As a full-time wholesaler I understand the importance of time management and discipline in this business. As a wholesaler, my primary goal is to find motivated sellers with equity in their home. Am I correct so far?
I know that there is no "blueprint" to success because everyone has different motivation, drive, work ethic, etc. I love real estate, love to get up and do this business everyday and I am so hungry to succeed I will do whatever it takes.
That being said, my question is directed to all successful wholesalers on BP...
What things do you do on a daily basis to succeed in Wholesaling? Is there a system in place that you follow on a daily, weekly, monthly basis? I am trying to construct a daily agenda of "must-do's" because I don't feel like I am utilizing my time to best of my ability.
You should be finding deals on a daily basis. I am networking, driving for dollars, online advertising, calling craigslist ads, etc..
There is always something you can be doing to better your business.
@Ty Burns thats what I'm talking about! I know there is always something I can be doing, I want to have like a set daily routine b/c I get sidetracked and before you know it, the day is gone. Do you have a routine? Like right now I do all my county records stuff on thursdays, courthouse stuff on friday's (b/c the state workers are so much more helpful on fridays lol), I also pull my expireds/withdrawn/cancelled MLS listings on friday and call/mail them on Sat and Sun. Do you have a set goal of offers to submit daily, weekly? I've heard that setting daily goals may help me to lock down.
A daily routine will definitely help. It all depends on what your business model is and your priorities. I start the day off with follow up phone calls and checking my hot sheets from the MLS to see if there are any new deals on the MLS. I then start looking at the online classifieds for deals. You have to pick up the phone to make money.
Thanks Ty you have no idea how much you helped me with that last post
@Ty Burns just to confirm, you look for freshly listed MLS properties daily? I have heard so many times not to mess with listed properties. So you call the listing agent?
For me it comes down to volume of leads. Anything that can be delegated, do it.
Yes. I have hot sheets set up for brand new listings that meet my buying criteria in specific areas. Being that I am a realtor, it is easy for me to get into the house right when it hits the market. I mainly focus on private sellers, but there are deals on the MLS and it would not make sense to not pursue them as well. I let the hot sheets do all the work for me. I just have to evaluate the property, pull comps, and write an offer. Takes maybe an hour out of my day.
I have a MLS hot sheets sent to me by so I'm reviewing those daily (especially expired listings)
I also have Craigslist listings for rentals (to find tired landlords) sent to me by email by using IFTTT.
Real estate investing systems by James Orr is a great book that has list of things to do as a real estate investor. For example there is a list of what steps to take to market to absentee owners.
@Jason Fraser good stuff! Thats what I need, a system to follow.
Yes, but we ended up rehabbing them ourselves. The majority of our wholesale deals come from mailers and driving local neighborhoods looking for vacant houses. We also scored one wholesale deal off of a referral.
I have no experience in wholesaling, but have worked in a home office environment many times in my life.
I have to work by a schedule, I have to be dressed and "in the office" (note dressed doesn't mean a coat and tie, but showered/shaved and ready to go to work) at a certain time (usually for me its 8:30). I don't allow any TV to be on in the house except the one in the office, otherwise I might walk through the living room, see something interesting, sit down and lose an hour).
I have a scheduled lunch, etc,,,I have a regular work week,,,do I ever have lunch with friends, sure I would do that at a regular job,,,but letting yourself sleep late, not getting ready for the day before you "go to work' etc, for me, can start bad habits.
@Andy Collins that is what I need, a schedule to follow like that.
@Jason Fraser I've never heard of IFTTT. Is it a good program to add?
For the expired listings you get, do you make low ball offers to the owners?
IFTTT (IFTTT.com) is short for If this then that. For example with Craigslist listings... IF a new listing for FSBOs under $250k with 3bedrooms are added THEN send an email to my THAT gmail ( that one I just created a few minutes ago). This saves me from going to Craigslist and searching for listings every time. They come to me instead.
Expired listing is a new marketing campaign I'm working on. I haven't made any offers yet...primarily due to not finding anything I was interested in.
Jason Fraser okay thanks. That sounds something like the RSS feeds I use for Feedly.com
What keywords do you use to find tired landlords? Most of the homes for rent that I come across are posted by property managers or agents. There's very little homeowners doing it themselves.
True most For Rent ads on Craigslist are by property managers. I look for things that indicate the person posting the ad probably isn't a professional landlord, like:
fair housing no nos like "perfect for singles or couples" which means the person isn't familiar with fair housing rules.
I also look at photos ...do they look like they were taking from a camera phone. Do they lack photos of kitchens and bathrooms. A pro is likely to pay a professional photographer to take photos to market the property.
I look to see if the number is local or out of state.
Lack of a website
@Jason Fraser Yea that makes sense. Thank you