ARE THESE LEADS THAT I PURCHASED A RIPOFF ?!?!

Developer · . · Member since 2019 · 41 posts · 17 votes

Hello! I'm a NEWBIE to wholesaling so please don't judge. I'm trying it out for the first time. I just bought 109 absentee owner leads for $50 on Melissadata.com/direct (January 1, 2020). & I'm using a website called Podio.com to keep track of all of my leads. As of now, I'm googling the lead's home addresses so I can see what the homes looks like, bedrooms, baths, sqft, etc. So I just click on the top 2 websites on google which is normally HAR.com & Zillow.com ... And every time I click on these 2 websites with my lead's homes on it, it literally says "Currently Not For Sale" & "Off Market". So far every home that i've googled on my lead list says that.

So my question is:

If I google the homes of all 109 absentee owner leads that I have, if it turns out that they all say "Currently Not For Sale" & "Off Market" ... Does that mean that I basically wasted my money on these leads & that they are no good?

(I'M JUST WONDERING BECAUSE I WOULD'NT WANT TO WASTE MY TIME ON LEADS LIKE THIS IF ITS GOING TO BE COMPLETELY POINTLESS)

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Lydia R.

Investor · Austin TX · Member since 2016 · 1k+ posts · 2k+ votes

@Alexia Ned-Sowell I would suggest you spend a little more time actually researching what you are doing before you start doing it. You definitely shouldnt be buying leads if you dont even know that you want properties that arent for sale. I have seen so many new wholesalers fail because they dont really know what they are doing. Take the time and understand what wholesaling actually is. Learn how to run comps (MLS not Zillow), find some good contractors, build a buyers list etc. you are putting the cart way before the horse. Take the time to learn and understand what you are doing. Ive been wholesaling full time for 6 years, thats the best advice I can give you.

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Joshua Mellor
Rental Property Investor · Canandaigua, NY · Member since 2019 · 57 posts · 36 votes
6y
@Alexia Ned-Sowell I believe that the absentee list is for properties that are owned by people not, living on the premises such as rental property. That is not to say that the list is bad maybe 1 or 2 of those properties would like to sell but just haven’t acted on it yet and you could be the one to push them in that direction.
8 Reply
Kyle J.
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
6y
@Alexia N. If you’re wholesaling and you bought a list of absentee owners, you wouldn’t want those homes to be listed for sale. Wholesalers target off-market properties (or at least they should), so it makes sense that the homes you’re searching are showing up as "Currently Not For Sale" and "Off Market". If they were listed for sale with a Realtor, they wouldn’t make good leads for a wholesaler.
30 Reply
Greg Dickerson
Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
6y
Originally posted by @Alexia N.:
Hello! I'm a NEWBIE to wholesaling so please don't judge. I'm trying it out for the first time. I just bought 109 absentee owner leads for $50 on Melissadata.com/direct (January 1, 2020). & I'm using a website called Podio.com to keep track of all of my leads. As of now, I'm googling the lead's home addresses so I can see what the homes looks like, bedrooms, baths, sqft, etc. So I just click on the top 2 websites on google which is normally HAR.com & Zillow.com ... And every time I click on these 2 websites with my lead's homes on it, it literally says "Currently Not For Sale" & "Off Market". So far every home that i've googled on my lead list says that.

So my question is:

If I google the homes of all 109 absentee owner leads that I have, if it turns out that they all say "Currently Not For Sale" & "Off Market" ... Does that mean that I basically wasted my money on these leads & that they are no good?

(I'M JUST WONDERING BECAUSE I WOULD'NT WANT TO WASTE MY TIME ON LEADS LIKE THIS IF ITS GOING TO BE COMPLETELY POINTLESS)

