I recently completed Robyn Thompson's bootcamp and i feel very comfortable with determining rehab cost on a property after that course, because i was within 3% of the prices she estimated after we did our estimates in person on multiple properties during the course.
So i get home and make up the letters and sent out 500 letters to out of state owners of over 7+ years in areas i want to work out of and i've not gotten a single call yet to date. Im starting to question the idea of wholesaling for properties to flip or wholesale.. feel like the market is empty right now...
I am only speaking on what I've heard, as I'm very new to wholesaling and just been doing mounds of research. That being said...
The landscape has changed. The more traditional methods are worn out, many people are numb to them (just like many of us don't pay attention to billboards or tv ads anymore). One has to think a little bit more creatively and market their services in a different way to start reaching those that need one's help.
Hi @William Huston ,
There are a lot of people doing it successfully all over the states. The problem is that it takes work. It always has. Many starting out or who have it laid out in a seminar are thinking they'll just do a little work and start getting deals. Not putting you down. Just telling you what bootcamps often miss out. Wholesaling is simple, but not easy. If you're willing to put in the work, you'll find the deals. I average 1 deal per 1,000 mailouts and others have similar numbers. You'll always have people who are looking to unload their properties quickly as those situations haven't changed. You just have to learn to dig to find them and be the first to their door. Hope that helps.
Hmm, i just would have thought i would have at least a single call by now, im not giving up on it.. im a Realtor also, so i plan to continue to do it when i can to source a deal for my first flip...
@William Huston ; Wholesaling + Realtor? If you openly disclose your license, I would think you would create an instant conflict of interest and mislead both sides of the transaction.
Having a license has helped me immensely as a wholesaler. I recommend it to all wholesalers.
1. I have full access to the MLS, so I can look and compare Sold properties (Comps) in the area I am buying in.The software exceeds any other public software out there like Zillow or Redfin.
2. Saying I'm a broker gives a level of trust to people selling you their property. It gives a level of professionalism.
3. If you don't sell your property to a Cash Buyer right away, You can list it on the MLSand save your broker fee. and it gets your property out there for all to see.
@Brett Snodgrass I simply cannot see how a wholesaler can flourish without a RE licnese and access to MLS. I mean they are selling real estate and acting as brokers ( unlicensed which I don't care for) but that's another story..
have we bought any of your wholesale deals I bought about 30 homes in Indy this year maybe a little more.. you sold me any ?
I don't believe we have worked together on any Indy Deals, but would love to build the relationship and work with you. I will send you a PM, and get your criteria that you are looking for and see if we can help you with any deals here in Indy. Thanks Jay. Brett
Free eBook from BiggerPockets!
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.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.