Hi all! I am a new investor and would love some help! I am focusing on wholesale assignment deals right now but I am struggling to find properties. I am going through the pre foreclosure list, have a few homes that I found while driving for dollars and I've been cold calling with no luck so far. Any tips? I wanted to post bandit signs but I see that is an issue around here due to needing permits.
Hey @Lisa Mayfield it takes a while, like several months to get your first deal. It is a full time job(40+hours). You have to polish up the way you talk with people and what you say. You did not think you were going to get a list and wholesale a property and make 3k in a few days, right??
Keep on doing what you are doing. Network and meet other investors. Take people to lunch, dinner, coffee, whatever. It is tough, but after you have gotten some deals under your belt, you can start to rehab a deal here and there. It will get better. The beginning is always the hard part.
Thank you @Rick Pozos :-) I was hoping to at least have a few bites, especially using the pre-foreclosure list which goes to auction in a little over a week. I do have a buyers list already which is wonderful! I think I'm just wondering the best way to get my name out there to potential sellers.
You’re doing the right things. It just takes time and patience. Keep at it!
Post cards with your website, door hangars with your website. You do have a website, right? Leave cards on empty houses, talk with the neighbors. Keep doing what you have been doing and just do a whole bunch of it.
Yes, I made a website (not sure if I am allowed to post it here) Good to know I'm on the right track. I will keep doing that. Since bandit signs need permits here in San Antonio I was thinking to do signage for my car instead.
The first deal is always the hardest deal.. It may take 6 months of consistent action before you get it, which is why most people quit at this business. Sounds like you are doing some good stuff. And when you do get that first deal, put some of that money into mailing letters to people. The second deal will be slightly easier to get, the third even easier. You just need momentum and it all starts with that one.
Thank you @Chris Wolfe
Don't forget to also start building a buyers list so when you do find a property, you can quickly get it in front of interested buyers.
There's a lot of competition but there's also a lot of people that aren't serious about wholesaling or just trying it out. Find a way to differentiate yourself or create a niche for yourself as you start out.
Chris completely agree w/ your thoughts on difficulty of first deal. My friend did his first deal in Midwest. After that, his broker started sending him good deals before they hit the markets. I've spent almost a year building connections in first TN and then OH. Have made solid offers but good deals all go to local buyers (if they even make it to market). What makes it more difficult these days is the lack of inventory and deep pockets buyers ok w/ low cap properties.
I plan to fly to SA this month to meet people and look at a possible 54# value add. Rick (or anyone else) I'd appreciate a PM w/ suggests on commercial broker recommends. Thanks