re: Wholesaling in Baltimore - Successes ? Failures?

Question

What tips or tricks can you share of your (preferably relatively recent) experiences with wholesaling and assigning RE in the Baltimore area? Also, if you could share your best and least expensive ways of getting deals..Thank you!

Nick H. · Answer

I have had success using a site called list source to generate a list of property owners that fit the criteria I am looking for. Then I use yellow letters.com to generate and send the letters. When I send a thousand letters I will get about 10-40 calls back. You have to close on one of those 10-40 people to make money and that list and letters for a thousand people is about $700 so it can be expensive and you may have to be aggressive to close a deal as there is a lot of competition for some properties. Hope this helps.

Ned Carey · Answer

@Jake K. what works for someone else may not be the best for you. It depends on your skills and personal strengths. Are you outgoing or more reserved?  Do you really like dealing with people or are you more analytical?  Are you good at follow up?  Most of my recent wholesale deals have been from buying tax liens and foreclosing.  However it is not likely that is the best strategy for you.

There are tons of threads here on how to find deals. You just have to try some things and see what fits you best.

Probably the most important tip I can give is be consistent. Most marketing takes while to show results. You have to keep up a strategy long enough to get results.

Some cheap way to find deals, bandit signs, tracking down owners of vacant houses and simply networking.

Creating you own lead website can be done cheaply if you do it yourself. However it takes work and a learning curve if you don't already have tech skill.  I knew nothing about website or coding when I built my website.

Jake K. · Answer

Yes I did do some letters/direct mailing

Ned Carey · Answer

@Jake K. when buying some auction houses or buyers will let you assign the contract, however don't expect that to be the  norm. We let buyers assign contracts all the time but not so they get a fee simply because they want to title the prperty in a different company.

When Selling at auction some auctioneers will let you sell a property you have under contract some will not. Offers for listed properties must go through an agent.

Jake K. · Answer

Hi Ned,

How would Auctions work as far as submitting an offer to assign? and what sources are the best for that?

Also, Is there a way to submit offers on the MLS online? or do you need to know a RE agent? Ty!

Ned Carey · Answer

@Jake K. for the record I don't do bandit signs as i don't want them in my neighborhood, so I am not going to put them out elsewhere.  However I do know they can be effective.  You can't put them out on public sign post or telephone poles but you can put them in any property you own.  Many people put them on vacant and boarded up properties. While that won't get you in trouble with government officials, you may get a mad owner calling you from time to time.   bI have even found them on some of my properties.

Examples of way s you can get deals even if you are not a people person would be auctions or just submitting offers on the MLS.

Jake K. · Answer

Thanks Will, appreciate the good advice!

Will Mitchell · Answer

I’ve had some success with bandit signs.  It’s a cheap way to get leads.  Usually lower end properties.  In my experience with direct mail Consistency is key. You can’t send out one round of mailers and expect to get deals. You need to hit the same list three or four times and have a system of following up with potential sellers. Like Ned said, whatever for remarketing you do you need to try it long enough to get results.

Jake K. · Answer

Hi Ned,

I am not the most outgoing person, but I can push myself to be if I want to..Im honestly not the quintessential people person, but on the other hand not super quiet either..I didnt try bandit signs bc I was concerned regarding legalities but I do see tons of ppl doing it so I suppose if the worst thing that happens is it gets ripped down then thats ok.

As far as networking goes, I have been to a  bunch of REIA's in the past 6 weeks or so and met alot of great people so hopefully I will continue to do that when able.

I have been thinking about building a website for a while and going back and forth on whether it is worth it..But from what you are saying, it does sound like an important piece for the new RE investor, especially just for legitimacy when a seller looks for info on you. Was looking at CARROT and see,s like a good RE site bulder and they were pushing it at the last REIA I went to as well..In any case, ty for your time and advice Ned, appreciate it and hope to meet you soon, maybe at a reia in the area.

Cornel Smith · Answer

Started writing letters/direct mail?

re: Wholesaling in Baltimore - Successes ? Failures?

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