Fort Worth, TX · Member since 2013 · 11 posts · 0 votes
I have been using the wholesale strategy for about 5 months now but i cannot seem to find any deal i had two contracts but both fell through and now all I have to invest is about 50 bucks please tell me some free too low cost marketing methods to find motivated sellers thanks!
Investor · Richmond, VA · Member since 2013 · 195 posts · 27 votes
12y
I agree with those who are mentioning why the first deals didn't close. That should be the FIRST thing to focus on. Even if you found a deal with a marketing budget of $50 and got it under contract, whats to stop it from falling thru again?
Back to your main question though concerning deals- constancy is key. Craigslist is great but there are also several public information sources which I've heard that you can use to look up motivated sellers for marketing. I guess they are pulled from county records. Driving for dollars mentioned earlier isn't free but its another good method (Maybe ride your bike?). A large portion of people I speak with have inhereted their property from a loved one so target them if possible. I've heard of people looking in the obituaries but I don't really know how I feel about that 1 yet. Whatever you choose, make sure you learn everything about it and become a specialist if you can. Most people prefer direct mailers and become yellow letter specialists by researching the law of averages, templates, yellow letter vs regular letter, and even stuff like mailing on or near a full moon (I have no idea). I personally have never used a mailer and just do online marketing with my website because SEO is my specialty (and its free besides purchase of domain/hosting).
Also last word is don't get discouraged if this is really what you want to do. In my first 7 months, I didn't close ANY deals (had 1 under contract but it fell thru because of a rookie mistake). It took me a while but now I'm closing 1 a month consistantly (nothing compared to those on here who are closing 5-10 a month) but I'm still building momentum. Never stop learning.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
12y
Originally posted by Account Closed:
@Will Barnard it was a rehab flipper he was located out of state he sent a contractor over to check out the repairs but the foundation work was 10,000 dollars over my estimate basically the same with the first deal also
If additional expenses were uncovered during your due diligence that were not easily identified upon initial walk through, you should have had the opportunity to go back to the seller to renegotiate. Particularly a foundation issue, that finding reported back to the seller makes it necessary for seller to disclose same to any and all future buyers.
Secondly, I would strongly suggest you build a buyers list of rehabbers who are local to your market. Out of state investors can cause all kinds of issues as evidenced by your recent experiences.
Hudson, MA · Member since 2013 · 22 posts · 12 votes
12y
Mister Gardner I'm a newbie...or my ex-military terminology - "FNG". I've reviewed your post and the replies. I think that a lot of your challenges can be better answered by reviewing the forums and especially the podcasts. The very first podcast has some great info on wholesales and explaining the terminology of working backwards towards your goals.
I wish I could go into more specific details about your two wholesale deals that flopped, but I don't have that experience (yet), but I do know there is a great deal of info on your situation within the BP site.
Best of luck!
V/r,
John
Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
12y
@Mister Gardner - I'm not trying to be your grammar teacher however, your posts could be a lot more clear with punctuation! If your communication with prospective sellers and buyers looks like you're running your business entirely from an iPhone by texting, you don't come across as someone very close to the money (or even the person who knows the person with the money).
I'm going to give you two gifts, absolutely free of charge. One is a period "." and the other is a comma ",". There are other punctuation marks, like this one: "!"
You asked for help. Few will tell you the truth. This is as good a place to start, as any. However, whatever you do, keep on posting and stay a member of the BP community.
Fort Worth, TX · Member since 2013 · 11 posts · 0 votes
12y
@Rick H. LOL, thanks for the advice I have been in a hurry lately trying to put together a marketing plan. Sorry if I did not include commas and periods, I will take note next time.