Is part time practical?

5 Replies

Hi All!

Firstly, huge thank you to all that contribute here! I've been lurking around these forums and some of the advice that I've come across has been invaluable, so thanks very much! 

Here is my situation; I helped found a company, then sold it and I'm currently pending my final payment therefore, I'm in a fortunate position to put some money to work. 

HOWEVER... from all of the research/reading I've done there is one common theme that continually comes up in RE world, the greatest investors only close on deals that are GOOD deals (Which can be hard to find in todays market!) that got me thinking, how can I find these good deals? That in turn has led me to wholesaling, which in theory is great, keep those off-market deals that fit your criteria and wholesale those that don't. 

Wholesaling appeals to me as at heart, I am sales guy, and my expertise lies in doing then growing sales operations. Therefore, I have no problem with the hustle aspect, but my only concern is as I'm currently on my earn out, which means I have fairly dedicated day job that I literally can't leave. My question is, is part time wholesaling practical?

@Tom Port part time is doable, but you have to be able to be smart with your time. Some of my friends outsource the cold calling and inbound calls from the direct mail campaigns and only call back interested sellers. If there's a will, there's a way.

Thanks for your 2c @Sean Pan

I appreciate I'd need someone to look at the marketing to direct sellers, therefore, I was looking at Ryan Dosseys CCF program? If anyone has any experience with that, I'd love to hear it! 

Also, in anyone's experience, pure outbound cold calling, how much does that actually work? Any rough metrics around conversion rates? I have extensive experience with cold calling, but frankly the conversion rates are always terrible. Surely the idea, is to use marketing to generate the leads then pass those motivated leads through your sales funnel? I don't have the time to engage in hustle porn for the sake of it!

@Tom Port Hey man, and congratulations!

Check out wholesaling and direct mail. You can buy and sell anywhere without visiting. It works for land and houses. It sounds like land would work GREAT for you, and you can absolutely do it full-time.

I'm direct mail acquisition machine. I pull assessor data (with a direct link) of the type of properties in the areas I want and send ALL the property owners an offer. I scrub the list to remove things like properties with a mortgage, duplicates, etc. and spend a tremendous amount of time on pricing, because although these offers may be a lot less than retail, they are not out of the question. I explain in my offer letter to sellers that I am a serious investor, not and agent/broker, I pay cash, and are prepared to close as soon as x days.

Then I sit back and wait for the motivated sellers to call us. You can of course edit this model to fit how exactly you plan on purchasing and what specific property type you are looking for. Believe me - it works like a charm. That is how I GET THERE FIRST. By the time a deal reaches the MLS or a lead source, someone else has already beat you to it. Also, knocking on doors (aka "driving for dollars") is an outdated way of doing this and honestly isn't worth your time. It's no longer about possible subject to leads - we now have DATA and computers and direct mail to get there first. Please feel free to reach out to me if you have any additional questions.