Where are YOU Wholesaling and HOW is it going, Check In Here!

Wholesaling
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Where are YOU Wholesaling and HOW is it going, Check In Here!

Tim G.
Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes

Thought it would be nice to see who is wholesaling (closing deals) and where they are doing business. Even if you're new chime in, just let us know what stage you're in on getting things done. 

My company operates out of San Diego and does deals in most of Southern California. 80% of the business is in San Diego though. Using direct mail, web and referral for our source of deals. Closing on average 2-3 a month as long as we're consistent on marketing. 

Closed two last week, one for $25,000 and one for $2,500

So, where are YOU wholesaling and how is it going? 

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Trey Watson
Investor · Phoenix, AZ · Member since 2015 · 191 posts · 152 votes
10y

I work for a major wholesaler in Houston- headquartered in Dallas. We've been around for a while and close several hundred deals a year-just in the Houston location. I have a ton of respect for the independent wholesalers out there. That is a serious grind that takes real ambition to make successful. 

To be blunt- The problem many investors have with independent wholesalers is that many (not all) are viewed as unqualified or inadequate. Let's recognize the truth here, many people who try to start 'wholesaling' are only interested because of the low overhead to buy in, and the fact that you are technically not required to have any credentials to do so. 

This has created a large population of 'wannabes' that has flooded the markets with people who don't know what they're doing- which is dangerous. Real estate is not rocket science but you also can't figure it out in a day...or even weeks. 

What makes our company (and im sure many others) so successful is that we actively work every day to separate ourselves and our company from that population of wannabes. We do so through many methods but some examples are being a licensed brokerage, hiring people with education and experience, streamlining our processes and procedures, staying consistent with property output, practicing respect and integrity with clients, staying on top of the changing r/e laws, and probably most important- we stay on top of current market data in order to have an educated and in depth understanding of our market. 

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  • Noelle Yarn
    Virginia Beach, VA · Member since 2015 · 54 posts · 14 votes
    10y

    Hi! I'm in Hampton Roads Virginia mainly Virginia Beach and Norfolk.  I'm a wholesaler and am literally in the middle of my marketing campaign.  I'm a newbie so still hoping to find more buyers in the area.  I'm so excited about this journey and am ready to learn through experience.  Honestly, I would love to work with Tom Krol but I dont have the money yet.  Either way I will act as though I were impossible to fail and give it my all!

    1Reply
  • Tim G.
    OP
    Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
    10y
    Originally posted by @Noelle Yarn:

    Hi! I'm in Hampton Roads Virginia mainly Virginia Beach and Norfolk.  I'm a wholesaler and am literally in the middle of my marketing campaign.  I'm a newbie so still hoping to find more buyers in the area.  I'm so excited about this journey and am ready to learn through experience.  Honestly, I would love to work with Tom Krol but I dont have the money yet.  Either way I will act as though I were impossible to fail and give it my all!

     I know Tom's brother in law Todd who got him started. What does his deal cost? I've got no clue. That being said, I've spent under $2,000 in the education I needed to get me really cranking so don't put all that focus on another person if it costs a fortune! 

    0Reply
  • Noelle Yarn
    Virginia Beach, VA · Member since 2015 · 54 posts · 14 votes
    10y

    My education has consisted of podcasts and books and BP.  :)  They, Todd and Tom, seem like genuine guys who care about the people in addition to being succesful.  That's important to me.  What education did you use and how long have you been wholesaling?  

    0Reply
  • Tim G.
    OP
    Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
    10y
    Originally posted by @Noelle Yarn:

    My education has consisted of podcasts and books and BP.  :)  They, Todd and Tom, seem like genuine guys who care about the people in addition to being succesful.  That's important to me.  What education did you use and how long have you been wholesaling?  

     Todd's a great guy, I don't know anything about the program. What is the cost? 

    I took a $1000 class called the "60 day challenge" through a local investment club, it was awesome. Besides that a $100 negotiating class once over a weekend and I've attended two of Sean Terry's flip 2 freedom events that ran $100 each. Really great events, I enjoyed them a lot. 

    0Reply
  • Ben McMahonPro Member
    Investor · San Diego CA · Member since 2014 · 341 posts · 139 votes
    10y

    Im not a wholesaler but I am a rehabber. I like wholesalers though. If you are interested in a decent wholesale program I know a new one that seems really good. I have never met the guy, but been referred to him and talked to him on the phone. PM me if you want more info. Also in the market for deals. Not afraid to skip over to VA Beach to take a look either. Happy wholesaling!

    0Reply
  • Tim G.
    OP
    Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
    10y

    I don't need one and didn't mean for this thread to go on that subject. I was more curious who here is wholesaling and how its going. 

