What are the essentials for wholesaling?
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.
Last, spend 80% of your time marketing.
Hope this helps. Good luck.
WAIT.. EXCUSE ME?! Ohh bless your lil heart.
"A website not needed?" OMG just retyping that gave me shivers. Yuk
OK my lil muffins. Sit down let uncle MSOOTKAUG open your eyes a bit. Ready?
See, my young lil grasshoppah..
A website IS the most important factor when it comes to successful wholesaling. Wow. How can you say such a thing and actually mean it. You are SO grounded young man! My head just hurts reading that!
The key to wholesaling is to get OFF MARKET leads. A wholesale fee is usually not all that much, 10K?
Do you really want to spend 3K to 5K on DMM to get 1 or 2 leads?!
No of course not.
And OK let's say you DO send those mailers out. A seller receives a few mailers from different investors...
Who are you? Are you real? Are you legit?!
A website will convert someone a LOT better than ANY mailer possibly can.
And you know why a website REALLY is a must?! Because if one of your competitors DOES have a website you are done for. Poof, done, game over.
If you come up with that ^@)}▀╝kδà▀ yellow letter, or amateur yellow post card and your competitor does the same and they have a powerful credible website to back them up when the seller does research on you, And they WILL do research on you... with a video, with 1000 and 1 raving testimonials, with before and after pictures of the houses they have flipped... and you are nowhere to be found.. you REALLLLLY think ANYONE will pick you?! (psshhht the answer is "no" ;) )!
OF COURSE you need a website. That is FIRST and foremost! Goodness gracious man!
And again.... you need to find off market deals. There is nothing better or cheaper getting these with good old website and SEO.
Proof? Sure thing buster!
Guess how much I paid for these leads.
ZERO.
Guess how much time and effort I spent getting them?
Well I was watching a movie, going out to eat, hiking...
You don't get it seriously.. with a website, this is what the first page of google can look like, if you are as shmexy as I am (The reason I put her picture up is because internet will break if I put mine up.. duh).
Anyone that DARES to use the internet to sell their house fast ... will click on US!
Yeah... you definitely need a website, come now!... well if you want to be successful that is...
Dude, if your phone is not ringing, is because you either are targeting wrong people, or you are not credible (or both).
Obviously you are not credible (because you have no website, no business cards, no reviews, and you are nowhere to be found on internet). So not the mean, (just direct), how can you expect your phone to be ringing?! Of course it is not ringing. Not because you found someone that needs to sell means they will flock to YOU... (they will flock to me... or your competitors, because they ARE credible).
It's not magic. It's not some mystery magic formula. It is not following some dudes advice on some forum like bigger pockets. The real key to success is THINKING on your own.
You need to dissect your marketing strategy and analyze it. To hell what anyone says why something will or will not work. Think and use logic to see if something makes sense.
For wholesaling , you need amazing leads, and these leads need to be cheap, and they need to keep coming.
So you need to find a system that will CONTINUOUSLY provide you with leads. Will D4D, bandit signs, DMM continuously get you leads? NO! Once you stop the leads stop.
A website WILL get you constant leads. If what I am saying does NOT make sense, ok then stop. Do something else.
BUT if you can not find a SINGLE flaw in what I am telling you, why the HELL are you not already on it?! Dude there IS NO magic pill or formula, no matter how bad you want it. Stop listening to podcasts, to "gurus".. man believe me you got this. Just think on your own and you will clearly see the answer. That is what I did.. and I am telling you.. every investor wants to have what I have. Free daily leads from highly motivated sellers.
Remember...
BEEEEE the monkey!
Soo much great information. Organizing my business right now. I took massive action but I know that I need to take a step back, see what I am doing wrong. Then rev back into it again. I will update once I get my first deal.
* Really I am glad to hear this great information from the people out there crushing it everyday.
@Jerryll Noorden Golden Nuggets information!Thanks for your post .I just started my web site a couple hours ago.
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.
Good Luck!
No! Absolutely not.
And I have explained this countless of times before.
You get a website NOW.
DMM D4D Banditsigns are HORRIBLE marketing platforms on their own.
Why do "marketers" think the ONLY thing a website is good for is SEO? (i.e. ranking #1)
Please read this and engrave this in your cute lil head
A website is for BOTH RANKING #1 ON GOOGLE AAAANNNNDDDD FOR CREDIBILITY.
Bingo. CREDIBILITY
Now.. once you understand this, suddenly your PPC DMM D4D will have a LOT more effect and ROI.
So you need proof?
OK we all know numbers do not lie. right?
Lets flirt with numbers shall we?
When I sent my DMM mailers out way back in the day when I was still a mere mortal like yous alls...
Wait let me do this right...
Once long long time ago, (3 years ago),
In a land far far away (Connecticut)
there was a princess. She died of a snake bite and that ended that story. But in the same land, around the same time there was also this little creature. Hair smexie as can be smelled a lil funny and ( was going to say "but"... but that makes no sense so I kept it as "and") was brilliant beyond comprehension. And OMG was he funny.
Did we mention handsome beyond comprehension?
He, because he was so smart and handsome, had a website. About 79% of the mailers succeeded in sending traffic to his website.
My (I mean his) website has a 20% conversion rate.
So lets say he sends out 100 postcards right?
So 79 people will visit his site. Out of those 79 people 1/5th (this is 20%) will fill in the form.
That is 15 people out of the 100 mailers fill in the form on the website.
So That is a 15% conversion rate from "DMM"... now...
What is the standard conversion rate for stand alone DMM?
0.1%?
0.3%?
Don't believe me?
Any DMM marketers out here that send out (just) 100 cards? Did you get any leads? Maybe sure.. but not likely. Definitely NOT 15!
So that is 0.1% (DMM) vs 15% (Website + DMM)
So having a website that is great will perform 150 times better than without a website. Come on admit it, being smart IS smexmie no?
Now please everyone PLEASE stop saying a website is for later.
What do you base your fact of "doing a website is for later" actually on? Opinion? A hunch? A guess?
Look true success comes from understanding the world you want to conquer.
BTW, that smexy creature became immortal and now helps others succeed with crude humor and fun teachings. Enjoy!
Adrian, great info here, one thing ill add is befriend a Realtor. We look at properties almost everyday, and most of them are investors themselves. Just be real and let them know what you are planning to do. We do value our time, however, we are open to helping people out.
Thanks. I like that perspective. I can reach out to some and hopefully I can create a win/win.