Rental Property Investor · Fort Wayne, IN · Member since 2018 · 9 posts · 6 votes
So I'm new to wholesale REI; I live in Indiana but work in Illinois. I have met a customer who I'm going to look at their house this week in Indiana. But I want to take action and try to get some deals in Illinois as well. Without having any experience should I try to take on multiple deals or should I secure my Indiana deal first, then go from there?
I would say get as many meetings scheduled as possible, I am fairly new and found that with each meeting you get more comfortable with the process. The odds that first meeting leads to a wholesale deal isn't high but the added experience will always help with the next visit. The more home visits you can accumulate in a short period of time the faster you will get comfortable. Also a great BP podcast to listen to for visiting homes is number 77!
Wholesale is all about the numbers. Make 100 offers and maybe 5 of them will continue onto possible sales. If you are uncomfortable until after you see that house, then make plans to get leads after you see it. Congrats on getting into the industry and for cutting your teeth on wholesaling. In the mean time, I suggest you read about Driving for Dollars in the forums if you haven't already. Sounds like you would have a chance on your ride.
I would say get as many meetings scheduled as possible, I am fairly new and found that with each meeting you get more comfortable with the process. The odds that first meeting leads to a wholesale deal isn't high but the added experience will always help with the next visit. The more home visits you can accumulate in a short period of time the faster you will get comfortable. Also a great BP podcast to listen to for visiting homes is number 77!
Thank you guys so much for the help. I currently work for the power company so I drive around all day to different poles and see tons of signs. I take the number down and keep it just in case. I was leaning towards waiting to see how the first one went to get some comfortability; But I also don’t want to miss out on the possible opportunities. Thank you guys again
@Hunter Malott If you are looking to do wholesaling then I would be careful at calling the numbers on the signs you see. The reason for this is because I have learned from a coach that you don't want to get caught up in a chain of wholesaler A (number from the sign) give wholesaler B (you) the property and now you are trying to find a buyer. At this point the profit margin has gone down.
Best thing to do is to ask if they are a flipper or wholesaler. If they are a flipper then continue talking with them. If they are a wholesaler, then just let them know that you were looking for a flipper.