If you've never done a deal, this post is for you

If you've never done a deal, this post is for you

Realtor · Atlanta, GA · Member since 2015 · 693 posts · 357 votes

I think so many of you will be able to relate to this post I'm about to write. 

I was 24, and just finished reading rich dad poor dad, and was ready to find out how I would strike it rich. After some googling I came across biggerpockets, and I was hooked. I've listened to every single podcast, read hundreds of articles, and was saving about 40% of my income, in hopes of buying a house to house hack with. I couldn't find a house where the numbers worked, in an area that I wanted to live here in Atlanta, so I had to figure out some other way. I figured that wholesaling was a faster way to earn some income on the side and then use that to learn how to find deals, build my network, and eventually use that earned income to buy rentals. 

I got my roommate to partner with me, and we drove for dollars. We drove past about 10,000 houses over the course of 3-4 days and built a list of 1,300 houses that we would mail. We started sending out direct mail, and getting calls. After a lot of denials, and about 10 offers, we finally got a deal under contract. After marketing the deal on BP, craigslist, and the local BP meetup, we found a buyer and closed the deal. It ended up yielding us a $6500 check that we're going to reinvest in our next 6 months of mailing, and any future wholesales, rehabs or new builds we find through our next rounds of mail, will be able to double or triple our mailing campaign to grow our business. Things changed for me when I started going to BP/REI meetups, and meeting people that were doing deals. You'll find someone who is similar to you, but further along. Ask them what you should do, and eventually you'll find your path. It really is that simple, go to meetups, get coffee with people, and you will figure it out and find an option that works for you.

Taking action is the most important thing. 75% of people I meet at meetups have never done, and will never do a deal. Don't be that person. It doesn't matter where you start, it just matters that you start.

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Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
9y

@Vincent Crane --Taking action is the most important thing. 75% of people I meet at meetups have never done, and will never do a deal. Don't be that person. It doesn't matter where you start, it just matters that you start.

hmm; taking dumb action(s) is worse than none at all.  Don't be a lemming, learn before you leap less you only weep.

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  • Rental Property Investor · Smyrna, GA · Member since 2016 · 86 posts · 28 votes
    9y

    Awesome post @Vincent Crane! I am in the exact same position you were in. 24, read rich dad poor dad, and trying to make something happen. Currently driving for dollars now in hopes of putting out a mailing campaign soon. Would love to meet up with you sometime and discuss wholesaling. Seems you could be that person that I meet that is similar to me, but further along. 

  • Realtor · Atlanta, GA · Member since 2015 · 693 posts · 357 votes
    9y

    @Joshua D. this seems like a post you'd like. 

    And @Ryan Horne yes absolutely. There's actually a meetup here once a month hosted by Jered Sturm where about 100 people come, all from BP. Look in the local Atlanta forum and you'll see the group. I've made some great connections there and we can talk there as well.

  • Rental Property Investor · Smyrna, GA · Member since 2016 · 86 posts · 28 votes
    9y

    Yes I have been at the last 2 meetups, seems we must have just missed each other. I will be there again next month so maybe we can connect then. @Vincent Crane

  • Investor · Atlanta, GA · Member since 2016 · 51 posts · 28 votes
    9y

    Hi Vincent!

    Congrats on your success!  If you don't mind sharing, what is it that made you select those 1300 or so properties from the 10k you drove by?  I'm in a different part of the RE journey, but very curious about the methods that wholesalers use.  

  • Damir KamberPro Member
    Investor · Roswell, GA · Member since 2014 · 234 posts · 97 votes
    9y

    @Vincent Crane you were driving past 104 houses per day, on average, 24 hours per day. That is very impressive. Do you mind sharing 3 most important things you learned from this experience?

    Cheers,

    Damir  

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    9y

    @Vincent Crane --Taking action is the most important thing. 75% of people I meet at meetups have never done, and will never do a deal. Don't be that person. It doesn't matter where you start, it just matters that you start.

    hmm; taking dumb action(s) is worse than none at all.  Don't be a lemming, learn before you leap less you only weep.

  • Real Estate Investor · Greater Atlanta, GA · Member since 2016 · 32 posts · 8 votes
    9y

    @Vincent Crane

    Congratulations, on your success. I love to read stories such as this, where someone in spite of their adversities, rise to the occasion. Hope to meet all of you @ the REI meetups.

  • Lender · Norcross, GA · Member since 2015 · 65 posts · 23 votes
    9y

    What are great story and inspiration @Vincent Crane.  You're absolutely right that taking action and looking for someone a little ahead to model after are keys to success!  The deals are out there, you just have to get to work to find them.  Best of success in the future!

  • Realtor · Atlanta, GA · Member since 2015 · 693 posts · 357 votes
    9y

    @Greg Moritz We were looking for houses in bad condition, or that were really small (800sqft or so) that were next to rehabbed or new builds, so we knew it was an area with a lot of activity going on, which gives us good comps.

    @Damir Kamber 1) you just need to get started, build a driving for dollars list, mail them, negotiate, and just be taking action. 2) build your network before you need it. I've already got a list of 10 builders and 15 rehabbers so as soon as I find one of those deals (which I haven't yet) I'll know who to call and talk to, and have them be able to look at the deal and potentially partner with me. I've cold called builders and asked to meet at their projects just to meet them and establish that relationship. 3) Meet 3 new people in REI per week. You need to have a huge network and that's how you meet your buyers, your rehabbers, your builders, your agents. I started seeing results once I started constantly meeting people in real estate, you naturally end up learning and talking about it and then figure out your next step.

    @Tony Lanier Sure Tony, you should check out the meetup that Jered Sturm hosts, on the last tuesday of every month, through BP.

    @Jeff Dimock Thanks Jeff, it was really hard getting started but it really starts to snowball once you get going, and once you see that it can work, you're hooked and you want it to become your full time job. I'm not even close to that yet but, just getting the first deal done shows it's possible.

  • Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
    9y

    @Vincent Crane,

    Congrats on your success to date! Well done!

    Now, you need to take your learning a step further - beyond BP.

    What you infrequently find on BP is mention of funding deals using something other than your own cash and credit. Most folks here are consumers, not entrepreneurs. They've not yet gained the benefit of financial or REI education beyond BP.

    For "unlimited" funding, you need to learn how attract and engage private lenders. There are, according most statistics available on the web, $Trillions in retirement funds looking for better, safer returns than Wall Street can provide, especially with all the current doom-saying about a possible market crash. That is where REI folks come in. There is a "right" way to go about it (per the SEC), so learn that first. There's more money out there looking for better investments than REI folks and the deals we find can accomodate.

    That's one way to to find the next step in your success.

  • Philadelphia, PA · Member since 2016 · 29 posts · 2 votes
    9y

    Sounds like an amazing strategy. I've read that book multiple times and it always has something new to teach every time!

    because of you I am going to start researching wholesaling. It sounds like a great tactic for getting started! Thanks!!

  • Damir KamberPro Member
    Investor · Roswell, GA · Member since 2014 · 234 posts · 97 votes
    9y

    @David Dachtera you are spot on with what you just said. I am beyond curious to see who makes it out of the next recession and how many "investors" are no longer on BP. Entrepreneurship is a mindset, regardless if it's in REI or selling socks.

    @Vincent Crane I respectfully disagree that you need to meet 3 people per week and have a list of 100 cash buyers, etc. For me personally, less is more and quality always over quantity. 

    Cheers,

    Damir  

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