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 I love where your head is at. I've also considered this route. Seems like a sure fire way of finding motivated situations.
I think finding out who the best attorneys for this (bankruptcy, divorce, etc.) are in the area and then getting your name and number worked into their minds would be the best bet. Probably sending a couple pieces of marketing materials to them (over a month or two) and then calling would be how I'd get started. If you have a low budget maybe just start smiling and dialing.
Please let me know if you have a different approach.
Sounds like a good idea!
If anyone has experience in this arena please let me know! I'm hoping to learn about best practices and lessons learned.
Comparison is the biggest Joy stealer. Everyone's journey is different consistent effort every single day is going to yield results . Trust the laws for every action there is a reaction. If your patient your work well not be in vain. Can someone explain to me why people are in such a rush to do their first deal? I hear this a lot... it's going to happen why get in such a panic about it happening so fast? What's with the get rich quick microwave mentality?
Great question. I don't sense a rush for a deal but definitely a rush for assurance. It's great to know what experiences are normal. Your wisdom was well received.
Hello Ashley I am new to real estate investing myself. I do not focus on wholesale but do understand waiting for the first deal to come around. I just want to say keep your head up! You will get a deal. I am cheering for us newbies (and veterans).
@Ashley Burks
My first deal came after 4 months of hard work. I’ve tried heavy direct mail marketing but my first deal came from skip tracing and getting the owners direct cell number. Good luck !!
So I have been trying to find wholesale deals a little different way, although I haven't had any success yet, but I have been driving prospective neighborhoods and finding vacant properties and i use the LandGlide app to find the owner and flip over to the Whitpages app and get their number. What are your thoughts on finding prospects this way?
@Ashley Burks
I would recommend TLOxp they are one of the large credit companies, Transunion. So there database is really good. They don’t just let anyone use there system though.
So I have been trying to find wholesale deals a little different way, although I haven't had any success yet, but I have been driving prospective neighborhoods and finding vacant properties and i use the LandGlide app to find the owner and flip over to the Whitpages app and get their number. What are your thoughts on finding prospects this way?
I have been doing the same thing without the phone calls. No luck... yet (fingers crossed).
@Ashley Burks I have only made called about a couple houses this way but the second one is an older lady that ownes a house in the town I live and she it talking with her son to see if they want to sell. I have talked to her a couple times and it is looking promising but no contract yet so we will see.
It took me just over a year. Probably one of the toughest journeys I've taken was allowing myself to be successful in real estate investing/wholesaling. Looking back at that first year, there was a lot of upper limiting (self sabotage) and self confidence issues slowing me down.
Then when I did close my first deal, I gave the proceeds away to someone in need. Something about the journey, giving away what I wanted more than anything felt good. Like letting go of control. Looking back, what used to be something I thought made me weak and a bad investor has turned into an experience I'm very proud of.
If can offer any advice it would be to study your methods, fail fast and understand why each time so you can improve upon it and be kind to yourself and others throughout the journey.
I am not a Wholesaler nor have I tried Wholesaling, but I snagged my first deal after after almost three years. I started the whole REI journey in Dec 2014 hit some major speed bumps and honestly gave up hope for quite some time, just over a year. After realizing I need to recoup the money I had already invested in the journey I decided I needed to stop feeling sorry for myself and take action. This was June 2017.
I moved to a new Market and hit the ground running. I got to San Angelo, Texas July 27 and closed on my first investment property on Aug 18, which was a tenant occupied duplex from a local investor. I closed on my second investment property, a duplex which I am House Hacking in on Oct 13 off of the MLS. Most recently my third I closed on was April 2018 which is a SFR my first major remodel that I hope to complete by Nov 15, 2018.
Good Morning! So i have been wholesaling for about as long as you and i have yet to do my first deal yet........however, I have looked at 3 properties........1 property we even got to the point where we sent the seller a contract and they stalled us and changed their mind......The other 2......i got a feeling that they will be calling me back soon........Keep your head up and stay determined.........dont give up.....as i have yet to give up and will keep pushing!!!!
@Caleb Heimsoth Oh?!?! "Most wholesale deals aren't actually deals." Can you please elaborate ? You just shook my foundation with that comment. Thanks in advance.