    0Reply
  • Noelle Yarn
    Virginia Beach, VA · Member since 2015 · 54 posts · 14 votes
    10y

    It's $5000 and up.  Thanks for starting the roll call discussion @Tim G. 

    0Reply
  • Account Closed
    Real Estate Professional · Dayton, OH · Member since 2015 · 423 posts · 187 votes
    10y

    Good for you!

    0Reply
  • Alex N.
    San Diego, CA · Member since 2015 · 20 posts · 7 votes
    10y

    Well I wouldn't call myself a wholesaler, I would say I'm a newbie that has a focused interest on becoming a wholesaler.  

    That being said,  I have spoken with a couple of sellers over the phone and knocked on several doors of distressed properties attempting to find a motivated seller. No luck and no deals yet, but I figure it will take quite some time to get going in a market like San Diego. (Very Competitive). 

    To all the other newbies, just remember to stay persistent and motivated, and if someone does slam a door in your face (been there) just know that it's not personal it's just business and move on to the next. 

    Best of luck

    -Alex N.

    2Reply
  • Rachel Orsie
    Wholesaler · Elkridge, MD · Member since 2015 · 19 posts · 10 votes
    10y
    I'm a new wholesaler out of Baltimore County, MD. I'm in the middle of marketing campaign but have gotten a few calls here and there to help build my buyers list. I have contacted some other wholesalers who have agreed to do joint ventures and had one property but the seller wouldn't take any less and that particular buyer wouldn't pay anymore. The contract is actually over today lol but I just started in the middle of Dec and am excited and ready for the next person I can help!!!
    1Reply
  • Graham K.
    Real Estate Investor · Oakland, CA · Member since 2012 · 52 posts · 17 votes
    10y

    7000 pieces of mail over 6 months got me one deal which is currently pending. Will share the profit after it closes.

    4Reply
  • Tim G.
    OP
    Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
    10y
    Originally posted by @Graham K.:

    7000 pieces of mail over 6 months got me one deal which is currently pending. Will share the profit after it closes.

     Excellent! I was getting nervous I was the only one here doing deals...

    0Reply
  • Cornelius CharlesPro Member
    Investor · Oxnard, CA · Member since 2014 · 438 posts · 187 votes
    10y

    My wife and i are new investors in Ventura County. We are not wholesalers, but i would like to get the the point where we have "too many" leads and are "forced" to wholesale some. We have been actively marketing since May of last year and just sold our first rehab two days ago.  We are going to take some of the profit to increase our marketing budget and hopefully we will be wholesaling properties consistently within a few years.  Currently, we are sending our approximately 1000 direct mail pieces a month to absentee owners and 3 inherited lists from USleadlist.   We have not gotten any "hot" leads in quite a while but are staying consistent and persistent.  

    2Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    10y
    Originally posted by @Graham K.:

    7000 pieces of mail over 6 months got me one deal which is currently pending. Will share the profit after it closes.

     Share it with us? That's great!  I PM you where to send the check for  my share. 

    4Reply
  • Jeff RappaportPro Member
    Specialist · Salt Lake City, UT · Member since 2015 · 533 posts · 378 votes
    10y

    Hey @Tim G., congrats on your two deals! I am a wholesaler in Utah and Idaho. I expect to do 5-6 deals this month in Utah and 2-3 in Idaho. The goal is to do 10-15 in Utah every month and 5-7 in Idaho. My philosophy on wholesaling is maybe a little different than most. I certainly still look for properties I can buy at 40-60% LTV and wholesale them to rehabbers. I also create financing whether it be contract for deed, all inclusive trust deed, subject to or lease options and wholesale them to either other investors or owner occupants. That strategy has been working very well for me! Oh, by the way, I have probably spent over $200K on my education over the last 15 years and continue to do so today!

    4Reply
  • Account Closed
    Real Estate Professional · Dayton, OH · Member since 2015 · 423 posts · 187 votes
    10y

    I have operated a robust wholesaling business for over 10 years now.

    0Reply
  • Anthony Lammardo
    Hamburg, PA · Member since 2016 · 5 posts · 0 votes
    10y

    I'll be operating in the central PA area. I'm still gathering information on the process but plan on starting my marketing aspect within the next month or so, once I feel comfortable and knowledgeable enough. Nice to meet you all!

    0Reply
  • Aishah Amina
    Richmond, VA · Member since 2015 · 41 posts · 4 votes
    10y
    Originally posted by @Noelle Yarn:

    Hi! I'm in Hampton Roads Virginia mainly Virginia Beach and Norfolk.  I'm a wholesaler and am literally in the middle of my marketing campaign.  I'm a newbie so still hoping to find more buyers in the area.  I'm so excited about this journey and am ready to learn through experience.  Honestly, I would love to work with Tom Krol but I dont have the money yet.  Either way I will act as though I were impossible to fail and give it my all!

