Wholesaling Made Easy: The Only 2 Things You Really Need to Know to Succeed

Wholesaling Made Easy: The Only 2 Things You Really Need to Know to Succeed

4 min read
Brett Snodgrass

Brett Snodgrass is CEO of Simple Wholesaling and has been a full-time real estate investor for 10+ years. He specializes in wholesaling, wholetailing, creative financing, and scaling a business from a one-man band to an amazing full team running 100s of deals per year.

Brett has extensive knowledge and firsthand experience in several facets of real estate investing. He is an investor in Indianapolis (who loves being a hoosier) and works with investors all over the country who want to invest in one of the top-rated cash-flowing markets in the nation—that being Indy.

Experience
Brett’s amazing team buys and sells 300+ properties per year and builds passive streams of income by creating 50+ creative financing deals per year. In a five-year timespan, Brett has gone from a one-person team to a full-time staff of 10+ team members and has tripled his deal flow.

As a man of faith and a real estate investor, Brett combines both to bring opportunities to everyone he encounters while spreading the kingdom of God. This is his mission and the purpose behind his company Simple Wholesaling. He has a passion for helping others in business and personal growth.

Brett also enjoys spending time with his wife Karen and his four young children, in addition to taking mission trips and serving others through his faith.

Press
Brett has been featured on several podcast interviews, including two BiggerPockets shows—BiggerPockets Real Estate Podcast #231: A Simple Strategy for Doing 25 Deals a Month and the Best Deal Ever Show #10 With Ken Corsini: Substitute Teacher Makes $80K on First Land Deal. He has also been a guest on dozens of other podcasts, including Wholesaling Inc. and FlipNerd.

For the past several years, Brett has also hosted his own show called Simple Wholesaling Podcast with Brett Snodgrass, as well as a local meetup in Indianapolis, the Wholesaling Made Simple Meetup. He is a sought-after speaker who has given key presentations on topics ranging from scaling a real estate investing business to developing a purpose behind the business. He loves to give back all the blessings that God has given him.

Accreditations
Brett is an Indiana real estate broker and a member of two prestigious real estate mastermind groups, Collective Genius and Multipliers.

Follow
Instagram @simple_wholesaling
Brett’s Facebook
Simple Wholesaling Facebook
SimpleWholesaling.com
Brett’s LinkedIn

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Before we jump into the content for today’s post, I just want to give you a little background on who I am so you can get a general feel for what I’m about and ultimately what kind of content you can expect to come from me.

I’m from the Indianapolis area and I am married with three incredible children whom I always try to put before my business. I have been a full-time real estate investor for 8 years and I specialize as a wholesaler, which is simply “matchmaking” experienced investors with properties that turn a profit for them.

I can’t even begin to tell you how much I love what I do! In essence, every day I make money simply helping other people make money. It’s so awesome, and it’s ultimately what I want to do for you, the reader (though I won’t be getting paid this time ’round)!

My heart in becoming a contributor to the BiggerPockets blog is to simply give back. I became successful in this business through a lot of trial and error, and if I can help other inspiring investors reach success with a lot less heartache and hassle than I had, then I’ll feel like my goal has been reached.

So with that, let’s get into today’s post!

What Is Wholesaling Exactly?

Like I said earlier, wholesaling is in essence “matchmaking” investors with properties that those investors can either hold as income property or fix-and-flip for a profit.

The wholesaler finds a steeply discounted property (meaning it’s selling significantly under market value due typically to a distress situation, like a foreclosure, divorce, probate etc.), and they get it under contract and either assign the contract or sell the property to another investor for slightly more than what they purchased it for.

For example, let’s say I got an offer accepted on a property for $20,000, but I know a flipper could purchase this same property at $25,000 and still make a great return after they rehabbed it.

Related: Day in the Life of a Wholesaler: How to Find Sellers, Negotiate Deals & Assign Contracts

So I go through with it and get it under contract for $20,000 and then assign the contract to an investor at $25,000, thus profiting the additional $5,000.

Make sense? Great!

The Only Two Principles You’ll Ever Need to Know in Wholesaling

In this type of investing, there are pretty much only two things you need to focus on in order to make it work. If you do these two things and you do them well, it’s only a matter of time before success will be knocking at your door.

1. Find Deals to Buy

So obviously, in order to purchase a good deal, you actually need to find one!

But how do you do it exactly?

Well, there are a number of different approaches, but the one that I have found to be the most consistent and the most profitable has been using direct mail campaigns. Here’s an awesome step-by-step system in getting started with direct mail.

Second to that, the biggest return on investment honestly has come out of relationships. Networking, getting yourself out there, shaking hands, and providing value to other people has been an incredible source of deals for my business.

I’ve made it a habit to help a lot of “newbies” learn how to be successful in this business, and in turn, a lot of them end up bringing me deals that they want to partner on. My intention is never to “give-to-get,” but it’s funny how it turns out that way a lot of the time.

2. Find Investors to Buy Your Deals

So once you have a deal, how do you actually find someone to sell it to? Now, a lot of people talk about establishing a “buyer’s list,” but practically, how do you go about doing that?

For starters, people want to work with a wholesaler who is trustworthy as a viable source of consistent, good deals. Investors don’t want to deal with people who are so greedy that they don’t leave any “meat on the bone.”

What that means is you need to be known as someone who has properties that are priced low enough with your fee included that your investor buyers have enough margin to still make money. If you try to make it a great profit for yourself at their expense, very quickly people will stop wanting to work with you. But if instead you set out to genuinely want to help people and you intentionally take a profit that leaves them plenty of room to make money, word will get out, and people will begin to start thinking of you as a wholesaler who really gets what they and their business needs.

Related: 5 Common Reasons Wholesalers Don’t Get the Deal (As Explained by Sellers!)

Second to being a trustworthy person, another way to meet buyers is by going to meetups and networking events, and actually being a wholesaler who gives a whole lot rather than receives. People in real estate have a really strong gauge in sensing if someone has an ulterior motive. When you go to a networking event, be authentically interested in what other people have going on and jump at any opportunity to help them out. If you have any means to support or aid them in their life or business, it’s that genuineness of simply wanting to help others that will stir seasoned investors to want to work with you over others.

Also, if you get any business cards from conversations at a networking event, actually follow up with them either by phone or email and intentionally set reminders for yourself to periodically touch base continually. Real estate at its heart is a relationship game, and in order to play it right, you actually need to be real and come from the heart.

Are you just starting out in wholesaling? What has your experience been in finding deals and buyers?

Be sure to let me know with a comment!