Driving for $$$ Day 5

28 Replies

Update: Just got into wholesaling this week - Nov. 2nd. I promised myself that I was going to dedicate 2hrs a day driving for $$$.  So far I have 75 leads. I invested in deal machine and I absolutely love the software. I recommend it to anyone who is just getting into the game!  I literally have been driving around right behind my apartment complex and have found over 75 leads. After skip tracing, I know have the contact info for the home owners. Now I'm generating lists and compiling an outreach campaign to get hold of the owners. Going to keep pushing until I get my first deal! Next investment, Bandit signs!

Just curious, you have 75 leads from the behind your apartment complex. That means 75 properties are pretty much abandoned, that's not a good sign.

Considering you only started wholesaling process this week, why would you want to invest in a $49/month program? It's basically just pulling information from tax assessors that you can find at the county website. Or you might be on the 14-day trial.

I saw your profile and saw that you made $100k in equity and already house hacking, why not continue doing that?

Wholesaling is for people who don't really have money to invest to get their feet wet. 

Do you have 100 buyers lined up in case you got a wholesale deal? 

Originally posted by @Ronald P. :

@Simon W. 

I don't think he needs to have a buyers list. If you have a good deal buyers will come regardless. 

I've done wholesale before, but maybe I am not an expert compared to you. How do you get buyers once you have a deal?  

@Simon W. Usually at an event of networking but this is not an option cause of the pandemic. But there are groups on Facebook, there's bigger pockets, and usually you can get referrals from people who are investors. But if its a damn good deal, the buyers will find their way to you.

Originally posted by @Ronald P. :

@Simon W. Usually at an event of networking but this is not an option cause of the pandemic. But there are groups on Facebook, there's bigger pockets, and usually you can get referrals from people who are investors. But if its a damn good deal, the buyers will find their way to you.

I've done over 10+ wholesale deals and by the time I start doing what you suggested, I would've lost out because of timing. I used to host Meetup events and not everyone that goes there are going to buy even if you have a great deal.

Just curious, how many wholesale deals have you done so far? I stopped doing it because I am focused on my two businesses.

Originally posted by @Simon W. :

Just curious, you have 75 leads from the behind your apartment complex. That means 75 properties are pretty much abandoned, that's not a good sign.

Considering you only started wholesaling process this week, why would you want to invest in a $49/month program? It's basically just pulling information from tax assessors that you can find at the county website. Or you might be on the 14-day trial.

I saw your profile and saw that you made $100k in equity and already house hacking, why not continue doing that? 

Wholesaling is for people who don't really have money to invest to get their feet wet. 

Do you have 100 buyers lined up in case you got a wholesale deal? 

Sorry Simon, I don't mean to be the white-knight here, but your comment seems pretty negative and discouraging. For a person expressing himself publicly that he is proud of what he is accomplishing, you shouldn't point out his errors, especially that you don't know if they are even errors to begin with.

Wholesaling is NOT for people that don't have money to invest, wholesaling is creating a marketing business to generate and create the ability to find and secure discounted properties, that at that point, can either be assigned, or invested in personally. Why would I want to pay someone else to hunt down a distressed property, when I have the money myself to market and do it myself and thus increase my spread and return?

"Wholesaling", because it is a marketing business that can be as easy as knocking on a door, allows for someone to start from nothing, and grow slowly. At the same time, it also allows a person to start strong and grow even stronger in REI.

However, If I misread your comment, I apologize.


 

I am not trying to be negative, I'm trying to be realistic. A week into wholesaling and just behind the apartment complex found 75 leads. That doesn't seem right, but I could be wrong. But wouldn't you as someone into wholesaling question that? 

As for wholesalers, 90% of wholesalers are beginners getting to real estate so they can build up cash in order to do the actual investing. Do a simple search on BP and you will see that. I am not being negative on wholesaling, it's great when a deal is done. I did it myself before.


Originally posted by @Simon W. :

I am not trying to be negative, I'm trying to be realistic. A week into wholesaling and just behind the apartment complex found 75 leads. That doesn't seem right, but I could be wrong. But wouldn't you as someone into wholesaling question that? 

As for wholesalers, 90% of wholesalers are beginners getting to real estate so they can build up cash in order to do the actual investing. Do a simple search on BP and you will see that. I am not being negative on wholesaling, it's great when a deal is done. I did it myself before.

You're right, 75 REAL leads is a significant enough amount to raise flags, that perhaps that neighborhood is not the best to invest in. HOWEVER, a lot of new wholesalers that begin D4D will mark down ANY address with even a hint of distress. Overgrown grass is not a sign of motivation, but it's still enough of a sign to write down the address. A distressed, abandoned property in Beverly Hills will be MUCH more apparent than a home in the ghetto. There are some neighborhoods I drive through that I would swear the entire community is abandoned. 

Give him some time, that 75 lead list will begin to condense and concentrate into better results.

 

Originally posted by @Mohamed Hassan :

Update: Just got into wholesaling this week - Nov. 2nd. I promised myself that I was going to dedicate 2hrs a day driving for $$$.  So far I have 75 leads. I invested in deal machine and I absolutely love the software. I recommend it to anyone who is just getting into the game!  I literally have been driving around right behind my apartment complex and have found over 75 leads. After skip tracing, I know have the contact info for the home owners. Now I'm generating lists and compiling an outreach campaign to get hold of the owners. Going to keep pushing until I get my first deal! Next investment, Bandit signs!

