How can I attract a marketing partner? New Wholesaler….
Question: How can I attract a marketing partner that will fund my marketing side of my wholesale business?
Situation: I have been calling, texting, and emailing potential prospects on line for the last 2 months. For the last week I have been post ads for sellers on craigslist, and back page. There are leads coming in but just not enough. If I could only start marketing to a list of absentee owners or high equity I know that I would have better leads coming in (just like my GURU told me). And then I could convert my first contract in to a paycheck! Help…….. Any Ideas?
Thanks in advance
Prove you provide added value.
What do I mean?
People willing to fund the marketing side generally fall - loosely - into 1 of 3 categories:
1) They can't, likely because of geography or time constraints, field the incoming calls and handle the inspections and property visits themselves;
2) They don't want to/don't enjoy the negotiations and interaction with sellers;
3) They are already successful and are looking to expand into additional areas/markets.
You're basically looking for someone to invest in you, because they will be betting their investment on your ability to field, negotiate, evaluate, and close on the leads generated by their marketing dollars. What are you doing to send the message you can be trusted with those dollars? What are you doing to send the message you are a better bet than someone/anyone else they could partner with?
My suggestions...get actively...ACTIVELY...involved in the BP Forums. Start answering questions. Start responding to posts and questions about your local market. Write some high quality blog posts. Write forum posts about the deals you are finding and the deals you are getting under contract. Prove that you're willing to help others and invest in their success. Become the type of investor other investors want to partner with.
I'm voting for that post of yours!
An unknown way of raising money is to ask your aunt or uncle for business loan that has money in an IRA
You would use a custodian like trustetc .com for a promissory note and the IRA Le a business lends you money
In my owner financing and rent to own tenant buyers that are broke, I have them do the same thing
Write a letter to your aunt or uncle that you think has IRA money and basically say:
"I have a great business opportunity and I need to borrow $10,000
if you're interested in lending money out of your IRA please let me know
I would pay you back over 6 to 12 months with interest"
A marketing strategy you didn't list that I have seen work pretty well in the past are bandit signs. WE BUY HOMES CASH! Now this really will not hit your absentee owners but you could find more of the high equity owners with this. You can get 100 signs for about $500 but keep in mind that you need to be asking each lead where they saw your sign. Make sure to move them from areas that are not producing leads.
Hey...where's my vote?!? LMAO!!!
Originally posted by @Hattie Dizmond :
Hey...where's my vote?!? LMAO!!!
I just voted!!!!
First of all, thank you for taking the time to share some of your knowledge and experience’s. I believe it will benefit many people that have a similar question in the future.
@Hattie Dizmond --- I hear what you are saying, get involved, be an active part of the community, help and assist other investors. I think I am involved…. I read a lot of articles and post and I even have 7 different social media accounts that I TRY to maintain and stay active in. Frankly I am over whelmed. How do I chose which community I can serve best? I know how to provide value, but where so I focus my time and energy? Thank you, you made me think. : )
@Brian Gibbons --- I didn’t think about this angle, I will learn a little about this option and then give it a try. I did try crowd funding and contacted all of my aunts and uncles (I got crickets). So I am not sure how that is going to look if I send out another request. I know, you rarely make the sale on the first attempt. I need to work on my communication and presentation skills. Thanks.
@Adam Smith --- Bandit signs didn’t work for me. I put out about 80 in 2 weekend and I got 2 leads. 1 buyer that is actually pretty good and 1 mobile home that is falling apart that he wanted out of the property. I think I would have a better strategy if I did some direct marketing to a list. Yet I ran out of marketing money and that is why I am looking to get a marketing partner. Thanks for sharing.
@Cesar Torres Your headline is misleading.
It sounds like what you really want is someone to bring deals to you and put up the money.
You're really not stuck on the step you think you are.
As Hattie and Brian have asked, just what is it that you do that is indispensable to someone with capital who already knows how to market?
You need clarity and pour yourself a big mug from a full pitcher of reality.
Your role is probably best made as a very mobile lead generator will to drive most anywhere in your market to put a deal together. If you don't know what makes a suitable deal for your investors, you need to find out what is realistic.
I don't see anyone putting up their money to make money for you. They will spend their money to bring deals to their table and utilize your willingness to knock on doors. I don't know anyone who needs to hire someone to text prospects so you are a birddog until you prove your added value in the formula.
@Rick Harmon --- Thank you for the question. Let me start by saying that I can be indispensable to some one that already knows the market. It’s not that I want someone to bring deals to me; it’s that I want a partner to put up the money for my marketing so I can get more leads. Of course they will be compensated according to their financial role. See it takes about 30 leads to get about 4 appointments to get one deal. At the moment I am doing the labor intensive work of marketing one deal at a time, email and texting. By marketing to a list by mail I could reach more people and get inbound calls and emails of people that have raised their hand and said, “Help me.” I am mobile; I am also the acquisitions manager of my company. That means I go see the property, make an offer, and put it under contract. I wear all the hats in my small business; I simply want to automate the leads by creating systems that will bring quality leads to close more deals. I provide wholesale properties to investors; if I make money they make money.
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