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Johanna Perez
Member since 2023 · 10 posts · 21 votes
3y

What would you say is the ideal road map to getting your first deal? Their are a lot of steps to take so it can become overwhelming when first starting out. 

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  • Johanna Perez
    Member since 2023 · 10 posts · 21 votes
    3y

    What would you say is the ideal road map to getting your first deal? Their are a lot of steps to take so it can become overwhelming when first starting out. 

    20Reply
  • Brockton West
    Member since 2022 · 2 posts · 12 votes
    3y

    What are the best ways to build a find a cash buyers list?

    12Reply
  • Yuqiong Li
    Member since 2020 · 4 posts · 7 votes
    3y

    I'm always curious about it: if a deal is really good, why don't the wholesalers take it themselves? So that means the available deals to an investor is somewhat less "ideal"?  

    7Reply
  • Devon Rodriguez
    Member since 2020 · 4 posts · 12 votes
    3y

    Where can I find a safe wholesale contract for each state? Are these somehow free to BiggerPockets Pro members? Or how would I find the contract for a given state?

    Also, do you have an example opener that you would use for a cold call, and also for a text blast or direct mail?

    Are these methods effective ways and should I invest my time and money into these methods?

    Thanks very much  

    - Devon


    12Reply
  • Terrell Garren
    Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
    3y

    Why do I get 30+ text messages, phone calls, and snail mails a week from random wholesalers wanting to buy my property for pennies on the dollar? 

    5Reply
  • Kathy Cooper
    Investor · Naples, ME · Member since 2019 · 54 posts · 40 votes
    3y
    Quote from @Terrell Garren:

    Why do I get 30+ text messages, phone calls, and snail mails a week from random wholesalers wanting to buy my property for pennies on the dollar? 


     lol. yes, very annoying. I now also get inquiries about managing my rentals...I'm listed as a property management company!!!!  They don't even look at the info. There really should be a Wholesale do not call list.

    1Reply
  • Terrell Garren
    Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
    3y
    Quote from @Kathy Cooper:
    Quote from @Terrell Garren:

    Why do I get 30+ text messages, phone calls, and snail mails a week from random wholesalers wanting to buy my property for pennies on the dollar? 


     lol. yes, very annoying. I now also get inquiries about managing my rentals...I'm listed as a property management company!!!!  They don't even look at the info. There really should be a Wholesale do not call list.

    Agree.  The worst is when the pay someone is the Philippines to call and bug me because Mr Wholesaler's time is too valuable to make the call.  At least the dude in Nigeria makes a personal investment in convincing me to help move his diamonds to the US. 
    2Reply
  • Carlos Carrion
    Member since 2023 · 15 posts · 2 votes
    3y

    Any freelancer or service that can help optimize podio CRM and integrate it with BatchDialer?

    1Reply
  • Kris L.
    San Antonio, TX · Member since 2019 · 930 posts · 836 votes
    3y

    I have done a few BRRRRs but with the rise in interest rates, most of my capital is now stuck in properties.  How would you recommend I shift gears into wholesaling to rebuild my available capital?

    1Reply
  • Dino Simmons
    Kennesaw, GA · Member since 2019 · 2 posts · 3 votes
    3y

    @Johanna Perez I agree with this question as well! It’s so many variables!

    3Reply
  • Katie Buell
    Member since 2020 · 16 posts · 9 votes
    3y

    Can you talk about systems for keeping track of leads, follow ups, etc. How to stay organized.

    Also, in 2023, what lists do you think are the most helpful to pull from? 

    Can you wholesale creative financing deals if you negotiate that?

    2Reply
  • Alex Hart
    Portsmouth, OH · Member since 2009 · 198 posts · 54 votes
    3y

    @Yuqiong Li

    Because a lot of us are in the wholesaling business, not the rehab and sell business. We can flip our money over a lot faster and not have to deal with all the challenges that come with rehabbing.

    1Reply
  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    3y
    Quote from @Yuqiong Li:

    I'm always curious about it: if a deal is really good, why don't the wholesalers take it themselves? So that means the available deals to an investor is somewhat less "ideal"?  

    All deals are “less than ideal”.  Different people have different expertise, knowledge and experience.  This is the basis for all trade, division of labor, etc.  
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    2Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    3y
    Quote from @Don Konipol:
    Quote from @Yuqiong Li:

    I'm always curious about it: if a deal is really good, why don't the wholesalers take it themselves? So that means the available deals to an investor is somewhat less "ideal"?  

