Wholesaling Newbie Checklist

14 Replies

I've been going through youtube university and bigger pocket forums and could continue to do so for years to come. I figured it was time to implement what I've learned and begin to build my own workflow based on the results. Below is a list of some of the things that I have completed. I haven't gotten any deals yet or leads at that matter but consistency is what I feel will be the key.

Any feedback would be appreciated.

In no particular order:

  • Joined Bigger Pockets
  • Landing Page is set up (Plan to move to a carrot site soon)
  • CRM ( realeflow)
  • Buyers list 
    • The list was acquired form interested investors on craigslist and inputted in my CRM
  • Sellers List
    • None :(
    • Have emailed landlord ads on craigslist if they would be interested in selling
    • Have emailed FSBO ads on craigslist
    • Drive for dollars using dealmachine

Again, I believe my one of my weak point lies in consistency. Any help and recommendations would be much appreciated. 

Hey Darryl,

Congrats on taking action and getting in the game from off the sidelines. Analysis paralysis is a momentum killer for us all. You're right about consistency being the main factor of winning in this business, but now what you want to focus on is being consistent with the right things.

I was like you when I first got started, taking weeks to set up my CRM properly, weeks setting up my website, spending hours on youtube and forums browsing around, and half heartily generating leads. When you are ready to turn things up, your website and CRM will definitely come in handy as I can tell you like systems and technology like myself to streamline things, but I know lots of folks who are killing it in this business without using either.

The top income producing activity in wholesaling is talking to sellers and submitting offers. Finding leads is actually easy, talking to them and successfully negotiating good deals is where most beginners hit the wall.

Once I admitted to myself that most of my day was really just busy work to avoid from doing the things that mattered most, that's when I started to close deals on a consistent basis. Hundreds of calls, hundreds of seller appointments, hundreds of times running numbers and submitting offers, will inevitably allow you to close deals month after month, and become a master at wholesaling and any other niche after that.

First thing is getting clear on your why, and finding the burning desire of why you need to do this. If you're comfortable, and there isn't a need, then there won't be much motivation to keep you consistent. Then find a mentor, partner, and/or systematized course that's already proven to work and commit to following through with it until you have some success. After that, you can start crafting/ tweaking things to create your own.

That's the fastest way to get to the goal. Hope this helps. Feel free to contact me if you have any other questions.

It sounds like you've got the whole house built, you just need to swing the front door open and let the leads pour in. Finding motivated sellers is actually VERY easy, it just takes a little extra knowledge about where to go and what to do. 

  • I would go with the carrot site right away, (its dope!) 
  • I haven't used realeflow, but Podio integrated with InvestorFuse is king for scaling. 
  • How many buyers do you have from craigslist?

Tracy & William,

Great Advice! It's true that I have been stuck performing the 80% percent of tasks that won't bring in those leads and avoiding the 20% that will turn all this around. I'm going to refocus and commit to the 20%, using those deals to help build the rest of my business and workflow. 

I currently have 33 buyers and craigslist was great for that. The carrot site and Podio are definitely are things I will be transitioning to and appreciate that advice and recommendations. 

-Darryl

Your CRM should match your business and no the other way around. I don’t think realeflow is any better than a spreadsheet, do I would start with a spreadsheet.
The investor Carrot Website is a good idea. It’s not an overnight thing, especially in Northern Virginia.
I would knock on more doors and send more hands written letters to find sellers.
You should look for sellers until you understand what and where your buyers list is looking to spend.
Sorry to put you back at square one but you were to focused on the oven and not the bread.

I recently found great partners and mentors that has helped me structure my business much more.  I am using the carrot site, podio, and google voice.  There is more that enough info just from these great responses.  Find your niche and go for it.

I'm here to connect if needed

Hey Darryl, sounds like you are off to an awesome start. I just started about 3 months ago myself and yep the first couple weeks/months were mostly just building the base for the business. I think your next step should be setting up a lead generating schedule, basically determining the number of mailers/$ you want to spend each week and stick to it no matter what. You are dead on that consistency is key.

After you start getting some leads in don't be afraid to start making offers, it will feel really awkward at first but it gets so much easier talking with leads once you have experience, just know it will be tough at first. I would also highly recommend listening to some of the BP podcasts on negotiating! That is just one other aspect that is incorporated in wholesaling but if you are skilled at it you can see great results. Good luck!

When you guys say carrot site, do you mean just a site that draws people into your business? 

Good thread here as I am looking at wholesaling after a long career in marketing.

Tracy mentioned systematized courses/approaches to getting faster traction. I've looked at Brad Chandler's site - anyone have any experience with using his system/guidance?

Or is it best to get a site up using Carrot, and finding/developing a list of sellers and buyers and hit the phones? I would prefer not to throw money at marketing until I have a sense of how deals flow.

Thoughts?

Hi Dave,

Excellent Advice! I have since gone away from realeflow and moved on to Podio (free :). I plan on focusing more on driving for dollars and door knocking using those experiences to better my negotiating skills in the process. 

Thank You,

-Darryl 

So I have a question, 

I have a lead and negotiating a deal. Once I get this property on a contract, is there any point in which I need to involve a lawyer? My standard contracts were reviewed by a lawyer, but do I need one after the deal is negotiated?

Team,

You all have provided fantastic insight, recommendations, and motivation :) I appreciate all the responses and will be sure to continue to share my experiences in hopes of helping others. 

Gregg, 

I'm in Manassas, so If I come across deals that don't fit my model or want to spread the wealth. I'll be in touch. 

-Darryl