Wholesaling business on a shoe string budget?

16 Replies

How do I start using yellow letters going door to door? And when I get bandit signs what neighborhood or area do I put them for the most attention?

If you're going door to door (off some sort of list, presumably) you would talk to the person. Leave a letter if there's no answer, but your real goal is to talk to someone face to face.

Bandit signs are illegal almost everywhere. Check your city ordanances (most are online) and see if they're allowed. They're probably not. If not, don't break the law to promote your business.

When I get someone at the door what do I say to them? My goal is to wholesale their home.

Going door to door is going to be tough. When I first started in a tight budget I hopped on my bicycle and went looking for FSBO and for rent signs. I also looked for abandoned properties. I got a workout and a few #'s this way. Plus it gave me a quick knowledge of the area. I went on my bicycle because it saved me gas and I was able to do it quickly. The only thing is that it lasted a month, but I had a blast doing it.

Caution: you will be chased by dogs no matter the size.

If you don't know what to say to a homeowner once they open the door then my advice is to jot down the address, send them that exact yellow letter, and have them call you if they are interested in selling. I always prefer to get a warm call then to cold call someone.

If you don't know what to say to them, then you're probably not ready to help them.

If you you do, in fact, truly know what to do to put them under contract, how to document it, price it, structure it and find a buyer for your contract, then it's a matter just engaging in conversation with owners (schmoozing) with them.

The objective is to get them to tell you what problems that you are certain that you can help them by wholesaling their house. I doubt if anyone will ever respond positively to offering to 'wholesale' their house. You might do well by offering to intern with/for an experienced, seasoned investor who will add value by educating you (maybe run you a little ragged, too).

You've identified yourself in the header as a residential real estate broker. Is this accurate? Licensed? Any experience?

@Leona King

There are many options to wholesaling on a budget. Just to give you an idea here is what I did/do. I would take others investors sign on monday afternoon if they were still out, wipe the permanent marker off with rubbing alcohol or cheap colon and write my own words on it. I also bought post cards on line vistaprint created my on mailing list off the property assessorsite and drove by the houses placing them in the mail boxes. Alsoyou can call fsbo for leads or for rent signs.

@Manny Cirino Questions i have been trying to use the tax assessors site but cant seem to navigate it all i have is a name of the deceased how can I Tell if they have property?

@Gary Threadgill yes your sight is very difficult to navigate. Here is what I was able to find for you. https://gov.propertyinfo.com/DC-Washington/ you will have to create a login accout. It seems your search does not have a first name last name search. Property address or parcel id only.

@Manny Cirino Its Actually Pg county md still close to dc though. but I Have the same problems I dnt have an address for the deceased and I Dnt kno what a parcel id is

Excuse me, you are a real state broker and your goal is to wholesale a house? Did your broker's test not include questions concerning "net listings" fiduciary responsibilities, laws of agency, disclosures and self dealing???? :)

I must be on some ethical high horse today, this is the second thread this morning with issues. That, or they just pop up on Saturdays...:)

@Gary Threadgill check the obituaries online they may have an address on there. Other than that you may need a new lead.

@Bill gulley

Good saturday morning, what do you suggest a new investor do to get started on a shoe string budget? And I have an inactive license, that I never really used.

@Mannny cirino thank you so much for your good and positive feedback I really appreciate it.

@Leona King go back and listen to the BP podcasts on wholesaling.

Find the BP threads pertaining to wholesaling and direct mail. Between those two avenues, you should find more than enough answers to your question.

Good luck.

Thank you all so much for wisdom, I really appreciate it.

Originally posted by @Manny Cirino :

@Leona King

... here is what I did/do. I would take others investors sign on monday afternoon if they were still out, wipe the permanent marker off with rubbing alcohol or cheap colon and write my own words on it. 

WOW! Really? Maybe I read you wrong. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.