Tampa, FL · Member since 2019 · 10 posts · 5 votes
I have been trying wholesale real estate for 2 months. I have purchased scripts and guides. I do not feel I am effective enough because my phone is not ringing. I'm trying to find out starting off do I need to have business cards and a simple website going to increase my ability to get deals. I am a newbie trying to get my first deal. Any advise?
Hey @Adrian Tillman Here are a few suggestions to get you thinking. First, learn the process which could be explained in these simple steps:
Step 1: Market to motivated sellers
Step 2: Sign purchase contract with the seller
Step 3: Find cash buyer
Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit
Step5: Close Transaction via Assignment or Double Closing and Collect your check
Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.
@Adrian Tillman It's important to realize up front that wholesaling is not easy, nor is it quick. Some people haven't closed a deal in 6, 12 or 18 months or even 2 years. But they haven't quit. Some have given up, but others haven't.
After just 2 months it's too early to tell, but soon you should be getting responses from people regarding your direct mail marketing, if you're doing that, to measure its effectiveness.
What are you sending?
How are you contacting property owners?
With regard to why you're not getting any responses from sellers, I think you have to look back an evaluate the type of properties that you have targeted.
How often have you sent direct mail to them?
You also should look at the types of properties you have already contacted. Are they delinquent on their taxes? Are they in foreclosure? Are they going through probate? Are they out of state landlords? Are they going through a divorce? Have they inherited the property and live out of state and just don't want it? How are you finding those properties? Which one are you focusing on as a newbie?
Probate
Tax delinquent
Divorce
Pre-foreclosure, foreclosure
Job relocation
Absentee-owners
I've heard on quite a few podcasts that as a wholesaler, focus on 1 marketing strategy, master that strategy until you close a deal and then you'll be able to close more by scaling that aspect of your business to become even more effective and profitable.
In many podcasts about real estate investing, there is often a mention of a book or two, or three that has had a great impact on their experience getting started with investing in real estate.
What books have you read in the past 2 months about real estate investing, to help give you an understanding about investing in real estate?
With so many people in the BP community, many have heard about a podcast, or heard about a book about real estate investing that inspired them to learn more.
Listening to the BP podcasts have a tremendous amount of information to learn from so many different people and their experiences that often give encouragement to those just getting started and for experienced investors too.
Are you listening to any podcasts about real estate investing?
How bad is the appearance of those properties?
How many of them have you found that you are sending direct mail to?
Have you attended a REIA group meeting, or a real estate investing meetup group in your local area?
REIA group meeting and meetup's are great opportunities to network and establish relationships with other investors.
There is a lot more information that is needed for anyone to give any type of assessment that would be helpful to you. After just 2 months, it's a little too early to tell.
But one thing you need to know is that your phone isn't going to ring constantly after 2, 3, or 6 months and if you haven't sent out much in terms of direct mail.
Questions to help you develop a clearer picture of your wholesaling business.
What type of properties are you targeting to wholesale?
How can you help those property owners?
How will you execute helping them?
Which title company, or real estate attorney will assist in the closing transaction for you?
How many cash buyers do you have to contact, to close that deal, if it's a deal that fits for them?
Do you need business cards? Yes and no, but probably something simple with just your name, phone number and email address.
Do you need a website? I think the better question to ask yourself is, "Is it necessary for my business right now?" Does that make sense?
I hope that helps. Don't give up. Stay focused. Don't quit on your goals.
Hey @Adrian Tillman Here are a few suggestions to get you thinking. First, learn the process which could be explained in these simple steps:
Step 1: Market to motivated sellers
Step 2: Sign purchase contract with the seller
Step 3: Find cash buyer
Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit
Step5: Close Transaction via Assignment or Double Closing and Collect your check
Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.
Thank you for the great information. I am currently reading Cashflow Quadrant, The Millionaire Real Estate Investor by Gary Keller and Grit by Angela Duckworth. I am going to go back through my lists and organize my information. I have realized through your responses that my mindset as to be of a business owner. Create a system that works and follow it until I am successful.
I have been able to obtain a code enforcement list, a tax delinquent list, and the high equity out of state owner list (which is filled with long term investors).
I will take step back, reflect on everything, create goals, and make this work.
Starting a website is not a bad idea, but you should work on that later for passive lead generation. For now stick to lists, driving for dollars etc. You could try marketing to these leads using direct mail, cold calling, RVM and text messages. Attend an REIA meeting because these can be great learning and networking opportunities.
I am starting to get my feet wet when it comes to real estate. I have a property in sight which can be turned into a wholesale, but I do not know how to approach the seller. The house is not for sale and I have information that is very reliable in regards to the status of the property which is currently vacant and needs at least if not more then 30K IN REPAIRS. My mother in law rents the house next door who is owned bu the same person. HOW CAN I TURNED THIS INTO A W.
@Jamiel Strickland My name is Ann Clark and I'm out of Atlanta, Ga. I am interest in becoming a real estate investor but not sure where to start. Do you have any tips/recommendations to get me headed in the right direction. I'm currently attending Youtube University (lol) but I'm running into those that are giving a little information and then upselling the actual "How to get started" once you go to there website. Would greatly appreciate any advice you have to offer.
I would first find what type of investor I want to be. So you want to landlord, wholesale, flip? All of them? professional job like realtor, lender etc? When you get that you can go right into it full speed ahead. Want to narrow down the information you take in. Then the first I do is start getting leads for free/cheap as possible starting off.
@Adrian Tillman cold calling is still going to be the number 1. I just put my first deal under contract it took me 5 mos to do that. It takes time period. These deals you see that happen in 1 week or 30 days are very very rare. But it's designed to get you to get involved with what ever that "guru" is talking about . Don't focus on that . Your focus should be finding a motivated seller first ( preforeclosure, absentee owner, tired landlord) focus on that FIRST. Scripts is cool but you still have to tweet them sometimes. Remember you are dealing with people not a script . SECOND. Make sure the deal makes sense . As a wholesaler we don't buy retail only discounted offers. If you don't have atleast 30% equity left in that home it's a no deal. THIRDLY-- YOU MUST FOLLOW UP. If it's a good lead follow up in a few days . If it's someone hesitant and said no follow up in a month or 2. I have a Owner I have been trying to get a deal from since March. The second time I called him in June he said to give him a call in Aug but the first time I called him in March he said not interested.. So always follow up. I use a 1 page contract that is legal and has been used for over 15yrs by Flipman .
Youtube- flipman(study all of his how to videos starting with the first one from 10yrs ago don't skip theyvare short and to the point) then get the FREE 1 page contract that's used for both the seller and buyer .
Myreipro.com (1st month free) has everything on it . All the leads you could ever ask for, mail marketing, phone scripts and skip tracing, after the first free month it's about $107 and you get 50 free phone searches a month and they send your mail direct marketing off for you (you pay for shipping of course)