WHOLESALE questions

8 Replies

Hello everyone,

I believe that experience is the best teacher, and since I don't have much yet in this industry I'm looking for responses from those that do.

I understand the best way to generate leads and put a house under contact is to find a "motivated seller", but what if your lead turned out to be a foreclosure. How would you go about putting that foreclosure 'under contract' for a wholesale deal?

step-by-step please and thank you!

Step by step, no problem!

When you find out a property is in foreclosure;

Put everything away and close your brief case. 

Stand up, if your were not, say thank you in the presents of others.

Head for the door

Go outside, then

Run like hell! :) 

Originally posted by @Jesse Mundt :

haha thank you for the quick response!

What about if it is a Pre-foreclosure? @Bill Gulley

 Same instructions apply, it's the "F" word you need to avoid as a wholesaler. :)

Come on Bill! Can't you see he is trying to RESCUE someone in foreclosure??? See also

New Jersey Foreclosure Rescue Fraud Prevention Act

Originally posted by @Chris Martin :

Come on Bill! Can't you see he is trying to RESCUE someone in foreclosure??? See also

New Jersey Foreclosure Rescue Fraud Prevention Act

 New Jersey tends to be Pro tenant and anti-real estate investor

Get a great contact attorney as Chris Martin says, understand foreclosure rescue laws in New Jersey

Originally posted by @Jesse Mundt :

Hello everyone,

I believe that experience is the best teacher, and since I don't have much yet in this industry I'm looking for responses from those that do.

I understand the best way to generate leads and put a house under contact is to find a "motivated seller", but what if your lead turned out to be a foreclosure. How would you go about putting that foreclosure 'under contract' for a wholesale deal?

step-by-step please and thank you!

 Jesse, In our experience homes already in a state of foreclosure are difficult to wholesale. When it comes to Wholesaling you may want to to focus on Homeowners who fit two criteria's: Equity and Motivation. 

We define motivation as an impending event, meaning "If I do not sell by X, then Y will happen." 

NJ is one of the HOTTEST markets in the Country right now, Clayton Morris is up there CRUSHING it! You might know Clayton from FOX News, he hosts Fox & Friends.

If you want to get started right away the first thing to do is to build a gigantic, salivating, responsive, active cash buyer list. Make sure you have their cell phone numbers as texting deals out is more effective then emailing them out. And include as many Agents on your list as possible as they often have the highest paying cash buyers for you!

Keep in mind that Wholesaling has nothing to do with Real Estate and is really more of a pawn shop. Work very hard not to become a Real Estate Expert or you will find it extremely difficult to scale your business (you want to avoid creating a job).

As a sidenote right now is a GREAT time of year to get started, the holidays are only "slow" for the wholesalers who stop marketing during this time of year.

Whatever you do, try to focus on revenue activities instead of complicated CRM's, cool looking business cards and setting up a LLC or S corp.

You are about to go on a Great Adventure! You will have many "GUT CHECK" moments when you start. This is when you want to shine and double down on your efforts! Watch out  for the 3 D's: Doubt, Disappointment and Distraction!!! 

Good Luck

Tom, I've been listening to your podcast as well as BP, I've been posting and giving of my time to investors. I was asked to find a property in a certain area, and don't even know where to start. I checked Craigslist, Facebook groups, and came up dry. I'm a super motivated learner and am trying to bust down wholesaling doors in New Jersey.