Driving for $$$ Day 5

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Driving for $$$ Day 5

Mohamed Hassan
Flipper/Rehabber · Woodbridge, VA · Member since 2018 · 6 posts · 22 votes

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!

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Jeremy Davis
Wholesaler · Salt Lake City, UT · Member since 2020 · 46 posts · 85 votes
6y
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.

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  • Simon W.Business Member
    Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 695 votes
    5y

    @George Munoz that works because you can close, assuming you have the money to do so, just in case there is no one in queue for the double close. Majority of the wholesalers here don't have anything to close so they must assign. That's the problem that no one likes to talk about when they read or listen to podcast about wholesaling. 

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  • George Munoz
    Real Estate Agent · Fort Lauderdale, FL · Member since 2018 · 360 posts · 213 votes
    5y
    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? 

     I understand what you are saying and I think you are right, but I think you develop this skill of looking on the record with knowledge and time and with that you become more efficient . I think for him at the beginning is good to get the app, because everything is right there with the push of a few clicks.    

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  • Sterling Grimes
    New Rochelle, NY · Member since 2020 · 5 posts · 0 votes
    5y

    Thanks for sharing your process! I'm looking forward to following your story as you progress and start converting those leads.

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