I would like to put one foot in front of the other and see if I am going in the right direction.
1. Research a emerging market that I am interested in
2. get familiar with comps on 2-4 plex multifamily properties
3. start marketing to those types of properties
4. analyze property/ run the numbers/run comps
5. make offers
6. tie up property with assignable contract
7. collect fee/learn rinse and repeat
The only thing you're missing is finding a bunch of cash-buyers also interested in that market! I'm sure you are thinking of that, I just wanted to point out how many wholesalers seem to focus first of finding sellers... then can't preform quickly enough once they have a contract -- because they didn't spend as much time finding buyers. Best of luck to you!
@Daniel DiGiacomo Yes thank you sir. I totally forgot all about marketing for my buyers list.
@Christopher Hunter , yeah... I'm constantly networking my way to more buyers... REAL, READY TO GO buyers.
@Daniel DiGiacomo Do you have a website with a capture page or are you marketing on Craigslist, or are you going straight to the source by marketing to buyers in your area who have bought in the last whatever time frame?
@Christopher Hunter, in my signature I have a website... I advertise properties and I try to capture the overflow in my mailing list. I also contact buyers directly. I hang FSBO signs and capture who calls me.
@Christopher Hunter - you got it! One addition I'd say is "Follow-up with leads after I get turned down" because some of those leads WILL end up panning out.
I've noticed this in my consulting business AND when I interview successful wholesalers they say what sets them apart is that they keep a list of people who showed interest but didn't pull the trigger for whatever reason.
Have a system for following up with past leads.
@Joe Fairless Thank you Joe. Are you using any kind of software to keep that side of the business automated for you? I am a novice at puting together spreadsheets for keeping information.
thats what it is called remarketing, if you are advertising online to get leads then you must use the remarketing feature to get back those who firstly show you the interest but then turned down for some reason as Joe said.
@Ameen Al Qudsi Thank you. I have never heard of remarkerting. The key is in the follow up. I will continue to learn comps and how to run the numbers and marketing.
@Christopher Hunter - nope, I just use a spreadsheet. Although I've heard Constant Contact is pretty good.
@Joe Fairless Do you set reminders for follow up calls? What kind of information do you list in your spreadsheet?
@Christopher Hunter I don't recommend my system. All I do is have a spreadsheet with people's names who have shown interest and then every so often I follow up with them.
@Joe Fairless What should be my marketing technique for lead generation? I was told I should have 5-7 lead generation sources going on at the same time. My question to that is where does a beginning investor start out at?
@Christopher Hunter I've never wholesaled multi-family properties so I wouldn't be the best person to give you those answers. I was referring to the leads on my consulting clients, not leads to buy properties.
I get all my multifamily deals from either brokers, wholesalers, property managers or direct mail.
@Joe Fairless Should I be marketing now or getting real good at running comps and analyzing the deals?
@Christopher Hunter I'd make sure I knew how to analyze the deals before I started marketing
@Joe Fairless That is what I thought. Do you have any exercises you would recommend for me to practice with running comps?
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