The Best Way to Find Properties to Wholesale?

29 Replies

Hi all,

My name is Brandie Lyons and I'm from the Houston, TX area. I am starting my journey in wholesaling and looking for ways to locate potential sellers. I know there are plenty Houstonians looking to sell their homes after Hurricane Harvey. I have mailed out some letters and even did Drive for Dollars. I am finding most properties that would be great for my buyer are already listed on the MLS. However, a lot of the properties are extremely overpriced considering the damage to the homes. I don't want to make signs (they're literally on every street corner in Houston and the surrounding areas). I am not looking to get rich quick (only hard work and lots of hustle gets you there). If anyone could provide advise or any help I would greatly appreciate it.

@Brandie Lyons  if you don't want to do the regular marketing others are doing, have you considered leveraging your personal network both physical and online? For example, tell everyone you know you are looking to buy properties in the area for cash. Basically look for referrals and be systemic about looking for referrals.

As a wholesaler, I reverse the process meaning I focus on my buyers first. I find what they want and then send them to the property. Just a way I have been taught, that, in my opinion, mitigates the risk involved in getting a property under contract since the buyer is already on the hook. Good luck and don't be afraid to virtual wholesale m, meaning, don't feel obligated to only do deals in your area. You can wholesale anywhere.
Originally posted by @Marvin McTaw :

@Brandie Lyons if you don't want to do the regular marketing others are doing, have you considered leveraging your personal network both physical and online? For example, tell everyone you know you are looking to buy properties in the area for cash. Basically look for referrals and be systemic about looking for referrals.

Originally posted by @Luke Mitchell :
As a wholesaler, I reverse the process meaning I focus on my buyers first. I find what they want and then send them to the property. Just a way I have been taught, that, in my opinion, mitigates the risk involved in getting a property under contract since the buyer is already on the hook. Good luck and don't be afraid to virtual wholesale m, meaning, don't feel obligated to only do deals in your area. You can wholesale anywhere.

Right now I only have one buyer and I am researching properties now. I have mailed letters to potential sellers, but as of now no one has reached out.

@Brandie Lyons how many letters have you sent? You realistically need to mail around 5000 letters to the same people multiple times (5-7 times) and can expect about a 1-2 percent deal (meaning you actually wholesale something).

Originally posted by @Caleb Heimsoth :

Brandie Lyons how many letters have you sent? You realistically need to mail around 5000 letters to the same people multiple times (5-7 times) and can expect about a 1-2 percent deal (meaning you actually wholesale something).

I've sent over 100 letters to different homes owners in different financial situations.  I will also send a postcard to those I have already sent letters to.  

@Brandie Lyons you’ll likely need to up that into the thousands. Listen to some podcasts on wholesaling and they usually say they send several thousand at a time.

Originally posted by @Caleb Heimsoth :

Brandie Lyons you’ll likely need to up that into the thousands. Listen to some podcasts on wholesaling and they usually say they send several thousand at a time.

As I find and research the properties, I draw the letters up and print them out on the spot. I will increase the number of letters/postcards I send out.  Thank you.

@Brandie Lyons if your not a realtor. Find a realtor that can put you on an email drip through MLS for Sold/Expired listings and cold call those sellers. Let the realtor know that you will pay him/her a finders fee of x dollars for any deal that you close. You will need to skip trace the phone numbers once you get the addresses. Been verified, TLO, SKip Genie etc... are good tools you can use for skip tracing. Also look at your local court records site and see if you can get records of recent evictions. Call those owners as well. For rent on trulia/zillow etc...will provide decent leads as well.

Cold calling is the way.....Not mail.  You need to speak to motivated sellers directly.  Everyone is sending mail.  do be average.  All the best to you.  I do deals in the Mid-West and I live in NY.  So you can sell property anywhere in the country.

Yes, you must become a master over the phone. Email and post cards only get you so far. You must identify and empathize with whatever the problem is for the seller that is motivating them to sell.

