- consistency and persistence is the key. When I started my first yellow letter campaign this past February, I had been on BP and attending meetings for almost 10 months prior. I decided to commit to 6 months at about 500 letters a month - I wanted to do 1000 a month but this was what my budget allowed. I chose who would do the campaign for me. One of the hardest things I've done is write that check with no idea what the outcome was going to possibly be. I ended up closing two deals on the same day 7 months later; one took about 2 weeks to wrap up after the seller reached out and the other took 4 months and was way more complicated and I didn't think it was going to actually materialize.
Now I'm starting month 3 of the second 6 month campaign - still at 500 letters and things are very different. I"m hitting the same list and I've added another niche to mail to monthly that is smaller. The phone isn't ringing quite as much - it bothers me, to be honest, but I stick with the plan and I talk with my vendor who does this for a living (the mail campaign). I've gotten my license so I have other avenues to explore and that's my goal for the next several months - how to make that license work for what I want to accomplish. When I get bummed, I come on BP and do searches about frustration, quitting, why am I not getting deals, etc., etc and I swear after about 15 minutes of this I feel better. The key is consistency and persistence. You have to commit. I do believe if you lay out a plan, no matter how big or small, and stick to it, you'll get that deal. Give yourself time. It's the extremely rare person who mails a few letters and gets a 20K wholesale deal off of that. You have a better chance of being hit by a bus, probably. I'd venture to say that person also has a harder time after that kind of start with managing expectations.
if it were easy, everyone would do it. Stick with it. You can do it!!!
Felix, you have the right attitude, don't give up! It took my partner and I about 4 months of actively making offers to land our first deal. Regardless of how long it takes, if this is what you really want you need to keep at it, eventually you'll land one!
On another note, you might get more responses if you add a profile picture.
@Matt Schelberg , Pretty much all of them were MLS offers. Our first deal came from a wholesaler. We already had all our ducks in a row and were able to close in less than 24 hours.
It took me months to close my first deal. I don't remember how many offers I made to get it because it was 12 years ago. But I can tell you now, that I typically have to make 100+ MLS offers before I find a property. I know I am well over 100 offers at the moment.
I usually only have to make a handful to get a wholesale deal though.
- consistency and persistence is the key. When I started my first yellow letter campaign this past February, I had been on BP and attending meetings for almost 10 months prior. I decided to commit to 6 months at about 500 letters a month - I wanted to do 1000 a month but this was what my budget allowed. I chose who would do the campaign for me. One of the hardest things I've done is write that check with no idea what the outcome was going to possibly be. I ended up closing two deals on the same day 7 months later; one took about 2 weeks to wrap up after the seller reached out and the other took 4 months and was way more complicated and I didn't think it was going to actually materialize.
Now I'm starting month 3 of the second 6 month campaign - still at 500 letters and things are very different. I"m hitting the same list and I've added another niche to mail to monthly that is smaller. The phone isn't ringing quite as much - it bothers me, to be honest, but I stick with the plan and I talk with my vendor who does this for a living (the mail campaign). I've gotten my license so I have other avenues to explore and that's my goal for the next several months - how to make that license work for what I want to accomplish. When I get bummed, I come on BP and do searches about frustration, quitting, why am I not getting deals, etc., etc and I swear after about 15 minutes of this I feel better. The key is consistency and persistence. You have to commit. I do believe if you lay out a plan, no matter how big or small, and stick to it, you'll get that deal. Give yourself time. It's the extremely rare person who mails a few letters and gets a 20K wholesale deal off of that. You have a better chance of being hit by a bus, probably. I'd venture to say that person also has a harder time after that kind of start with managing expectations.
if it were easy, everyone would do it. Stick with it. You can do it!!!
i got the lead off a bandit sign.. ARV= 225.. I'm contracting it at 85k... The house is only 1050 ft so about 30k in repairs tops... Looking to make 10k atleast!!!! I learn just to stay persistent and that you have to go through the process and you can't cheat the process!!!
This is a very insightful & encouraging forum...I've been at it since 2013, but I took about 9 months off. Just started back about 2 months ago. When I started in 2013, I got 3 properties under contract with the first 4 months but each of them fell thru due to my eagerness and inexperience...I've been struggling since I got back going. Paralysis by Analysis mostly is what holds me up. Great info
I appreciate these motivational posts as, although I just started about a month ago, had my first deal fall through. I went into it knowing that the agreed upon price was just way too high, but I wanted my first deal under contract and the seller wasn't budging on price...bad decision looking back.
What houses to look for when trying to make a deal to wholesale a property & what type of buyer do they have to be? A normal person looking to buy a house with cash & sign the correct contracts? Or a real estate property investor?
Hi @Felix Wisniewski , First thing to consider is how you are going to reach potential sellers in the area you have targeted. The BEST way is to pay for accurate, current data from a company like CoreLogic/RealQuestPro and send out mailers. The beauty with this data is you can request a very specific type of property and get a report in minutes! For example: We have researched and targeted 3 acre parcel in XYZ County and only want to contact properties zoned: vacant land, residential, etc. Then we get a list of say 5,000 & scrub it down to 3,000 after removing duplicate sellers or whatever. Then we create a standard letter and mail merge all to one great document and send to the likes of Offers to Owners/Yellow Letters to mail for us. THEN we have ONLY interested sellers calling US!
Costs vary depending on volume, but you get the idea. Certainly better than some folks "driving for dollars" and spending all day canvasing areas to find a handful of boarded up homes to try and contact and motivate those sellers. Hope I've helped!
How long does it take an individual/Newbie to make their first wholesale deal? Asking for a friend
What kind of marketing is your friend doing? If they are very active, mailers, have a website, bandit signs, cold calling, doing everything, assume they will probably land a deal quick. If they are mailing out 5 yellow letters and sitting around, they will never land a deal. The hardest part of real estate is finding the properties (my opinion).