chris,

While I definitely agree with Ken, ESPECIALLY in regards to taking action, I'll have to say that I'm VERY partial to farming! I highly recommend finding a "target" area within about 10 miles of where you live..so you're not driving all the way across town. Farm the area, and I wouldn't stop until I get a list of at LEAST 200 properties. I also recommend using a digital recorder...it makes a lot easier to keep track as opposed to writing down each property.

Second, another way to "backdoor" your wholesaling strategy by finding investors in your local REIA's that are ACTIVELY BUYING. Find out what areas they buy in, and what their target properties are...then you can focus your efforts on those and if the numbers you negotiate work, you should have it sold pretty quickly!

Hope that helps,

Glad you like the site :D

To answer your piggyback...

Yes, targeting an area outside the city can still be equally as profitable! A deal is a deal is a deal. Sometimes it's just easier to get it sold when there's a population to buy it.

Although you still live 20 miles outside the city, I'm guessing that there are a probably investors involved in the local association that don't necessarily all live in Houston, but also in surrounding areas! Having been on the board of the Oklahoma City REIA for about 7 years, I'm well aware that we've got numerous people that drive sometimes even 2 hours away to attend the meetings. It's about the networking...and sometimes it helps to get the "if that guy can do this, then I sure as heck can!" factor! :wink:

Being 20 miles south, I am going to guess you are somewhat close to League city or Missouri city.

There are at least 3 REIA's listen on BP here at being in Houston.

Try the closest one and you might be supprised at what you find.

Clear Lake Investment Club
Contact: Marilyn Smith
Number: 281-335-3938
Meeting Time: 3rd Saturday of each month, 8:00AM
Meeting Location: American Title Company
1325 Space Park Drive, Houston, Texas 77058
Web: http://www.clearlakeinvestmentclub.com
Membership Cost: $100/year


or maybe

Realty Investment Club of Houston - RICH
Contact: Randy Steadham
Number: 713-947-RICH
Meeting Time: 1st Saturday of every month, 8:00AM
Meeting Location: Hilton Hotel at the University of Houston
4800 Calhoun, Houston, TX 77204
Web: http://www.richclub.org
Membership Cost: $130/year

Or maybe

Houston Association of Real Estate Investors - HAREI
Contact: Jerry Davis / Roderick Lightfoot
Number: 832-594-5488/832-724-7430
Meeting Time: Every 2nd and 4th Saturday of every month
Meeting Location: 2302 Fannin, Ste. 200, Houston, Texas,77001
Web: http://www.HAREIONLINE.com/
Membership Cost: $129.00/mo


I hope one of these are somewhat close to you.

Usually in each club there will be members that are generally local AS WELL as those investors that will do the deal wherever they find them.

So if it is possible, you might want to be members of more than one as that gives you the most opportunities.

Hello everyone. Thanks for sharing. To me
1. Finding a mentor is more important than anything else. It can save you from a lot of unnecessary run.
2. Socialize.
3. Work as bird dog initially.
4. Read Books, articles, forum posts etc whenever you have a free time.

Nick Brian.

That's not a bad idea, Alan, thank you. I guess I was just trying to figure out a formula that made sense. I work an hour from home. So, I am out the door by 6 and not home until 6 in the evening. I have a family, etc, so when I get home, it's not like I can just run out the door again.

I typically have every other Friday off and off on the weekends. I think I have more to choose from in Houston because it's a large metro, just thinking maybe to start out, though, I should stay more local to my area. It will be slim pickings by doing this, but it makes the most sense to start off.

That's an interesting statement, Jacque. I don't disagree with it. But how do you target distress? Are you referring to just broad marketing versus targeting neighborhoods/areas?

I have heard people talking about getting in with attorneys that may know of bankruptcy, death, divorce, etc...but, how do you market to an attorney? I mean, if you approached and said, hey, I want to profit from this guy's misfortune...what is the likely response?

I don't know any attorneys personally, other than mine and he mostly handles wills, etc...he is money hungry however, so perhaps I could offer him a fee or something?

Chris

That's great info, Jacque. Thank you. I will email the one I know right away and ask if he can provide any other names I could contact.

Thanks again,

Chris