Originally posted by @Shawn Ackerman :

@Brandie Lyons if your not a realtor. Find a realtor that can put you on an email drip through MLS for Sold/Expired listings and cold call those sellers. Let the realtor know that you will pay him/her a finders fee of x dollars for any deal that you close. You will need to skip trace the phone numbers once you get the addresses. Been verified, TLO, SKip Genie etc... are good tools you can use for skip tracing. Also look at your local court records site and see if you can get records of recent evictions. Call those owners as well. For rent on trulia/zillow etc...will provide decent leads as well.

Cold calling is the way.....Not mail.  You need to speak to motivated sellers directly.  Everyone is sending mail.  do be average.  All the best to you.  I do deals in the Mid-West and I live in NY.  So you can sell property anywhere in the country.

Thank you so much Shawn.  I will definitely reach out to a realtor.  I was concerned about cold calling since I work full -time and do not get home until after 6 pm.  Saturdays and Sundays maybe the best times for me to cold call.

@Brandie Lyons don’t let the 9-5 get in the waynof your 5-9. Get a list together, find a wuiet place furingnyour lunch hour. Take 10 minutes to eat and call for the other 50. EVERYDAY and double time on the weekend.  If your not hustling believe me there is someone in your market that is💪🏾💪🏾💪🏾  STAYHUNGRY

Originally posted by @Luke Mitchell :
As a wholesaler, I reverse the process meaning I focus on my buyers first. I find what they want and then send them to the property. Just a way I have been taught, that, in my opinion, mitigates the risk involved in getting a property under contract since the buyer is already on the hook. Good luck and don't be afraid to virtual wholesale m, meaning, don't feel obligated to only do deals in your area. You can wholesale anywhere.

Can't go wrong with this strategy either. The only issue I've found with this is that a lot of times buyers don't know what they want and so even when you've found what they've said they wanted, they don't execute for whatever reason. It's definitely helpful to know what your buyers want but you've got to look at the market as well. 

I view this as a chicken and egg problem. In current market conditions with it being a Seller's Market at least in the markets I operate in, finding the deals themselves is the harder part of the equation many times. If she works through her network, she has an increased probability of finding win/win situations that she can capitalize on and find buyers for to complete her wholesale transaction.  

@Marvin McTaw Yes, sometimes that happens, however, since I also get a POFs and/or Pre Qual letters for my retail buyers, it usually works the way we do it. We create urgency, scarcity and opportunity with our deals, so we are less likely to get flaky buyers.

Originally posted by @Luke Mitchell :
As a wholesaler, I reverse the process meaning I focus on my buyers first. I find what they want and then send them to the property. Just a way I have been taught, that, in my opinion, mitigates the risk involved in getting a property under contract since the buyer is already on the hook. Good luck and don't be afraid to virtual wholesale m, meaning, don't feel obligated to only do deals in your area. You can wholesale anywhere.

Sorry to be harsh .. but why am I spending my time talking to you when you don’t have anything to sell me?

@Chris Purcell You would be the first to say that #1. #2 If you think I'm wasting your time finding you exactly what you want and only sending it to you instead of some huge list of other investors, then by all means, talk to someone else. #3 Our system works damn fine for us and our buyers, who are over joyed when we call with a specific property.

Brandie,

I honestly believe wholesaling is a great way to start. I've been a part time wholesaler for a little over 2 years now, and my one piece of advise is be consistent with your marketing. It may take you 5 touches before you get a call back. Also, having an agent on your team would be helpful to run comps and even make offers on MLS properties. Good luck to you and feel free to reach out if you'd like to connect!

@Brandie Lyons I am also near starting my wholesaling adventures. I live in the Humble/Atascocita area. I am talking with other members of BP that are in our area about starting a monthly meeting here in Humble. Let me know if you would be interested. Would be a great way to exchange ideas and find out what is working best.

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