here is how i plan to start this business please edit

Wholesaling
15yFollow

here is how i plan to start this business please edit

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Wholesaler · Miami, FL · Member since 2010 · 346 posts · 3 votes

Ok guys I just want to let you know that once I am done with college (thank god) next week I plan to make the transition part time wholesaling and part time waiter (30) hours a week..

I am working on what I plan to do as a wholesaler to get me leads, my first thing is direct mail everyday, whether I handwrite letters 15-20 a day (about 90 minutes of my time) or send postcards all out of state owners with high equity. Need to get a great letter and become a good talker,so i will need anyone with advice as to what I should say on the phone. I have been getting calls but none are interested and view me as a scam

The next thing I will do is because I am a waiter I will be PUTTING business cards in all my tables checks. I will have a yellow card saying 500$ then will explain that if they know a friend or anyone with a house that they need to get rid of I will give them 500$ if they refer me to them and we close a deal. I will also put these Flyers up at stores and post-offices. I will get either bright yellow or green computer paper and print them and advertise the same, Frustrated landlords, foreclosed properties, estate sales, if you know any one ready to dump a party call me and HELP your friend out of the situtation and make 500$ is my basic message.

The other things I will be doing is trying to build a buyers list day by day, I am calling landlords with for rent signs like today but he didn't really understand what i do? I said find a seller put it in contract and sell the contract to you. guy has 80 units and didnt understand?

Probate sales also interest me and I am looking for a book or something I can buy that you guys have had success with. (there are so many I want to know what YOU used and what has giving you the most information)

I want to know what I should do everyday to help close a deal at the end of the summer, I have money to work with and have a rental already under my belt, but I would love for either advice, a program, something to head me in the right direction to close a deal in 2-3 months.

PS. If any one needs any advice on working out/diet/fitness whatever I can go on for hours about that lol that is my specialty!

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Bill Gulley
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
15y

Well, you asked!

IMO, the last thing I would want if I were to go out to eat would be for my waiter hitting be up with some real estate deal!

The last thing I would want if I owned a resturant, would be formy waiters hitting my customers up for other business deals.

One of the last people I would trust with my real estate investments would be someone who could not make a living in real estate and worked as a waiter at a resturant.....bar tender maybe...LOL!

I don't think that is a good idea.

I admire your ambition and eagerness, but I think it's best to at least appear to others that you know enough about what you do that you can be successful enough to make a living from it.

I have never used direct mail of any kind, so I have no idea what color paper to use.

Before striking off in different directions, I suggest you first, learn how to estimate market value using comps, understand the the types of transactions used and the related rules, regulations and laws pertaining to the transactions. The reason people may think you have a scam going might be because you don't come across as being fully knowledgable in the transaction. Don't use a spiel to convey your interest, go at it to solve the problem of the buyer and let them know you are trying to help them, they know you are also trying to help yourself. Just a guess....

Lastly, learn one aspect of buying and selling and master that and then move into other areas, applying new things to what you really know is easier than trying to learn everything at the same time and being pulled in different directions. For example, there are many more deals in looking into pre-foreclosures right now than trying to do estate sales and probate. 1 in 9 homeowners are underwater, 1 in 4 people who die have their property sold in probate, so which is the largest market? The 120 people who died last month with 30 properties or the 1,000 homeowners in an area of 9,000?
homes? Not saying don't keep in mind the whole market, just begin with the odds in your favor. Know your market.

Now, someone might say hit the area where there is the least competition, like probate, but there is no area where RE investors don't crawl through possible deals, IMO. So, I suggest you learn the basics very well and be able to apply your knowledge to anything that pops up.

Walk and talk, let people know what you do, but maybe not at your other job. Good luck

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  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    15y

    Well, you asked!

    IMO, the last thing I would want if I were to go out to eat would be for my waiter hitting be up with some real estate deal!

    The last thing I would want if I owned a resturant, would be formy waiters hitting my customers up for other business deals.

    One of the last people I would trust with my real estate investments would be someone who could not make a living in real estate and worked as a waiter at a resturant.....bar tender maybe...LOL!

    I don't think that is a good idea.

    I admire your ambition and eagerness, but I think it's best to at least appear to others that you know enough about what you do that you can be successful enough to make a living from it.

    I have never used direct mail of any kind, so I have no idea what color paper to use.

