Virtual Wholesaling?

46 Replies

Anyone out there that has a proven track record with out of state wholesaling I would love to hear how you did this who's system you have followed etc.

Regards,
Tim Krueger

I've never done out of state wholesaling, but I have done one successful "virtual" wholesale. I really did it just to see if it could work.

I didn't use anyone's plan, just kind of used good ole common sense.

If you know how to wholesale generally, you can apply the same principle's, except you do everything online or on the phone.

Chris Daigle and Cris Chico are the virtual guru's. They have a seminar in New Orleans coming up in Dec. I've been to the past couple. First class, and informative.

Andrew - Are you associated with Cris or Chris in any way?

Jason was it an out of state deal or near your home?

I've thought about this as well. Going out of state certainly opens up many more possibilities, but I was considering giving it a try for properties just out of the region to cut down on fuel costs and to maximize time. With that being said, I've never bought a property in my life, so what do I know?

My idea though was to try to hire someone in the area from Craigslist to go by the property and take as many pictures as possible, giving me a view of every angle and issue that I would want to see, and making an offer based on that. If it sounds like a good deal, and I could pay someone $50 +/- for an hour or so of their time, that might not be a bad idea.

Or maybe it would. Just a thought I've had.

Hey Jeff, I give offers on properties everyday that I never even look at. I use my website for the seller to fill out a profile stating the repairs and what they owe. If the property is cosmetic repair I use $15,000 if it needs more than cosmetic I use $35,000 for a repair cost estimate. Find out the comps on that property - gross investor profit most investors want 30% - repairs - assignment fee. That will give you your max offer. Example: 100K ARV - 30K Profit (30%) - 15K Repairs - 5K Assignment Fee = 50K max offer. The important thing is that you are not buying the property another investor is.

Brandon-

Are you wholesaling out of state?

Brandon. . .wholesaling out of area and living in Truckee sounds like a good gig.

Tim. . .I just listened to a podcast with Larry Goins, and he has a course that is all about buying and selling out of state without ever seeing the property. His course is $800-1000 or so, but the podcast was free and wonderful and certainly worth the hour of my time. Pretty witty guy, and I believe that of all the people selling courses, he seems to be well regarded on message boards like this one.

Anyway, if you have itunes, search for the podcast Get Real Real Estate, and get the show from 4/30/08.

Hi All

Dear Jeff Z from where you have listened about the Larry Goins Please let me know. If you have any further information about him. It will benifical to talk him and gain tip from her about the way he's doing business.

Sajid, I believe forum rules prevent me from posting a link to the show. I'm sure this rule benefits everyone that uses the forums. But if you take the information from my previous post, I'm sure you can find the info on your own.

I have Larry Goins' course and, frankly, I don't think it fits the definition of "virtual" accurately. When he talked about bandit signs, bird dogs and small ads in free newspapers, I zoned out. That isn't at all what I want to do.

I think Duncan Wierman is the one who has it all clicked out. Google it.

Moderator: No, I have no affiliation with Dundan Wierman except I bought his system and I don't need to buy another. Of the three most visible virtual wholesale instructors out there, I think Duncan Wierman's system is cutting edge.

You've made several posts advocating Duncan's course. Have you had some success with his approach?

Anyone know how much Duncan Wierman course costs? I went on his website to check but in order to view the content I had to provide an email address. I didnt feel like giving up my email address just to find out. I already have to many Guru's sending me hype email

Originally posted by Aj L.:
Anyone know how much Duncan Wierman course costs? I went on his website to check but in order to view the content I had to provide an email address. I didnt feel like giving up my email address just to find out. I already have to many Guru's sending me hype email

$2997 plus $49.95 a month.

I'm virtual wholesaling 6 deals hundreds of miles from where I live and I haven't purchased anyone's courses. I have an interested cash buyer in Detroit looking at a Detroit property on Saturday. I'm in Northern Virginia.

How did you figure it--that is, virtual wholesaling--all out? I can barely digest it all. I take a course on Web 2.0 at the Apple Store whenever they have one.

Caitlyn. In this and other VW talks you keep advocating this Duncan Wierman person, but now you seem confused by it all. Maybe the guy isn't as good as you're pumping him up to be? Otherwise it wouldn't be so confusing, would it?

What's the real story?

Hey Demos. maybe you could share with us the keys to your success?

To reiterate my earlier post, I haven't closed on anything yet. I do take pretty quick action, once I have a little knowledge. A lot of people think they need to spend thousands of dollars for training and must get everything perfectly planned before they take action.

Wholesaling is simple. Here are the steps (locally):
- Do marketing to find a motivated seller
- Get a property under contract
- Market the property to find a buyer (this includes me taking pictures/videos of the property)
- Assign the contract to the buyer
- Close
- Get paid :lol:

For virtual deals, most everything else is the same except I'm not the one taking picture/videos. I will copy what exists on the Internet or get pictures from the seller. As for showing the property, either they have a property manager or they are living there or have someone else to show the property. :cool:

Hey guys,

This is Cris Chico (no.. it's not some virtual assistant that I hired to post something on this forum..)

