Hello BP Family,
To all the seasoned wholesaler that are making a living from wholesaling, what daily task do you do to make your business operational?
As I am in my rookie year as a wholesaler(started in Dec. 2014) in Detroit, MI, I have done a mailing of 250 postcards to absentee owners(in/out of state) and have get "one property under contract" but the deal didn't happen because the "owner" didn't really own the house(long story-short he never quick claim the house to own it out right with the city). I then sent out another mailer of 500 yellow letters and have gotten a good response but the houses/properties are not even good shells to sell. As I have now changed my approach for my DMC, I now target specific zip codes in the areas that I know well. I have been listening to podcasts and going to REIA meeting if I don't have to work(night-time job), met some investors but not a lot of wholesalers to network with and discuss methods of real estate(mentor basically)
I will say that I do not have a strong buyers list as I haven't had any potential deals to offer. I obtain my few buyers from craigslist by calling the "we buy houses" or going to the housing wanted sections in my area and seeing what there looking for. I am working on meeting a realtor to see if I can have them pull a list from the MLS to see if any potential buyers are in my area that I want to target for my DMC.
The reason I ask the question "To all the seasoned wholesaler that are making a living from wholesaling, what daily task do you do to make your business operational?", is because I don't feel like my hustle or effort is working and I do believe in wholesaling and the service it provides to sellers and to the buyer. I definitely understand that it take time for the business to "show love back" but I wanted to know if from other wholesalers with experience and see if i am on the right track at all.
Thank you and I hope that my question make senses!
It definitely sounds like you're on the right track @Dennis Williams Jr. . You just have to keep your eyes on the prize. Right when I was about to call it quits, I landed my first deal. You seem to be extremely active when it comes to your wholesaling business (glad you don't treat it like a hobby), so nothing negative about that. Just try to continue hanging in there, find a love for this game, and keep faith in yourself and your business.
Good luck on your endeavor!
Thank you, and congrats on your deal. How is virtual wholesaling?
@Dennis Williams Jr. it sounds like you are doing the right things.
After the volume you are mailing, you probably don't need to spend more than a few hours a day on the actual business of wholesaling.
If you are mailing small amounts each day, as opposed to 1000 in one big blast, it is easier to pace yourself. You'll get several calls a day that will require you log them, research the subject properties you are interested in, and come up with your game plan for which ones you want to move on.
I'd suggest spending most of your time on lead generation + the due diligence on properties you are interested in + making offers.
I sent out my last blast of postcards in early Feb. Yesterday, I called back an old lead who wanted too much for her house. I told her my price and today, she accepted. I overnighted a contract to her and hopefully, will get it back in a few days. Doing all of this took very little time. In fact, if you look at the two calls I made for this one deal, I spoke on the phone a total of 7 minutes.
Pace yourself, don't burn yourself out, and definitely don't spend too much time worrying. Just recognize that it takes persistence and continuous improvement to make it happen. You got this.
Sounds to me like you need to do what we did. Get a deal. Wholesale it. Up your mail. Also look into a few things.
1)lower end rentals to cover the cost of your DM. You want it to be self sustaining not an alligator.
2) See if there are Realtors in your area that will fund part of your marketing cost in exchange for referring all of your "retail" leads.
Good luck and good to meet you. I am wholesaling in the Metro-Detroit market as well. Hopefully we can help each other out one day.
Day to day, lately, i've been working on my business more than in my business. I am creating systems and processes to make sure the business hums with or without me. Building my marketing machine, daily lead generation processes, lots of tweaking etc.
Lead generate, make offers, and work ON your business. Top 3 things for me.
Good luck out there.
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