Wholesaling in California / San Diego

Wholesaling in California / San Diego

Real Estate Investor · Encinitas, CA · Member since 2013 · 25 posts · 7 votes

I started wholesaling locally in San Diego back in June with the help of a friend of a friend that wholesales in AZ. We are not in contact anymore.

I am sending out direct mail to absentee owners, 1600 letters every 60 days. I found only one motivated seller and one owner that made two appointments, so i could look and the property, and never showed up. The one that let me visit the property told me on a second call to "hurry and up" because he is going to list with an agent in two days. I explained to him why going with me would be a better choice but he did not really care. On a third call i gave him the offer and he said "thank you ill let you know" and i hung up. The property was listed on the MLS a few days after.

That was almost 60 days ago, since then no more motivated sellers.

Here are my questions:

Has anyone in CA or San Diego experienced this lack of motivated sellers?

Realistically how long using only leads purchased on line, will take me to achieve my short term goal of wholesaling at least one property a month?

Any help is highly appreciated.

Thank you.

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Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
13y

Its a numbers game. You need to mail, a lot.

Currently a large amount of people are using the same method as you. I think mailing 5k per month should net a deal. Also the number will get lower the better you are.

I honestly don't believe wholesaling is the best option for most sellers, it is a small percentage that will benefit from it in this market. So, you need volume and consistency to reach them.

It's all about volume, follow up and striking when the iron is hot. You hesitate for just one second and you've missed a deal.

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  • Mansfield, TX · Member since 2013 · 207 posts · 26 votes
    12y
    Originally posted by @Account Closed:
    Leonardo,

    Most sellers want to know how much money you are putting in their pocket. (Give the seller $500 to $1000 and most sellers will get motivated)

    Joe Gore

    I have don a ton of deals with only $100 down for EM just for the record WITH an option period to boot.

  • Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
    12y

    @Bill Mitchell,

    That is good to hear. Did you just sell your contract or did you sell the sellers property on the deal.

    Joe Gore

  • San Diego, CA · Member since 2013 · 44 posts · 5 votes
    12y
    Originally posted by @Tim G.:
    Originally posted by @Eric O'Brian:
    Originally posted by @Account Closed:
    @Eric O'Brian,
    When a seller says to make an offer ask the seller what time can you visit the property, and once you visit the property make a cash offer.

    Joe Gore

    Joe,

    Is the reasoning so they can put a face to a name, and will remember me once they might decide to sell for a lower cash price?

    It always seems like they want full market price, and it wouldn't matter if I do meet them, but I am willing to try it.

    If they don't need to move it fast and can wait or afford to make repairs, fixing and selling at market price is their best option and don't be afraid to tell them that.

    Its a filtering process to find the motivated seller. You can't make them motivated.

    Thanks Tim-

    I agree, there's no way to make them motivated. Asking about the sellers situation and recommending listing with an agent as the way to get top dollar, I think that's the best way to be honest and helpful while saving both people's time. I know I'll eventually find someone who can't / doesn't want to list.

  • Mansfield, TX · Member since 2013 · 207 posts · 26 votes
    12y
    Originally posted by @Account Closed:
    @Bill Mitchell,
    That is good to hear. Did you just sell your contract or did you sell the sellers property on the deal.

    Joe Gore

    I assign the contract they close. I don't write contracts that wont perform.

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