Wholesaling Day 2

Today was a productive day, although I did not get everything done on my to do list but what I did get done moved me closer to being the REI I desire to be.

I was able to speak with my mentor (partner) that I jv my first deal with and I was invited to sit in on their groups team meeting and then I get a check $$$, its kind of hard to believe that when I first began listening to BP and hearing the stories about being a successful wholesaler I said this can't be true. Although I am a long way from being viewed a successful wholesaler (according to my standards), its great to see progress. I never count my chickens before they hatch so I'll wait until I am off to the bank.

One of my task today was to figure out how many wholesalers would say they put in 10-20 offers a day. This was mind boggling because where were they getting the EM to send with all those offers. Then my mentor (I suppose I can say that) told me that they are submitting the offers with copies of checks. Wow I thought, and what made it even better he sent me copies of checks wrote by his company to use to make offers. So tomorrow I will be taking a long serious look at some of the listings the realtor gave me yesterday.

Oh the money that I will receive from the JV deal will be used to enhance my company's website (seo), and to continue marketing with yellow letters. Marketing is not my favorite task but I do know that I can't stop this is the bloodline of my business. Even though, I have not closed any deals through the direct mail marketing I will listen to the experts that say never stop.

My other task was to contact insurance companies regarding rental insurance. I am still learning how to be a landlord, I have heard the horror stories and I want to do what I can to prevent some mistakes others have made. State Farm and American Family Insurance were the companies that offer the rental insurance, I'll be sending them to information they requested: Property address, owner information, company EIN #, etc...

I have been receiving calls from my yellow letters my response rate have been around 3%-4%. I am working on my phone etiquette during negotiations. I am building rapport but something just do not seem to work right. Maybe those who I am talking to are not really motivated, or I could learn some additional techniques. So I will study negotiating with sellers, and phone conversations.

Homework:

Follow up with realtor to make offers

Study negotiating with sellers

Submit documentation for rental insurance