Jamaica, NY 路 Member since 2019 路 19 posts 路 7 votes
Hi all! Very new to Real Estate. But I've noticed that some addresses as well as Listing Agent information aren't accurate, in the titled resources. Is there truly a reliable source other than networking?
Springfield Gardens, NY 路 Member since 2017 路 258 posts 路 63 votes
7y
@Lydia R. got it, so now that I know what bird dogging is, I do that when I go driving for dollars, I get the owners information through research and skip trace, where I get stuck is I suck at getting a deal closed, this is where all my deals die, can you PLEASE give any advice, sounds like your very successful converting the leads to closes.
@Selvin Cummings I had a feeling you were going to say your interest was wholesaling. I will tell you that FSBOs are not leads that turn into deals. A lot of newbie wholesalers who dont have the money to do their own marketing try to take a short cut and wholesale FSBOs and properties from the MLS. This is a big no no. The value that a wholesaler brings is finding off market deals that their buyer wouldnt have been able to get otherwise. Properties that are listed for sale dont fit this criteria. Heres the thing a lot of newbie wholesalers dont consider, say you put a FSBO under contract and start marketing it to your buyers list. Any real buyer is going to research the property youve sent them (if the numbers make sense, most of the time the numbers are bad and you just wont get any response at all) and then the potential buyer will see the home is listed for sale already and that all youve done is marked up the sales price. Those buyers will delete your contact info and you will get labelled as just another crappy wholesaler. Do not go this route!
You need to be marketing to find your own deals. Off market properties only. If you cannot afford to do your own marketing then wholesaling is not for you. Be a bird dog instead. Find a few investors or successful wholesalers in your area and ask them how much they will pay you for bird dogging for them. Usually its around $300-$500 per property. Sometimes more if youve done more leg work.
Bigger Pockets is a great place to lean and get info, but if you dont know what you are doing you should be spending time learning before you go out there and make a bunch of mistakes. Wholesaling is difficult and it requires capital. Lots of people think wholesaling is this no money no credit makes 1000s of dollars overnight type thing and its not. I hope this helps you!