Wholesaler · Hartford, CT · Member since 2021 · 9 posts · 1 vote
Hello BiggerPockets,
As of recently I am trying to get my first deal in wholesaling, I am stationed in a pretty small city (Wichita Falls, Texas). I have been pulling government lists as a way to generate leads but this method seems to not generate enough volume, ex. I pulled the foreclosure list for my city and less than 5 properties show up.
I wanted to get started in my own backyard so I could potentially be more involved with the whole process but there just doesn't seem to be much business going on here.
I will be attending a REI meetup here soon so hopefully I can meet the leading investors in the area and provide some value.
Is there something I'm missing? Am I not pulling the list right? Do I just pull every list I can find and make the little add up? Do I need to expand to nearby cities?
If you have any tips, tricks, or If you are familiar with this area and have any insight or interested in mentorship please message me!
Good job with the efforts you’re doing! add the code violations (go to local municipal building-tell them you’re doing a research project on these statistics do NOT tell them you’re an wholesaler-investor), probates list which is also small & is a marathon not a sprint, driving for dollars (leave post it on door “Hi, it’s ____, i have a question about your house please call me #_____” , and yes add nearby communities if you’re in a small one. We were doorknocking one day and that’s how we got our first deal, the grass is long we knocked on the door, and we had it under contract the next day! So yes, it DOES work!! Www.freewholesaling.com & Rick Ginn You Tubes have given us many great ideas, along with BP videos too of course. Good luck!! Lara
@Justin Tomlinson thanks for your post. Always great to hear from a fellow Texan. And yes, always great to connect with local REI groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That's the best bet.
@Justin Tomlinson welcome to the forums and congrats on getting started! What database are you using to pull your lists? One thing I've seen successful is pulling lists of out of state owners who have over 50-75% equity in their house. They seem to be some of the highest probability of sellers.
If you ever come across anything in Memphis, TN give me a ring. Best of luck!
Good job with the efforts you’re doing! add the code violations (go to local municipal building-tell them you’re doing a research project on these statistics do NOT tell them you’re an wholesaler-investor), probates list which is also small & is a marathon not a sprint, driving for dollars (leave post it on door “Hi, it’s ____, i have a question about your house please call me #_____” , and yes add nearby communities if you’re in a small one. We were doorknocking one day and that’s how we got our first deal, the grass is long we knocked on the door, and we had it under contract the next day! So yes, it DOES work!! Www.freewholesaling.com & Rick Ginn You Tubes have given us many great ideas, along with BP videos too of course. Good luck!! Lara
Try driving for dollars. You'll have your own, unique, curated list of properties that you've personally set eyes on. Find out who owns these properties and start sending them hand written letters letting them know you're local, you've visited their property, and want to buy it.
Wholesaling is a bit of a paradox. It's what many new investors want to jump into because they have lots of time and low capital. You need to know where to find and how to get undervalued properties under contract and have loads of buyers lined up for all the different property types and locations you acquire. The problem is when you're just starting out you don't have these things. The people who know where and how to find these deals and know buyers willing to buy them are the ones with tons of experience and enough capital where they're probably buying them themselves! Obviously newbies can do it, but I'd guess 95+% stop before ever making a deal. I'm by no means trying to discourage you! I just want to share what I've observed.
If you're serious you need to start meeting as many buyers as you can at meetups, through BP, and word of mouth / self advertising. You'll also need to convince these buyers you're a real player because we've all had numerous people give us their wholesaler pitch then never hear from the again. You'll also need to be ready for weeks, or months, of hard work and phone calls before you ever make your first deal.