Advice on entering the wholesaling world full time

[Joseph Kirk]

Hi everyone, im looking to take wholesaling seriously and become my main stream of income. Over the past month or so, i'd occasionally cold call by myself, with the only paid software of propstream. I'd export lists, look up the numbers, and call on my phone. At this point, im looking to do this full time and 100x more efficiently.

My thoughts:

-I want to hire 1 VA for cold calling and tracking everything and whatnot.

- I want to keep propstream for specifically pulling lists (i think?)

- I want to get REIsimpli for CRM and use that for staying organized and also considering using their dialer, instead of something like Mojo Dialer so its all on the same platform?

- Would also like to do direct mail, and even text message campaigns. Not sure what software but ideally would like to use a total of 2-3 softwares so im not all over the place.

I feel like im at least slightly knowledgeable with this, but I'm just lost on how to go about it all and get started with the proper steps and software.

I would really appreciate it if anyone who's currently successful in the industry could give me some pointers on:

1. the most efficient software to use
2. the proper order to go about all this, if there even is a proper order?
3. If im thinking about this properly or if im missing something?

[Don Konipol]

Quote from @Joseph Kirk:

Hi everyone, im looking to take wholesaling seriously and become my main stream of income. Over the past month or so, i'd occasionally cold call by myself, with the only paid software of propstream. I'd export lists, look up the numbers, and call on my phone. At this point, im looking to do this full time and 100x more efficiently.

My thoughts:

-I want to hire 1 VA for cold calling and tracking everything and whatnot.

- I want to keep propstream for specifically pulling lists (i think?)

- I want to get REIsimpli for CRM and use that for staying organized and also considering using their dialer, instead of something like Mojo Dialer so its all on the same platform?

- Would also like to do direct mail, and even text message campaigns. Not sure what software but ideally would like to use a total of 2-3 softwares so im not all over the place.

I feel like im at least slightly knowledgeable with this, but I'm just lost on how to go about it all and get started with the proper steps and software.

I would really appreciate it if anyone who's currently successful in the industry could give me some pointers on:

1. the most efficient software to use
2. the proper order to go about all this, if there even is a proper order?
3. If im thinking about this properly or if im missing something?

Here’s my take both specific to you and in general (in no particular order) 

1. You are entering a full time business - not “investing”.  Entrepreneurial, managerial, technical, and operating experience, knowledge and talent is paramount for a successful small business. 

2. You have not mentioned INBOUND Marketing as one of your marketing strategies.  The absolute best lead quality is someone who contacts you directly.  SEO for your website / landing page leading to a first page GOOGLE search result based on gearing toward a very narrow specialized niche.

3. The above supplemented with pay per click advertising program to generate sellers meeting your parameters, in other words QUALIFIED leads.

4. Capitalization - the successful wholesalers I know spend $10k per month on marketing.  They tell me anything less doesn’t allow them to obtain “critical mass”.  Since it will probably take minimum of 6 months before approaching break even, and you’ll need to pay up from for website design, initial SEO, etc., you would need at least $75k capital (some of which will remain in reserve as a “cushion”) to have a decent shot at success.  The people I know who attempted to “bootstrap” there way into wholesaling ( in the last 10 years) ended up either quitting in total failure or working two years for about $5 / hour and creating nothing of value.  

5.  Although wholesaling is a business, there is no typical business “exit strategy” as I know of no wholesaling businesses that were sold for anything close to what another type business would sell for.