    All deals are “less than ideal”.  Different people have different expertise, knowledge and experience.  This is the basis for all trade, division of labor, etc.  

    in addition in the SFR wholesale game. Wholesalers by and large are beginners and simply dont have the means and credit to transact or even the desire to own rentals.. its a commission sales job they want to buy cars  and other nice things they deserve.
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    1Reply
  • Chris Merchant
    Member since 2023 · 216 posts · 133 votes
    3y
    Quote from @Alex Hart:

    @Yuqiong Li

    Because a lot of us are in the wholesaling business, not the rehab and sell business. We can flip our money over a lot faster and not have to deal with all the challenges that come with rehabbing.

    Took the words right out my mouth, it is no different than why some people flip houses and why other by and hold.  Or why some prefer single family homes over multifamily, why do some realtors only sell homes and other also partake in PM... each and everyone of us have things we do or enjoy to do more than others.  I honestly thought wholesaling was a great pathway into REI with using very little capital to start and it may be but I have chosen a different route since then.  I am however curious to know more about wholesaling, it seems that is what you specialize in Alex?
    0Reply
  • Farley Youman
    Lender · Member since 2023 · 24 posts · 7 votes
    3y
    Quote from @Johanna Perez:

    What would you say is the ideal road map to getting your first deal? Their are a lot of steps to take so it can become overwhelming when first starting out. 


    The ideal road map to your first deal is not location, location, location, but rather caution, caution, caution!  Instead of doing a deal, if I was you, I would learn how to be a loan rep, and watch what your loan investor does on a deal to make money. If they are experienced, you will learn plenty and make money later on a deal. In the meantime, you will making money as a loan rep, and not have to put out any money yourself. Making money in real estate with noting down!

    2Reply
  • Todd Jones
    Member since 2023 · 243 posts · 199 votes
    3y
    Quote from @Terrell Garren:

    Why do I get 30+ text messages, phone calls, and snail mails a week from random wholesalers wanting to buy my property for pennies on the dollar? 

    It’s an automated cold calling service.
    I get one called “Capital Growth”. They use different phone numbers that they bought. They always make up a name “Hi, my name is Jeff/Chris/Dave. Would you be interested in selling your [INSERT PROPERTY address].

    They get the info from county records. 
    1Reply
  • Michael Sharpe
    New to Real Estate · Philadelphia · Member since 2021 · 10 posts · 3 votes
    3y

    Hey BP family how do you go about wholesaling a property with a lein on it if possible?

    0Reply
  • Levi Rotenberg
    new york new jersey · Member since 2023 · 1 post · 0 votes
    3y
    Quote from @Terrell Garren:

    Why do I get 30+ text messages, phone calls, and snail mails a week from random wholesalers wanting to buy my property for pennies on the dollar? 


     i strongly believe that wholesalers should not blast people with calls messages etc... however when you want to acquire a good deal, they are the first people to talk usually they know the market very well and have access to the best deals

    0Reply
  • Jamil DamjiPro Member
    Investor · Phoenix, AZ · Member since 2022 · 8 posts · 1 vote
    3y
    Quote from @Johanna Perez:

    What would you say is the ideal road map to getting your first deal? Their are a lot of steps to take so it can become overwhelming when first starting out. 


    Hello Johanna,  
    The ideal roadmap would be to start by learning how to understand value. Once you become proficient in comping and knowing what your “ASIS” offer needs to be, you can start lead generation to find opportunities. Leads come from a number of sources. I speak at length about these in my upcoming book biggerpockets.com/wholesalebook, however my favorite are relationship based sources like real estate agents. Next, you'll want to find a buyer for your contract. The easiest way to locate a buyer is to JV with a disposition wholesaler like KeyGlee.

    Podcast Guest on Show #250
    0Reply
  • Jamil DamjiPro Member
    Investor · Phoenix, AZ · Member since 2022 · 8 posts · 1 vote
    3y
    Quote from @Brockton West:

    What are the best ways to build a find a cash buyers list?


    Hi Brockton!
    The most effective way to build a buyers list is compiling cash buyer data from county Tax Records. This can be tedious work but well worth the effort. Generally, I'm looking for LLC's that purchased property using cash or hard/private money.
    Once you know what companies are buying properties in cash, you can skip trace the data to get their contact information. Another way to find buyers is leveraging JV relationships to bring buyers for your deals. I love collaborating with other wholesalers to sell deals as this creates synergies that can amplify deal flow and overall profit margin.

    Podcast Guest on Show #250
    0Reply
  • Jamil DamjiPro Member
    Investor · Phoenix, AZ · Member since 2022 · 8 posts · 1 vote
    3y
    Quote from @Yuqiong Li:

    I'm always curious about it: if a deal is really good, why don't the wholesalers take it themselves? So that means the available deals to an investor is somewhat less "ideal"?  


