No problem at all. If you're budget is tight you could also drive and look for FSBO properties. Ones not marketed online can be a gold mine. You can also always dig through Craigs List.
Gainesville, FL · Member since 2016 · 93 posts · 14 votes
9y
@Ryan Dossey again thank you. I wanted to know what would give me quality leads, so I can get my first wholesale deal by the end of April which I know is very obtainable. Is there anymore tips you can share with me?
Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
9y
End of April should be easily doable.
Hit up Estate (yard) sales. Hand out a card and ask if they're planning on moving. This strategy works the best in more blue collar neighborhoods. I've lost count of the amount of times I've seen a yard sale and then a few weeks later the home is listed for sale.
Submit a Freedom of Information Request to the city of Gainesville utilizing this template.
Tweak it so it achieves your purpose. Your goal is to get access to their database of properties with violations. You want to pay special attention to board orders, high weeds/grass, and other "red flag" statuses.
Gainesville, FL · Member since 2016 · 93 posts · 14 votes
9y
@Ryan Dossey thank you so much for the useful information! I will keep you updated right now I have a few lists of target markets and zip codes I want to enter. What specific details do you look for in a market?
Property Manager · Griffith, IN · Member since 2015 · 1k+ posts · 913 votes
9y
It's tough to judge quality leads without knowing the situations. How do you define quality? You can't buy a list of "quality" leads. You can develop your own list of "quality" leads through driving or probate or behind on taxes. Filter out the ones with low equity and only mail the perfect ones. To increase the quality of the lead, you need to put in more work on the front end filtering your list down. Or you can take a shotgun approach and mail a bunch and weed them out when/if they call. Have an abundance mentality- plenty of sellers out there. You just need to touch them when the time is right for them. I've mailed people for months and they toss the letter. But the mailing right after they get the letter from the city to fix the property or get fined and bam, they call.
Gainesville, FL · Member since 2016 · 93 posts · 14 votes
9y
Adrien S. okay I can see where you're coming from with your point. So from your experience do you mainly try to get an abundance of leads although the goal is to have an abundance of quality leads correct?
Property Manager · Griffith, IN · Member since 2015 · 1k+ posts · 913 votes
9y
If there was a way to judge quality- everyone would target those people. Without sitting at the dinner table with those people, you'll never know their motivation. Certain lists are going to be more "motivated" because they are on a time crunch or something but still very difficult to gauge quality. The best you can do is a combination of purchasing a list like absentee (filter it down to people with equity) as a shotgun approach and make your own list through driving or pubic records. I've purchased from absentee lists, probate, and driving lists this year. My mass direct mail sucks right now but it was great for a few months early summer. My driving and vacant list are working now but sucks this summer. I do them consistently not knowing when people will hit their trigger to call. It's a numbers game and the more contacts you make, the higher your chances of landing deals. If your budget it tight, go drive for a few hours in a middle-class town and compile a list of all the houses that look vacant and dumpy. Do a quick search on your recorders website to see when last mortgage was filed. If it looks like they have equity- mail them a letter every 30 days for 3 months. Return mail is gold. And a new address and send new mail or go visit in person or call. Boom! Should be able to get a few by April.
Gainesville, FL · Member since 2016 · 93 posts · 14 votes
9y
Adrien S. I know there are plenty of ways to market to different groups, but if I do what you explained how many deals do you think I could potentially close on by the end of April ?
Adrien S. I know there are plenty of ways to market to different groups, but if I do what you explained how many deals do you think I could potentially close on by the end of April ?
Can't answer that. You need to be able to build rapport with the seller and close them on you being the best option. You need to understand the value of the property, scope of work, and what type of investor would want it. Then you have to find the buyer and walk it through closing. Basically you need to be great at sales and marketing. Just because someone calls doesn't mean it's an automatic deal.
Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
9y
I would just call and ask in CA. I've got a buddy in your state who was able to get them for his county but it was a messy process. Best to just drop in and ask.
Driving for dollars. I also then like to verify some basic info. That they've owned it awhile, mortgage balance, etc.
If you have MLS access run a search for properties that the only purchase option is Cash. Run a second one where they offer seller financing.
This is actually great advice in general. I regularly run the searches suggested by Ryan - particularly the ones where seller financing is mentioned - and frequently find room for some creative stuff with those folks. This works for everyone, not just wholesalers.
If you want to really succeed in this industry you need to become an expert at building rapport, making a friend, and closing.
I'd suggest that you get started with "The little Redbook of selling". My grandpa gave me that book years ago and it's a worthwhile read if you're new to sales.
Also check out "How to win friends and influence people."
When wholesaling, name a few small tricks that result in QUALITY leads rather than a bunch of leads that don't go anywhere?
Your best lead is when sellers call you.....I have been using radio ads now for years and doing partnerships using my ads in other states - it can get expensive - but the quality is there. I advertise for houses - commercial and non-conforming properties - so I might get a motel one day, a farm, land or just houses - banding on radio works - call any time. Charles