I know there are a lot of different marketing strategies out there for wholesaling but can ya'll share what has been the most effective/ has led to the highest percentage of lead generation for you? Cold calling FSBO's, realtor's, CL, Mailers, etc...?
Wholesaling is actually pretty hard to get into. Way harder than most people would ever imagine. Once you have a system, it works for a while, until it doesn’t.
For me, wholesaling is about 2 things:
1. Deals. Good deals are good deals and they are easy to move.
2. Relationships. I’m not comfortable wholesaling to or from people I don’t have a good relationship with.
I haven’t found success wholesaling to strangers. I’ve always done some other business or RE deal with a person before i engaged in a wholesale deal with them.
Also, the number 1 rule to wholesaling, in my opinion, really should be “try not to wholesale”. If the deal you found really is that great, finding a way to do it yourself should be your priority. You will likely make more money, meet other professionals in the industry and build out those wholesaler relationships in the process, and find more success- and success begets success.
I am looking to get into wholesaling and throughout my research and analysis on all of the properties that I am finding to be "good deals", I instantly get sidetracked (which may not really be sidetracked) and start looking to see how I can pursue it for myself. My problem is that I have the credit but I don't have enough capital $$ yet to do so.
@Myra Rudd Have you pursued JV partners to fund deals, or at least to bring enough funds for a 10-20% position and then hard money for the remaining?
There are lots of options for hard money, and many lenders have different programs, some that will fund 100%. It's more expensive, so you pay more in the end, but something is usually better than nothing.
My favorite of all time... Drum roll!!!!!!! Cold calling (dialing for dollars). I use mojo which is a triple line dialer and focus primarily on vacants. It a cost effective way to do off market deals that will pay your bills lol.
Exactly what is your marketing budget? If you don’t have 3-5k a month to spend on marketing I probably wouldn’t try wholesaling.
I’d look at getting my license instead
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