    Hi. I'm also new and located in VA. What marketing route are you taking? Have you made a deal yet?

    0Reply
  • Aishah Amina
    Richmond, VA · Member since 2015 · 41 posts · 4 votes
    10y
    Originally posted by @Ben McMahon:

    Im not a wholesaler but I am a rehabber. I like wholesalers though. If you are interested in a decent wholesale program I know a new one that seems really good. I have never met the guy, but been referred to him and talked to him on the phone. PM me if you want more info. Also in the market for deals. Not afraid to skip over to VA Beach to take a look either. Happy wholesaling!

     Hi. I am new to wholesaling and I am trying to get a grip on a lot. Has there been a situation where you felt the assignment fee was too high for your liking? What is the minimum profit that you would take for a flip in a wholesale deal?

    0Reply
  • Aishah Amina
    Richmond, VA · Member since 2015 · 41 posts · 4 votes
    10y
    Originally posted by @Alex N.:

    Well I wouldn't call myself a wholesaler, I would say I'm a newbie that has a focused interest on becoming a wholesaler.  

    That being said,  I have spoken with a couple of sellers over the phone and knocked on several doors of distressed properties attempting to find a motivated seller. No luck and no deals yet, but I figure it will take quite some time to get going in a market like San Diego. (Very Competitive). 

    To all the other newbies, just remember to stay persistent and motivated, and if someone does slam a door in your face (been there) just know that it's not personal it's just business and move on to the next. 

    Best of luck

    -Alex N.

     Wow Alex, I have to say you are pretty brave and motivated to go from door to door. May I ask what made you go up to a property that was occupied?

    0Reply
  • Aishah Amina
    Richmond, VA · Member since 2015 · 41 posts · 4 votes
    10y
    Originally posted by @Rachel Orsie:

    I'm a new wholesaler out of Baltimore County, MD. I'm in the middle of marketing campaign but have gotten a few calls here and there to help build my buyers list. I have contacted some other wholesalers who have agreed to do joint ventures and had one property but the seller wouldn't take any less and that particular buyer wouldn't pay anymore. The contract is actually over today lol but I just started in the middle of Dec and am excited and ready for the next person I can help!!!

     Hi. What was the reason the seller wanted to sell? And how much were you trying to talk them down and did you explain why you were offering  a lower price?

    ~Aishah A. 

    0Reply
  • Don Cuffy
    Real Estate Agent · Portsmouth, VA · Member since 2015 · 90 posts · 22 votes
    10y

    I'm in Hampton Roads and the year is starting off well for me. I have 2 closing February 8th and a possible by the end of the month.

    2Reply
  • Benjamin Blackburn
    Wholesaler/ Investor · Houston, TX · Member since 2014 · 491 posts · 113 votes
    10y

    Hello All,

    I'm a new Wholesaler down here in Houston searching for my very first deal.  Budget isn't the biggest(300$ Month)  so I'm not able to send out as many marketing pieces as I would like.  I've sent out two mailings so far to absentee owners and have received 4 calls.  None really motivated at all, only wanting retail and nothing else.  I had to explain to them that we only purchase at deep discounts to motivated sellers.  I will be following up with them all though next month to see if anything has changed.

    If there's anyone in the Houston area that would like to connect feel free to reach out to me.  Have a great night everyone!

    1Reply
  • Alex N.
    San Diego, CA · Member since 2015 · 20 posts · 7 votes
    10y

    @Aishah Amina

    Thanks for the kind words Aishah!  I WAS a little nervous for sure but I think sometimes you need to take that step to keep your momentum going.

    A few of them were pre-foreclosure and one was a rental where the tenants moved out and the elderly homeowner was trying to fix up the place themselves.  Also, ALL of the properties were distressed on the exterior, so I took a chance, although none of them were motivated.

    Best of luck and stay motivated,

    -Alex N.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Graham K.  just a thought .

    I suspect if you sent out 7k direct mail pieces and worked for 6 months.. If you were a listing agent you would have done far more than 1 deal and have a career that is sustainable.  any agent that will spend 2 to 5k a month in advertising themselves in the RE business and will actually WORK will make easy 200 to 500k a year... Not sure if that's the kind of numbers your thinking your going to make as a wholesaler.. but I think its something to think about if your looking for long term and not just something to experiment with and move on after time because its not worth your time..   Just a thought really. and I am curious why more folks don't take the RE sales route and want to do the wholesale route which we all know has a huge mortality rate for those that try it..

    the place to be in wholesaling is to get paid to teach it and own a direct mail company... I bet over 80% who send out first batch and fail never do another ... as for us Californians its like those that got rich in the gold mining days.. they were the one's selling the pots and pans  :)  best of luck 

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