{"id":64533,"date":"2014-11-08T08:09:51","date_gmt":"2014-11-08T15:09:51","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=64533"},"modified":"2021-05-03T15:32:57","modified_gmt":"2021-05-03T21:32:57","slug":"2014-11-08-8-killer-resources-savvy-low-budget-wholesalers","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2014-11-08-8-killer-resources-savvy-low-budget-wholesalers","title":{"rendered":"8 Killer Resources for Savvy Low-Budget Wholesalers!"},"content":{"rendered":"

In a recent article <\/a>I discussed how I moved cross county and began my investing career in another state.<\/p>\n

I discussed in the article how to overcome uncertainty, adversity, and the power of positive affirmations<\/em>.\u00a0In the conclusion\u00a0of that article I briefly stated that I was able to close 12 transactions in 18 months;\u00a0I would like to pass on the tools and skills I used to help me with each deal.<\/p>\n

So the question is: how was I able to close 12 transactions in 18 months in a new state, and not knowing anyone<\/em>?<\/p>\n

8 Killer Resources\u00a0for Savvy Wholesalers<\/h2>\n

I wish that I could say it was easy but it was not. In addition to the character traits needed to succeed (perseverance, tenacity, humility, focus, and setting priorities) there were also numerous research tools that were\u00a0needed.<\/p>\n

Starting out broke, busted, and disgusted I did not have the huge marketing budget that I would hear many investor talk about. They would say you have to know your marketing budget…… sure no problem $0 (actually it was more like $100), so how do I get started with that? Well you can’t, so I had to start my own mailing campaign sending out 200 letters a month. Discouraging….when you hear other talking about mailing 10,000. (Well… from the 200 letters I was able to get a property under contract!)<\/p>\n

The following are some of the tools I’ve used to find success as a wholesaler – and I hope you can use them to find the same!<\/p>\n

Tool #1) Redfin<\/h3>\n

When wholesaling, I have to find\u00a0comparable\u00a0sales\u00a0to the subject property so I know what my after repair value<\/em> is.\u00a0\u00a0If you do not have access to the MLS, like I didn’t, Redfin has a wonderful “Whats My House Worth<\/em>” link on their website that will show you all the recent houses sold in the area along with the date they sold for. This is great for\u00a0determining the after repair value<\/em>.<\/p>\n

(When looking at the comps, you’ll need to know about how much the repairs are. I have experience in renovating properties, so I am familiar with the process, but if you are new at it\u00a0you should check out\u00a0J Scott’s “The Book on Flipping Houses<\/a>”\u00a0and “The Book on Estimating Rehab Costs.<\/a>”\u00a0I hear they are\u00a0good if you have no experience\u00a0in this matter!)<\/p>\n

#2) Tax Assessor<\/h3>\n

I also utilize the tax assessor’s website to get additional pieces of\u00a0information about the property and the owners. I was able to use this to confirm the square footage, lot square footage, age of the house, and how long they owned the house. I also use the Tax Assessor’s site to confirm that they are, indeed,\u00a0the owners.<\/p>\n

#3) Google Maps<\/h3>\n

This may seem elementary to have this on the list but remember: I was broke; driving around looking at houses was not<\/em> an option.<\/p>\n

Most importantly I would use Google Maps\u00a0to help me build rapport. Sellers would often ask me if I had seen the house\u00a0and because of Google Streetview, now I could say “yes” and feel confident in my conversation with them. For some reason, psychologically, it made me feel more comfortable looking at the property while I was speaking with them on the phone.<\/p>\n

#4)\u00a0Chicago Title “Premier Services”<\/h3>\n

This is not for all areas but Chicago Title has a tool called Premier Services, which\u00a0is another excellent resource I use that gives the property history, escrow profile, mortgage lender information as well as comps for the properties I am looking at. I use this because it is good for researching how much the owner possibly might owe on the property, or if they are going through a foreclosure process<\/a>. This is absolutely free but you have to contact Chicago Title for a username and ability log in.<\/p>\n

Having this great\u00a0informational resources can strengthen your position when it comes to negotiating.<\/p>\n

#5) BiggerPockets<\/h3>\n

This is a no brainer, but if you are reading this from an exterior link from BiggerPockets.com<\/a>, the website provides valuable information from thousands of investors’ hands-on experiences.<\/p>\n

#6) Podio<\/h3>\n

This is essential!\u00a0\u00a0Any good wholesaler will have a CRM tool that can help you be more organized with your leads. This helps me:<\/p>\n