Garland, TX · Member since 2015 · 16 posts · 0 votes
Hi everyone,
I have been looking to do my first wholesale deal this month. I need help tough? I have learned the process but really don't know how to start. Personally, I'm thinking of buying a list for absentee owners and sending out a direct mail. Anyone know a good site to obtain a list? I haven't heard really good reviews about list source. Also how do I evaluate the property and how do I calculate the cost to fix it up? Do I need to make a deposit? How does it work with the Title company? Anyone in Texas have wholesaling contracts that are legal? BiggerPockets members I need your advice I'm looking to start grinding and get this first deal done but want to make sure I know the process well. Thanks!
Jon, based on your questions, I am not sure you have learned the process as you state in your post. You know what the process is...you are aware of it. Learning the process is 1) knowing already the answers to the questions you ask, and 2) having some successful deals under your belt.
My suggestion is partner with an experienced wholesaler in your market to work this deal with you. Right now, your odds of it working out are very low because you don't even know what you don't know. Better to share a piece of something rather than get 100% of nothing.
@Jon Villa I hate to burst your bubble, but if you are planning to find your deals via direct mail marketing, and you haven't started your marketing campaign, there's very little chance you're going to do a deal this month. It's always possible you could hit on someone, randomly, but direct mail starts seeing true results at the 4th mailing to the same list. And, you need to plan on touching those same addresses at least 6 times.
Also, you need to realize the Metroplex is being saturated with direct mail from investors right now. We just concluded a 6-month campaign that produced 1 deal. What I heard repeatedly from people calling to be taken off our mailing list is that they were receiving between 5 and 10 letters per week. And, absentee owners is a list everyone hits.
Not trying to discourage you, but I do think you should have some realistic expectations regarding the strategy you've chosen. I always caution newbies to set goals you can control. Quite frankly, while you can increase the odds of getting a deal, you absolutely do not control WHEN you get a deal. There are simply too many factors involved, from actually contacting a motivated seller at the exact time they have decided to act on their motivation, to convincing another human being with free will to sell you their property at a price that makes it a deal. Control, my friend, is an illusion.
Set goals you actually do control, such as...I'll send out x letters per month for the next 6 months. I'll drive for dollars 4 hours each week and follow up on every lead I discover. I'll attend x networking events every month. All of these things are completely within your control. They are measurable and attainable. Those are goals that will produce results in the long run.
@Hattie Dizmond I appreciate your honesty. What if I sent out 1,000 out at a time? Also where can I obtain a good list from? Could you also explain the process more please I would greatly appreciate it.
Jon, based on your questions, I am not sure you have learned the process as you state in your post. You know what the process is...you are aware of it. Learning the process is 1) knowing already the answers to the questions you ask, and 2) having some successful deals under your belt.
My suggestion is partner with an experienced wholesaler in your market to work this deal with you. Right now, your odds of it working out are very low because you don't even know what you don't know. Better to share a piece of something rather than get 100% of nothing.