I'm interested in getting started with wholesaling. I've done my research and have been listening to every podcast I can get my hands on about it, in addition to reading up on it as well. Above all else I'd like to avoid Analysis by Paralysis!
That being said, I'm starting with limited funds, I'd like to target to an area that would most likely get me some responses (basically the most bang for my buck). What kind of characteristics am I looking for here when it comes to areas to market to? Avoid rich areas? Low income areas instead? Somewhere in the middle? What kind of things should I keep in mind, is basically what I'm trying to learn.
I realize that this is probably the golden question sought after and experimented with the most with established wholesalers, but any advice would be appreciated! And if you're an investor from the long island area who knows what kind of investment opportunities are sought after most, that'd be incredibly helpful as well!
Thanks in advance for your help!
I would suggest targeting a notch above low income. Experienced investors will avoid low income like the plague, unless they are really committed to that niche, so a step or two up from that is probably your best bet with limited funds to have the broadest appeal.
Begin in an area that you are most familiar with is one idea. If you do not have a list and want to build one, consider looking at property in your neighborhood. You can spot houses that may be in need of repairs. Write down the address and do some research about the property. Then choose a way to market to the homeowner.
You can door knock, send a letter, plass out flyers, or use door hangers to name a few direct approaches. When working with limited marketing funds you'll have to find creative and cost effective ways to market to potential sellers. Business cards are wonderful little billboards. You can place them on a door, hand them to neighbors and friends while talking about what you can offer someone looking to sell quickly.
These are just a few ideas that will work. Once you start marketing, put your best effort into whatever you do. Find ways to improve upon the task. An improvement can be one small, simple change that makes it unique to your way of doing things.
You will learn as you go along and find that as you look for the opportunities you want, they will come to you. Major key, get started now.
Thank you both for the advice. I agree with you Victoria, I have to start now. I have drafted a preliminary plan for where I will market to. I am going to try sending letters and perhaps the business card approach as well. I've decided to attend my first REIA meeting this month to start networking, and will start marketing the same day. I figure the marketing will take some time and that should be a good amount of time to start making friends and maybe if I'm lucky, a buyers list! Thanks again!
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