Wholesalers, your first sale

3 Replies

Wholesalers, tell me about the details of very first deal. 

Some details that I'm looking for:

Where did the lead come from? How's long did it take you to get it? What was the conversation like with the seller? What did you learn learn? Any other details would Be helpful as well!

I got it from sending post cards. I had it locked up about 2-3 weeks after sending my first batch. My conversation with the seller was very to the point - I would pay all the closing costs, and would allow them to stay in the house up to 2 weeks after closing. They were an older couple moving into their kid's house and the kids were finishing up an addition for them to live in.

What I learned was that each lead is different, you have to be solving a problem for them to want to sell you their house. A lot of times people have no social skills in these situations. You are asking someone to sell their house for below market value and they know you are going to make a profit off it, so if you aren't solving an issue of theirs then why would they sell to you?

After closing I sent them a thank you card with a gift card and one of my business cards. They were very appreciative of the whole process and if they ever have any friends/family in a similar situation they will let me know. I can buy the house if they are in a situation where a below market cash sale makes sense, or if they just want it listed for market value I can do that as well. Win/win situation.

I bought 3-4 houses in that first batch of letters. The following batch did not fare as well. You have to be consistent and it's all about follow up. I just got a Mesa condo under contract that I was chasing for over 2 months. Remember, you are paying for the marketing to get these leads, you gotta keep on them until they 100% absolutely will not sell. Use your best judgement to determine which ones you have to slow play and which ones you have to hammer until you get the contract signed.

I got mine through a run in at a grocery store, the lady had 200+ homes, it took about a year to get the list of homes together and I assigned packages of 10 to buyers, that took about 9 months. I asked the seller when she was looking to retire, when I met her at the store, she said "No one has ever asked me that before, I guess I would have to put a list together and  price them". I learned that deals take time and that contract are your best friend. I was able to connect with 5 buyers from BP and they were able to spread the word and get my deal noticed.  

I got lucky, sent 1000 yellow letters and got a deal on my second call...negotiated the price over the phone ( I don’t ever go on appointments ) and found a buyer from networking and make a cool $21,500. Been hooked ever since

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