I have been studying and reading and networking and asking questions for the past six months regarding wholesaling, but have yet to "pull the trigger".
I want to begin now and have set myself the goal of finding and closing a deal within one month. Regardless of whether or not I accomplish that goal, my aim is to THROW MYSELF IN. I will try my best and the rest will follow.
I'm looking for advice on Marketing, Identifying the best deal, and then Closing. Please pass on any practical advice you may have for these three steps. My main focus right now is obviously on the FIRST step. What would you say that is?
Thank you kindly,
Well first step could be considered knowledge in my eyes. Marketing is def. next on the list. When you've been in the business a while you can diversify marketing efforts but starting off, I think its best to identify 1 or 2 of the top methods and then going full blast. I personally see people go 1 of 2 directions in regards to marketing. 1) Direct mailers or 2)Webdesign and SEO/PPC. Figure out your budget and think in months, not weeks. Then figure out which option your more comfortable with. When the leads come in, respond immediately and talk to them like people (NOT THE AVERAGE GREEDY INVESTOR). Find their motivation and use that as a way to make the deal work.
When identifying the deal, take emotion out of the picture and don't get any properties under contract if it doesn't make sense to the end buyer. Keep in mind no matter how hard you work to get the seller down on the price, if its not enough - the deal won't work. Also when you send terrible deals to investors, they will remember your name and ignore your messages. If they are real investors, they are getting multiple emails a week or even day by wholesalers and spamming bad deals is an easy way to get blocked.
Lastly, add qualifying questions to be able to identify good deals quickly. We have some forms that ask multiple price questions like. 1)Estimated value of home 2)Asking Price 3)Minimum Offer You Would Accept. This is something my partners are doing that I didn't think would work at first but now I see it allows me to pretty much know where the deal is going from the start.
Hope This Helps!
If you are serious about closing a deal in the next month, I would start getting on the phone with everyone you know. Call friends, relatives, contractors, real estate agents. Be specific with what you are looking for. Scour Craigslist and call every potential deal and FSBO.
If it were me, I would set a longer term goal (maybe 6 months) and start ramping up your marketing, whether that be direct mail, website, networking, etc. For me, I started out by mailing to 1000 absentee owners and closed my first wholesale deal after 4 months, so I am probably biased toward that method.
@Ella Gabriel I heard a helpful tip from a podcast I listened to today. The lady that was wholesaling was just starting out and didn't have any money for marketing, so she spent her days driving for dollars and talking to everyone she came into contact with (neighbors, post man, gardener, etc). She also mentioned she called local landlords in the area that owned properties and asked them if they would be interested in selling their property...I thought this was a good idea, especially for someone with no marketing budget. She had offers for properties from interested sellers within a week. She jumped in full force once she decided she was going to do it, didn't drag her feet, didn't make excuses, she just hit the ground running....and it paid off!
Best of luck!
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