    Hello Yuqiong!
    I’m asked this question all the time. The fact is, that as a wholesaler my primary business is to sell opportunities not hoard them. I can’t realistically flip every house I find or keep every house as a rental. It’s just not feasible. Additionally our business philosophy operates from an abundance perspective. I’m always happy to provide a lucrative opportunity for my buyers knowing another is around the corner. The better my buyers do on our deals, the happier they are. The happier my buyers are, the longer and more fruitful our relationship is which leads to more volume. I dive into the mindset of a successful wholesaler in my new book. http://biggerpockets.com/whole... I think you’ll find the perspective refreshing. 

    Podcast Guest on Show #250
    1Reply
  • Jamil DamjiPro Member
    Investor · Phoenix, AZ · Member since 2022 · 8 posts · 1 vote
    3y
    Quote from @Terrell Garren:

    Why do I get 30+ text messages, phone calls, and snail mails a week from random wholesalers wanting to buy my property for pennies on the dollar? 

    Hey Terrell, my guess is your name or that of your company appears on multiple lead lists. Wholesalers are known to prospect to multiple property owners, the same can be said about real estate agents and anyone else looking to work with or serve property owners/investors. Anyone offering you pennies on the dollar for your property must not be aware of its condition, or perhaps they are uneducated about how to appropriately calculate a serious offer. My suggestion is to add your name to the National Do Not Call registry if the calls are bothersome. 

    You could take a different approach and ask these caller/texter/snail mailers if they have any good inventory available for sale. I’ve made hundreds of thousands of dollars turning the question around when I receive these calls and have sourced incredible opportunities by keeping an open mind. Also, let me know when you’re ready to sell your properties, I’ll give you way more then Pennie’s :)

    Podcast Guest on Show #250
    0Reply
  • Todd Jones
    Member since 2023 · 243 posts · 199 votes
    3y
    Quote from @Jamil Damji:
    Quote from @Terrell Garren:

    Why do I get 30+ text messages, phone calls, and snail mails a week from random wholesalers wanting to buy my property for pennies on the dollar? 

    Hey Terrell, my guess is your name or that of your company appears on multiple lead lists. Wholesalers are known to prospect to multiple property owners, the same can be said about real estate agents and anyone else looking to work with or serve property owners/investors. Anyone offering you pennies on the dollar for your property must not be aware of its condition, or perhaps they are uneducated about how to appropriately calculate a serious offer. My suggestion is to add your name to the National Do Not Call registry if the calls are bothersome. 

    You could take a different approach and ask these caller/texter/snail mailers if they have any good inventory available for sale. I’ve made hundreds of thousands of dollars turning the question around when I receive these calls and have sourced incredible opportunities by keeping an open mind. Also, let me know when you’re ready to sell your properties, I’ll give you way more then Pennie’s :)

    In my case, I’m on the Do Not Call Registry. I assume they feel it’s not applicable to them.

    Also, they don’t care of the condition and they don’t invest in calculating for a serious offer. 

    The goal of the automated service is to ping all of their leads like throwing a hand full of rocks at a dart board. If 20 respond, ultra low ball. If one agrees, you win!

    So what’s the problem? They repeat this pinging process for their clients non stop, hence the large amount of text messages we receive. 
    I did get cold calls on my cell phone as well. They are very vague of who they are. I tell them “I don’t know who that is and I don’t own the property and take me off the list”. I used to say “No, I don’t want to sell, this is where I live!” Per their script, they then ask if I know someone in that area selling as well. 

    I report them sometimes to the FTC after I say remove me from the list.

    Fortunately, you’re one of the good ones who perform calculations and respectfully talk to the caller w/o a script.

    The others…not so much.
    0Reply
  • Jamil DamjiPro Member
    Investor · Phoenix, AZ · Member since 2022 · 8 posts · 1 vote
    3y
    Quote from @Michael Sharpe:

    Hey BP family how do you go about wholesaling a property with a lein on it if possible?


     Hey Michael,

    A lein on a property doesn’t change the sales process. For example a mortgage is a type of lein. A title company or closing attorney will conduct a title search while in escrow and make arrangements to pay the lein with proceeds of the sale. I discuss The Wholesale Deal Process in my new Bigger Pockets book. You should check it out to learn more. https://biggerpockets.com/whol...
    Wish you tremendous success.
    Jamil

    Podcast Guest on Show #250
    0Reply
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