Starting out wholesaling
Hello everyone ! My name is Abigail and I have been studying real estate for about a year now . I'm looking into buying my first house hack here hopefully soon but until then I really want to get into virtual wholesaling . I picked Indianapolis as my first market and I am wondering if anyone knows any wholesaler friendly title companies in that area ? I'm doing virtual because where I live in Illinois does not have a big enough market or population as well as the laws on wholesaling in this state . If anyone can help please let me know and I'm excited to start my real estate journey !
Yes monument....hocker....eagle land
https://www.emporatitle.com/ Use them. They are nationwide; tell them Marc with MjPremierLLC sent you. Buy you a list from listsource, geopoint, or Batchleads, or go to their county and see if you can get raw niche data like Tax, Mortgage, code violations, arrest violations, and probate data. Get data that you can skip at skipgenie, Batchskiptracing, Reiskip, and call, or if ou has money, set up your business and do SEO and facebook and google ads or even mailer. But if you are lacking in funds Id suggests cold calling and getting used to being on the phone.
Another idea if you don't have a lot of funds is to find people that seller finance their home and are looking to sell them note in order to get their money now instead of waiting for years. This is called note brokering. The note broker acts as a middleman between buyer and seller. There are people that buy these notes and you would get a fee for fining the note. I did some note brokering and now buy the notes as well.
Quote from @Marc Maitre:Thank you for your reply! Its definitely a help.
https://www.emporatitle.com/ Use them. They are nationwide; tell them Marc with MjPremierLLC sent you. Buy you a list from listsource, geopoint, or Batchleads, or go to their county and see if you can get raw niche data like Tax, Mortgage, code violations, arrest violations, and probate data. Get data that you can skip at skipgenie, Batchskiptracing, Reiskip, and call, or if ou has money, set up your business and do SEO and facebook and google ads or even mailer. But if you are lacking in funds Id suggests cold calling and getting used to being on the phone.
Quote from @Randy Rodenhouse:
Another idea if you don't have a lot of funds is to find people that seller finance their home and are looking to sell them note in order to get their money now instead of waiting for years. This is called note brokering. The note broker acts as a middleman between buyer and seller. There are people that buy these notes and you would get a fee for fining the note. I did some note brokering and now buy the notes as well.
This is great advice thank you so much!
Hey @Abigail King - You got some rock-solid advice from @Marc Maitre, knowing what to do isn't the hard part it's doing it with consistency and persistence. We don't virtually wholesale though, your sales game has to be on an extremely high level....if you get that nailed down I'd love to connect and understand the intricate details of getting a signature without going to the property. My friends have done and I am always impressed.
If you are interested in working in Chicago definitely reach out, we follow the above process almost to a T.
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Contractor IL (#TGC116360)
- Quality Builders
- http://qualitybuilders.com
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I am starting out in Virginia. Do you want to connect for accountability and share progress?
Quote from @Sirisha Kusuma:
I am starting out in Virginia. Do you want to connect for accountability and share progress?
I would love that!
Quote from @Abigail King:Hey Abigail and Sirisha, I'm starting out in New Jersey and would love to connect with both of you for the same reasons if you're open to it!
Quote from @Sirisha Kusuma:
I am starting out in Virginia. Do you want to connect for accountability and share progress?
I would love that!
#1 Wholesaling Contributor
- Flipper/Rehabber
- Wilton, CT
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#1 Wholesaling Contributor
- Flipper/Rehabber
- Wilton, CT
Quote from @Abigail King:
Hello everyone ! My name is Abigail and I have been studying real estate for about a year now . I'm looking into buying my first house hack here hopefully soon but until then I really want to get into virtual wholesaling . I picked Indianapolis as my first market and I am wondering if anyone knows any wholesaler friendly title companies in that area ? I'm doing virtual because where I live in Illinois does not have a big enough market or population as well as the laws on wholesaling in this state . If anyone can help please let me know and I'm excited to start my real estate journey !
Abigail,
Be careful. The sheer majority of people that think they know what they are doing actually do it wrong. They are not trying to mislead you here, and they are honestly trying to help. But regardless of intent, what they are telling you comes with a huge "fine print".
If you want to be an investor, you really need to start looking at data, and not opinions.
No list can target motivated sellers. No batchleads, propstream no nothing.
Today you are not motivated, and tomorrow... something happenes, and you suddenly become motivated. You don't magically pop onto popstream that now tells all investros on propstream that Abigail now IS motivated, "everyone go git her, send her a cold call".
There is a difference between "circumstance" and "cause".
Someone that is an absentee owner is a circumstance. Someone that is in foreclosure is a circumstance.
Not the same as, "because they are an absentee owner does it mean there is a higher probability that they are motivated".
Read it this way:
IF you are in foreclosure AND you are motivated, THEN a good deal could be made.
OR, even THIS is OK:
IF you are motivated BECAUSE you are in floreclosure, there is a good chance a deal can be made.
NOT
Because they are in floreclosure DOES IT MEAN that they are most likely motivated. This is wrong!
Being in foreclosure DOES NOT IMPLY motivation. It COULD be the case, yes, but it doesn't IMPLY the case.
Do you truly see and understand the difference?
But don't take my word for it, w turn to data.
How many letters calls or text do you need to send your foreclosure list to get one deal? 100? 1000? 3000? More like 2000-3000.
If you have to send 3000 foreclosure people a letters for only 1 person to say "yes, sign me up", it is quite obvious that the floreclosure list DOES NOT target motivated sellers.
NO ONE can aregue with this because this is data. The BIGGEST mistake people here on BP (and everywhere else) make is thinking that somehow they are the exception.
They absolutely KNOW that the conversion rate (deal conversion rate) is less than 1%... DEFINITELY less than 3%, but they choose to ignore it and then complain that it is not working, but then troubleshoot EVERYTHING but the actual cause. Lists can't target motivated sellers.
Let me show you something:
Here are some houses I bought. Look at the purchase price.
Obviously they are extremely motivated.
Guess what. NONE of these sellers were on ANY list. They were motivated, they went to Google, found us, and sold to us without ever looking for anyone else for a second offer.
They were COMPLETELY invisible to ALL investors constantly trying to send mailers. You will NEVER reliably find truly motivated sellers, obsessing about lists.
The ONLY way to reliably get in touch with actuaklly motivated sellers is for you to make it extremaly easy for them to find you.
Period.
So my contribution to this post is simply this.
If you want to be succesful as an investor, work smarter not harder. You need an online presence and a credible reputation online. There is where it starts.
You can absolutely get a deal doing the methods mentioned above, BUT.. because the success rate is less than 3%, you would have to send thousands of mailers texts or calls to compensate for the poor performance using these strategies.
So think about it.
People say that a very poor performing strategy (cold calling DMM, texting) works, by having to do a LOT of it to compensate for the poor results that strategy deleivers,
so in other works, the strategy doesn't work!
Again work smarter, not harder. Hope this gives you enough information to take the right steps to start making actual money.
Hocker Law is fantastic, and they understand wholesale transactions.
#4 Wholesaling Contributor
- Wholesaler
- Austin TX
Just an FYI in Illinois the way around the assignment limit is to double close. All you need is a transactional funding lender.
Quote from @Lydia R.:Nailed it!!
Just an FYI in Illinois the way around the assignment limit is to double close. All you need is a transactional funding lender.