Greensboro, NC 路 Member since 2015 路 15 posts 路 1 vote
BP,
As a newbie wholesaler, would driving for dollars be the best and most to effective way to find initial deals or properties? If not, what would be the best strategy? If so, How do decide where exactly to search in your market? ( I'm assuming you don't just wing it and just drive around random neighborhoods). Any and all help would be appreciated!
Look for a buyer, a serious one. Someone who can handle the volume you want to bring. 1-3 a month, 10 a month, etc.
Find their buying criteria
Look up sales records for those type of properties and look for a dense area where they are. Think GIS, tax records.
Now drive for dollars in those neighborhoods.
When you find one, knock on the door, write a letter, get in touch and ask to buy the house. Your money is the spread between your purchase and their buying criteria.
Too much money and afraid your buyer is gonna be upset, double close/simultaneous close.
Just about average or less assign it.
Tips:
1) Don't get greedy
2) don't lie
3) RE is a people business, selling products is second.
4) don't mess with people's lives.
5) you only know as much as you don't know.
Don't know what to do when you hit a block, search on the forums. Sometimes it works out sometimes it doesn't. Sometimes you'll need to google and add bigger pockets on the End of the search.
Look for a buyer, a serious one. Someone who can handle the volume you want to bring. 1-3 a month, 10 a month, etc.
Find their buying criteria
Look up sales records for those type of properties and look for a dense area where they are. Think GIS, tax records.
Now drive for dollars in those neighborhoods.
When you find one, knock on the door, write a letter, get in touch and ask to buy the house. Your money is the spread between your purchase and their buying criteria.
Too much money and afraid your buyer is gonna be upset, double close/simultaneous close.
Just about average or less assign it.
Tips:
1) Don't get greedy
2) don't lie
3) RE is a people business, selling products is second.
4) don't mess with people's lives.
5) you only know as much as you don't know.
Don't know what to do when you hit a block, search on the forums. Sometimes it works out sometimes it doesn't. Sometimes you'll need to google and add bigger pockets on the End of the search.
Welcome to Bigger Pockets. It is a good place to connect with real estate professionals and to learn about real estate. For example, you set up key word alerts. http://www.biggerpockets.com/alerts
@Jeremy Love - It's hard to say what the 'Best' Wholesaling method is without knowing what you're looking for. I think that @Justin Fernandez had a great rundown on how to get going with driving for dollars.
Craigslist is another great way to go, if you want to reduce your overhead. There is a big difference in marketing methods between looking for motivated sellers and looking for the types of houses your buyers want. Each demands different marketing. PM me if you would like some more details on what I mean... it takes a long time to write this stuff up in a post.