Rockford, IL · Member since 2018 · 15 posts · 15 votes
I'm new to wholesaling and It's been three months and no deal. I've tired direct mail and using online marketing methods. I'm not getting any leads. I'm slightly discouraged, but I'm not sure what's 'normal'. How long did it take you to get your first deal?
@Ashley Burks My first deal that came from marketing took about 200 phone calls to FSBOs. I got better with time and now I can usually close 1 deal for every 25-30 calls. My problem is that there are hardly any real FSBOs anymore, most of them are on the MLS as flat fee listings, the ones that look like FSBOs on craigslist and kijiji are actually agents :P
So now I'm turning to something I did only a few times in the past. Door knocking houses that have been on the MLS for over a month. I did my first 15 on Tuesday and have an appointment to buy a house on Monday.
In my experience online marketing for sellers is a waste of time. Direct mail can be good but it's extremely saturated, you need a budget in the tens of thousands per month to really make it work.
@Ashley Burks My first deal that came from marketing took about 200 phone calls to FSBOs. I got better with time and now I can usually close 1 deal for every 25-30 calls. My problem is that there are hardly any real FSBOs anymore, most of them are on the MLS as flat fee listings, the ones that look like FSBOs on craigslist and kijiji are actually agents :P
So now I'm turning to something I did only a few times in the past. Door knocking houses that have been on the MLS for over a month. I did my first 15 on Tuesday and have an appointment to buy a house on Monday.
In my experience online marketing for sellers is a waste of time. Direct mail can be good but it's extremely saturated, you need a budget in the tens of thousands per month to really make it work.
@Ashley Burks My first deal that came from marketing took about 200 phone calls to FSBOs. I got better with time and now I can usually close 1 deal for every 25-30 calls. My problem is that there are hardly any real FSBOs anymore, most of them are on the MLS as flat fee listings, the ones that look like FSBOs on craigslist and kijiji are actually agents :P
So now I'm turning to something I did only a few times in the past. Door knocking houses that have been on the MLS for over a month. I did my first 15 on Tuesday and have an appointment to buy a house on Monday.
In my experience online marketing for sellers is a waste of time. Direct mail can be good but it's extremely saturated, you need a budget in the tens of thousands per month to really make it work.
Wow! Congrats! Door knocking seems intimidating. Is there anything you wish you knew before actually doing it? Also, do you have any skip tracing company recommendations?
@Ashley Burks 9 out of 10 people aren't home or just don't answer, so I leave a hand-written note. I suggest having a partner, my wife and I go together. And of course don't door knock neighborhoods where you don't feel safe.
Skip tracing is ridiculously expensive here in Canada so I don't use it.
@Ashley Burks It took me 6 months and I cheated. I just bought one at an auction. My first deal through my own marketing was probably after a year. I would guess it takes an average of 6 months for someone to get their first deal.
It depends what you mean by your first deal, my first wholesale deal took about 7 years lol. To be fair I wasn't trying to wholesale to be honest. Everyone wants to be a wholesaler but doesn't realize how hard that is. Maybe attend a couple of the local meet ups. The Rockford Apartment Association meets once a month and I know at least one person from bp has a meet up monthly as well.
@Ashley Burks 9 out of 10 people aren't home or just don't answer, so I leave a hand-written note. I suggest having a partner, my wife and I go together. And of course don't door knock neighborhoods where you don't feel safe.
Skip tracing is ridiculously expensive here in Canada so I don't use it.
Ok. Nice! You mentioned that you do cold calling. How do you find phone numbers?
@Ashley Burks Normally I cold call FSBOs so they are advertising their number. For listed homes I'll look the number up with a reverse address search. The accuracy isn't the greatest so it's more of a shotgun approach.
I am very new to Wholesling as well and am spending a fair amount on marketing. My big question is ..once I get a seller, what next? Do I get a contract with n assignment clause from an informed atty, do I figure out cost of rehab, do a title search or tank sweep for the potential buyer?? Please help, I have to admit I am overwhelmed by all of the moving parts, but I know I have the tenacity and follow through to make this happen.
I am very new to Wholesling as well and am spending a fair amount on marketing. My big question is ..once I get a seller, what next? Do I get a contract with n assignment clause from an informed atty, do I figure out cost of rehab, do a title search or tank sweep for the potential buyer?? Please help, I have to admit I am overwhelmed by all of the moving parts, but I know I have the tenacity and follow through to make this happen.
TIA
Emma
Good luck, Emma! I'm going through the same thing!
@Ashley Burks when i started investing I never intended to wholesale property. I started as an OOS investor first, so 18 months to build my OOS team, then through circumstance(running out of money) learned that I can offload my personally sourced deals to investors. Took about 3 months to close the first one. We mostly do tax delinquent leads and skip trace through been verified(really cheap way to skip trace).
@Ashley Burks when i started investing I never intended to wholesale property. I started as an OOS investor first, so 18 months to build my OOS team, then through circumstance(running out of money) learned that I can offload my personally sourced deals to investors. Took about 3 months to close the first one. We mostly do tax delinquent leads and skip trace through been verified(really cheap way to skip trace).
@Emma Bennett I haven’t done a deal yet so take this with a grain of salt but Lots of youtubers have massive videos on massive action. Most of them also do live chats to answer questions. I love wholesaling elite, wholesale to millions and the flip man. There are lots of free contracts in the tools here, some of the youtubers do live seller calls so you can get a feel for what questions to ask and what objections to expect. The biggerpocket podcast on here are also on YouTube free. The next step for you has to be in one of those videos.
Driving for dollars really opened my eyes. I found 8 potentials just on my route to work. Seller are out there and once you have one ”it’s easy ti give away money,”-Theflipman Good luck!
If you target your online marking it works better. Driving around in zip codes where investors are buying property looking for distressed homes (high grass boarded windows ect) is a good way to get leads too. If you type the address into your county GIS website the name of the owner and their current address will pop up. You can either write a letter or skip trace the name and or address to get a phone number to cold call. Getting a mentor helped me too.
@Ashley Burks. Hello Ashley. In Southern Calif. it is Three years. But some large teams do numerous deals every year You should talk to an independent rehabbed or good Tealtor with experience finding wholesale deals. Many people are selling info.
@Emma Bennett Emma, when and if you get a seller then you can think of the other variables. It is 99% of work to identify a good deal and a good seller. Most of the wholesellers are not capable to doing this.