Bro, great job!! There's no time like now! Celebrate then Accelerate!

 

Hey Mohamed,

I love the enthusiasm! Keep doing what you are doing. As time goes on, always try to calculate the return on your time spent generating leads. At first your time is often wasted away trying to make those first couple deals but once you start creating deal flow your time becomes much more valuable. Keep that in mind when you are driving for dollars. I've been wholesaling for a year now and my company produces 50 off-market listings a month just in the Nashville area alone. I would be happy to connect and answer any questions you may have. 

@Simon W. You are correct in saying that wholesaling provides the opportunity for those to build their own capital to invest in real estate. Some are beginners, some are experienced investors. For me personally, it wasn't until I got into my own investment property that I realized I also wanted to wholesale. My thoughts were, if I am able to source my own deals while providing great deals for my investors / friends, while also connecting with contractors, lenders, property managers, and retail agents, being in the wholesale industry deemed incredibly valuable. ESPECIALLY at the volume of deals my company does.  There is a wealth of knowledge out there in the world of real estate, why isolate what you learn from it by just doing your OWN deals? I get to learn from other investor's failures and successes everyday. 

I'm incredibly humbled for the responses on this thread! The thought that everyone took their time to reply means the world! Update and clarity for all. The 75 leads that I retrieved had a mix of very distressed properties, absentee owners, and a few owner occupied that I thought would not hurt. The more conversations I have the better. The neighborhoods that I have been searching are actually in good shape. Most of the homes were built in the 1950's and 1960's. I'm really good on the phones and getting a hang of driving for $$$. What I'm in need now is a coach, Someone who can and will take me under their wing. 

I would love to stay connected with those on this thread: @Klint Ruud , @Simon W. , @Lionel Mosby Jr , @Ronald P. , @Charles Large , @Kanwar Sodhi , @Jeremy Davis , @Cesar Arciniega , @Carolyn Chupa , @Spence Kal

Originally posted by @Mohamed Hassan :

I'm incredibly humbled for the responses on this thread! The thought that everyone took their time to reply means the world! Update and clarity for all. The 75 leads that I retrieved had a mix of very distressed properties, absentee owners, and a few owner occupied that I thought would not hurt. The more conversations I have the better. The neighborhoods that I have been searching are actually in good shape. Most of the homes were built in the 1950's and 1960's. I'm really good on the phones and getting a hang of driving for $$$. What I'm in need now is a coach, Someone who can and will take me under their wing. 

I would love to stay connected with those on this thread: @Klint Ruud , @Simon W. , @Lionel Mosby Jr , @Ronald P. , @Charles Large, @Kanwar Sodhi , @Jeremy Davis , @Cesar Arciniega , @Carolyn Chupa , @Spence Kal

Please do not hesitate to PM me. I´d love to give you my opinion on any subject. 

 

Originally posted by @Klint Ruud :

Hey Mohamed,

I love the enthusiasm! Keep doing what you are doing. As time goes on, always try to calculate the return on your time spent generating leads. At first your time is often wasted away trying to make those first couple deals but once you start creating deal flow your time becomes much more valuable. Keep that in mind when you are driving for dollars. I've been wholesaling for a year now and my company produces 50 off-market listings a month just in the Nashville area alone. I would be happy to connect and answer any questions you may have. 

@Simon W. You are correct in saying that wholesaling provides the opportunity for those to build their own capital to invest in real estate. Some are beginners, some are experienced investors. For me personally, it wasn't until I got into my own investment property that I realized I also wanted to wholesale. My thoughts were, if I am able to source my own deals while providing great deals for my investors / friends, while also connecting with contractors, lenders, property managers, and retail agents, being in the wholesale industry deemed incredibly valuable. ESPECIALLY at the volume of deals my company does.  There is a wealth of knowledge out there in the world of real estate, why isolate what you learn from it by just doing your OWN deals? I get to learn from other investor's failures and successes everyday. 

I missed your comment I guess the @ didn't work. I agree with what you are saying, but the time needed to put into wholesaling is too much, at least for me. I am better off using my time for something else. Granted I was doing that in NYC, so wholesaling wasn't exactly easy. Some states are just better off wholesaling than others so my opinion only relates to myself.

Wholesaling definitely makes you understand the real estate a little more.

Originally posted by @Simon W. :
Originally posted by @Ronald P.:

@Simon W. Usually at an event of networking but this is not an option cause of the pandemic. But there are groups on Facebook, there's bigger pockets, and usually you can get referrals from people who are investors. But if its a damn good deal, the buyers will find their way to you.

I've done over 10+ wholesale deals and by the time I start doing what you suggested, I would've lost out because of timing. I used to host Meetup events and not everyone that goes there are going to buy even if you have a great deal.

Just curious, how many wholesale deals have you done so far? I stopped doing it because I am focused on my two businesses.

My  personal Opinion and this is how I personally do it , I first reach out to the cash investors in the area I am targeting  and develop a relationship first Ahead of time ..  I tell them what I do ( not pitch)  I am also a license Realtor as well , but Specialize on On investment prop , I dont assign I double close .  and then I wait until the investor ask me if I have something for then I put them in Queue until I get the opportunity with their criteria..  ( no blast)   Or try to partner with them on a flip , (but all after developing a relation)