I am completely new to wholesaling , but have done a lot of research as I too don't have a huge budget. If you have absolutely 0 dollars to spend, the way to find properties is to "drive for dollars." Simply put, you drive around neighborhoods looking for distressed properties (Boarded windows, uncut grass, missing roof shingles, etc.) and write the addresses down. You can then knock on the door, and if they are home, you can see if they have any interest in selling their home. If they are not home, write down the address, go home and look up the property and see what the mailing address for the owner is, and go to that property and knock on the door. You can also go on Zillow and call for sale by owner and see if you can get a deal out of them. You can also get a delinquent tax roll from the county which will show every property that is behind on taxes, which you can also door knock. This was free from my area, but may not be for you. If you are willing to shell out a few bucks, you can get bandit signs and put them up in high traffic areas. Hope this helps!
@Amy Aziz So I am located at the bottom of my state where its a low year round population so they don't do rei meetups and I haven't met many investors down where I am located so do you have any suggestions to where i can locate someone interested in the market that i am located in?
Real Estate Investor · Burlington, VT · Member since 2010 · 2k+ posts · 1k+ votes
6y
@Samir Womack For stronger offers, there are quite a few credit cards offering instant approvals these days. Personally I've received instant approvals from Discover, Cap One and AMEX this year. Discover sent me my card in two business days, and then you can use Venmo or Payal to pull the money off, say $1000 for the 3% fee. Once you wholesale it and get reimbursed from your buyer, you're only out the 3% ($30) for whole process, which should only be a very small offset from your potential profit.
@Mark Durham Earnest money isn't what im concerned about. What I need money for is Marketing for finding motivated sellers but until then I need another way to reach them. @Amy Aziz yes depends on how great o a distance i would need to travel.
I am completely new to wholesaling , but have done a lot of research as I too don't have a huge budget. If you have absolutely 0 dollars to spend, the way to find properties is to "drive for dollars." Simply put, you drive around neighborhoods looking for distressed properties (Boarded windows, uncut grass, missing roof shingles, etc.) and write the addresses down. You can then knock on the door, and if they are home, you can see if they have any interest in selling their home. If they are not home, write down the address, go home and look up the property and see what the mailing address for the owner is, and go to that property and knock on the door. You can also go on Zillow and call for sale by owner and see if you can get a deal out of them. You can also get a delinquent tax roll from the county which will show every property that is behind on taxes, which you can also door knock. This was free from my area, but may not be for you. If you are willing to shell out a few bucks, you can get bandit signs and put them up in high traffic areas. Hope this helps!
Marketing is never free. You will have to put something into it. Fortunately, that can be more effort than cash.
There are several ways to find motivated sellers. Driving for deals, as mentioned above is a great one. You can also go out door knocking, or pretty much finding any other way to talk to people. That's the key.
Be SURE you have a plan, though. If you have such a small population, do you have buyers lined up. In fact, before you start seeking out sellers, make sure you have a good source of buyers who are willing to work with you.
Rental Property Investor · Oakland County · Member since 2018 · 151 posts · 97 votes
6y
@Samir Womack How about driving for dollars? Drive (or walk) around the neighborhoods that you're interested in doing business in. Note the houses that you want to market to and either knock on their doors and start the conversation about buying their house or mail some letters.
There are boilerplate contracts that you can find for free online, you could use those to secure your deals.