    Before striking off in different directions, I suggest you first, learn how to estimate market value using comps, understand the the types of transactions used and the related rules, regulations and laws pertaining to the transactions. The reason people may think you have a scam going might be because you don't come across as being fully knowledgable in the transaction. Don't use a spiel to convey your interest, go at it to solve the problem of the buyer and let them know you are trying to help them, they know you are also trying to help yourself. Just a guess....

    Lastly, learn one aspect of buying and selling and master that and then move into other areas, applying new things to what you really know is easier than trying to learn everything at the same time and being pulled in different directions. For example, there are many more deals in looking into pre-foreclosures right now than trying to do estate sales and probate. 1 in 9 homeowners are underwater, 1 in 4 people who die have their property sold in probate, so which is the largest market? The 120 people who died last month with 30 properties or the 1,000 homeowners in an area of 9,000?
    homes? Not saying don't keep in mind the whole market, just begin with the odds in your favor. Know your market.

    Now, someone might say hit the area where there is the least competition, like probate, but there is no area where RE investors don't crawl through possible deals, IMO. So, I suggest you learn the basics very well and be able to apply your knowledge to anything that pops up.

    Walk and talk, let people know what you do, but maybe not at your other job. Good luck

    3Reply
  • Kobus De Villiers
    Real Estate Investor · Chicago, IL · Member since 2011 · 44 posts · 12 votes
    15y

    Agree with what Financexaminer is saying.

    As a new wholesaler myself there is so much to learn. Select 2 to 3 marketing campaigns and keep it running for at least 6 months trying to improve them over time. The first step in having a deal is having a lead, focus on that and you'll be going the right direction.

    Next step is to know how to spot a deal. Comps, ARV, and repair estimates would be key to know so that you have a good handle on the price and potential profit.

    Don't research and learn about strategies that you don't need today. Focus on the first step, research and implement that one item, refine over time and move to the next. This will help you to remain focused and ignoring all the noise trying to distract you. The first few months is all about focus and staying on task.

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  • Account Closed
    OP
    Wholesaler · Miami, FL · Member since 2010 · 346 posts · 3 votes
    15y

    Ok so i really think i will stick to absentee owners an probated through direct mail. That will be my main focus for
    The next 6 months. I will stick with my list and continue to mail daily. I am also wondering if the printed letters work better or should I try post cards preferable cris Chico. Seem
    Like less time
    Wasted writing all these things!!

    0Reply
  • Tyler H.
    Real Estate Agent · Fort Worth, TX · Member since 2010 · 208 posts · 70 votes
    15y

    Congrats on taking the steps to get going. Your buyers list is imperative, so grow that daily. Implement automated approaches
    to your efforts (ie websites, squeeze pages).
    Don't forget simple things like bandit signs and car magnets too.

    0Reply
  • Account Closed
    OP
    Wholesaler · Miami, FL · Member since 2010 · 346 posts · 3 votes
    15y

    bandit signs are great but in reality it is too time consuming and I feel that if i say I am going to go out every other weekend and place 50 bandit signs and not get good results I may give up because of the effort involved in that on top of handwritting letters. I think for me to succeed is to be able to deal with failure that is what seperates 95% of the people on here and the 5% who actually do it. I think my prime focus will stick to direct mail, and focus on getting 1-2k pieces out a month. I will do postcards and letters, and set up a way to track it.

    I also believe most investors fail is because there postcards are "WE BUY HOUSES CALL TODAY"

    I think to be successful in direct mail you HAVE to personalize the postcard/letter. In all the pieces I send out I will have their name and address in it and what I CAN DO FOR THEM. To be successful I have to talk to them like I am helping them and explain things like Pay cash which means quick close, NOT realtor no commission fees etc.

    You think I have the right track to marketing through direct mail??

    What I will do is use click2mail for my postcards, and will handwrite some letters. I will make it a point to write 20 letters and envelopes a day. I will have that merged with my printer so all i have to do is fill in the name of seller and property address for each one after I print 20 copies. I will do this from one portion of the list, track the results. then from the other will be the personalized 4x6 canary yellow postcard which is through click2mail (less work for me)

    0Reply
  • Ladawnja Moore
    Lawrenceville, GA · Member since 2011 · 5 posts · 1 vote
    15y

    sportf190 I don't have much to add here but to me your plan sounds great. I am a wholesaler in training so I don't really know what works or not but I do know you want ever know unless you try so keep it up.

    0Reply
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