I don't post to forums usually but I do visit bigger pockets as I believe that Joshua Dorkin is doing a great job in making this the premier open forum in real estate.

I am not commenting here to try and sell you my course but rather clarify something that I have been seeing in these posts.

Virtual Wholesaling is not necessarily about the tactics being used. It is really about not being bound geographically by your market. By using technology to systematize and automate your real estate business so that you can work less and make more money. Many times this could also mean that you are working in remote markets and never meeting personally with any buyers or sellers.

The marketing can be both offline and online.

I have not seen Duncan Wierman's course so I cannot comment on its content but I will make a comment about courses in general.

Most of them will tend to bury you in so many techniques so that you can feel good knowing that you are getting a lot of "bulk". In the end, unless you have staff and assistance you will never implement all of them in an effective manner so that you can monetize the strategy.

One of the biggest problems that I had when starting out was that I was chasing too many "rabbits". Going after every niche and opportunity. Until I focused on one strategy I never really got any traction. The pivotal strategy that I learned was direct mail and as such it is the cornerstone of what we teach.

One of my successful students just did over 50k in assignment fees in his market this past December (last month). Although he is implementing a bunch of the "sexy" tactics that many are teaching such as web 2.0, ebay, etc. all of the leads for the sellers AND the buyers came from direct mail.

Now I am not in any way implying that direct mail is the only way and nothing else works. To do so would be erroneous and misleading.

I will however state that my best advice is to pick a strategy and focus 100% of your effort in making that work. Of course, I am assuming that you have researched this strategy diligently and have confirmed that there is a reasonable level of success that could be attained by such a strategy.

But those strategies can be offline such as direct mail or online strategies such as using web 2.0 properties, google pay per click, search engine optiminzation, etc.

There are many strategies out there. Some of them are fluff. Some of them are hit and miss. And some of them are very sure things. It's up to you to make the right choice.

The one thing to keep in mind that everything appears simple at first but there are always layers of complexity that exist in any strategy.

I always think of driving a car. The concept is simple ..you step in the car .. turn on the ignition and you put it in drive. Very simple indeed. But open up the hood and you will find a complex system to make all that happen.

In real estate you don't have to do it yourself but certainly you have to be aware that you will need to work to get these systems up and running effectively and profitably.

In addition,

Nothing can take the place of fundamentals. I don't care how many seller leads you drive... how many buyers you talk to.... you MUST be competent on the fundamentals of this business.

-Negotiations with sellers
-Working with Buyers
-Property analysis to determine viable deals

There are many others of course but certainly these are the top three in my book.

So on top of executing strategies to find deals and buyers. You also have to make sure that you have sound fundamentals.

And finally,

Don't be mislead by the promise of working 3-4 hours a week and making huge sums of money in real estate investing.

Perhaps after you have set up all of your systems and have staff in place taking care of every detail then you may achieve that "4 hour workweek". But in the beginning you must be prepared to work hard, put in the hours, be frustrated many times, and work within a certain degree of ambiguity.

I tried to make this post informative without making this sound like I am pitching you guys to buy my stuff. It really does not matter if you do or don't. You can be successful with other courses and trainers if you focus and you diligently apply what they teach.

Thanks everyone

Cris Chico
Virtual Wholesaling Founder

Great post Cris
Now I'm not sure if I have this right but I believe that Virtual Wholesaling is being the middle man in finding a property and matching a client without ever seeing the property or client!!

If this is the case we have been doing this for many years in the UK Back in 83 when I first started buying property in Spain I never saw the property but I did meet the UK client and send them out by plane to look at the property and they were shown around by the Spanish agent. Deal done I got the commission.

Today is much the same but everything is done by internet. I have bought many properties all over Europe and flipped them to UK buyers without ever seeing either. I still managed a full time job in publishing for 15 years and owning my own company that was not related to property for 9 years.

There are 24 hrs in a day when you are not sleeping, work. Today’s technology makes things so much easier.

I never paid thousands to a GURU, I did however have mentors, People who were willing to give me their time and knowledge for no gain other than seeing someone else come through the ranks and make a success. That is why I like this forum honest people who are willing to take that little bit of extra time out to help others.

Cris-
Thank you for the post. It clears things up for me about you.

Thanks for chiming in, Cris - great commentary. BTW - I appreciate the complement about the site!

I'm a newbie to wholesaling and real estate in general. I own 3 rentals but I am now convinced that wholesaling is where I would like to spend most of my time. I understand the concept but I would like to know what strategies you all are using to find properties and also what forms/contracts to use on the buying and selling ends. Any help getting started is much appreciated.

Just read everything in this forum.

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