That is exactly what you want. Off market properties. If they all showed up as listed for sale you would want a refund as that’s info available to anyone. Also check our listsource fue price comparison.
5 Reply
Alexia N.
OP
Developer · . · Member since 2019 · 41 posts · 17 votes
6y
@Greg Dickerson ... That actually makes a lot more sense. Thanks!!!!
0 Reply
Alexia N.
OP
Developer · . · Member since 2019 · 41 posts · 17 votes
6y
@Kyle J. I can’t believe that I didn’t think about it like this. & that actually makes more sense. THANK YOU!!!
0 Reply
Lydia R.
Investor · Austin TX · Member since 2016 · 1k+ posts · 2k+ votes
6y
@Alexia Ned-Sowell I would suggest you spend a little more time actually researching what you are doing before you start doing it. You definitely shouldnt be buying leads if you dont even know that you want properties that arent for sale. I have seen so many new wholesalers fail because they dont really know what they are doing. Take the time and understand what wholesaling actually is. Learn how to run comps (MLS not Zillow), find some good contractors, build a buyers list etc. you are putting the cart way before the horse. Take the time to learn and understand what you are doing. Ive been wholesaling full time for 6 years, thats the best advice I can give you.
34 Reply
Alexia N.
OP
Developer · . · Member since 2019 · 41 posts · 17 votes
6y
@Lydia T.

I know how to run comps, I’ve found contractors, I already have a list of buyers. I never said that I didn’t know that information. You’re ASSUMING that I have no knowledge about that ... (even though my actual question has nothing to do with that). Like I said before, please don’t judge & assume that I don’t know anything about wholesaling just because I’m a newbie with questions. That’s very belittling. THIS WEBSITE IS FOR ASKING QUESTIONS.

I’ve seen people say that sometimes they get deals on Zillow that actually were on sale so I guess that’s where my confusion came from.

I understand that you see newbies fail because they don’t know what they’re doing but I rather you not tell me about other people’s “failures”, unless it’s to keep me from making a particular mistake in the wholesaling process. Please give positive advice & knowledge ONLY. Not negative responses. Of course a newbie wouldn’t know what they’re doing 100%, that's the whole entire point of coming on websites like this to network & ask questions to people that are more experienced.

If you can’t just answer my question & just want to be belittle me just because I’m a newbie ... & ASSUME that I don’t know anything at all about wholesaling, please don’t comment on anymore of my post. Your response isn't helpful & actually kind of insulting. I NEED HELPFUL ADVICE & KNOWLEDGE ONLY. Thank you.
7 Reply
Jermain Felton
Investor · Oradell, NJ · Member since 2019 · 6 posts · 19 votes
6y
@Alexia N. First of all I would like to applaud you for taking action. I will not make you feel any less than the champion you are.But I have to agree with a few of the others you.As wholesalers we look for discounted properties and not a list of absentee owners. I have access to mls software so, when I’m list stacking I usually search for vacant properties, leads that have a decent amount equity etc, then I check to see if the owner is absent...

My advice to you is not spend to much time researching everything. Yea we wanna educate ourselves but we don't wanna spend every min of the the day glued to a book or screen, we would never do business that. So get out to some REI meet up‘s and ask questions surround yourself with those that have more knowledge then you.

You loved me wrong, but taught me right. The best medicine come from the mistakes we make in life and the only time you’ll ever fail is if you give up too soon, so dust yourself off and go get a deal

I lost $15,000.00 to a real estate guru program when I first got in and thank god I was able to get my money back and join a group of investors that help scale my business good luck @Alexia N.

5 Reply
Jermain Felton
Investor · Oradell, NJ · Member since 2019 · 6 posts · 19 votes
6y
Originally posted by @Alexia N.:
@Lydia T.

I know how to run comps, I’ve found contractors, I already have a list of buyers. I never said that I didn’t know that information. You’re ASSUMING that I have no knowledge about that ... (even though my actual question has nothing to do with that). Like I said before, please don’t judge & assume that I don’t know anything about wholesaling just because I’m a newbie with questions. That’s very belittling. THIS WEBSITE IS FOR ASKING QUESTIONS.

I’ve seen people say that sometimes they get deals on Zillow that actually were on sale so I guess that’s where my confusion came from.

I understand that you see newbies fail because they don’t know what they’re doing but I rather you not tell me about other people’s “failures”, unless it’s to keep me from making a particular mistake in the wholesaling process. Please give positive advice & knowledge ONLY. Not negative responses. Of course a newbie wouldn’t know what they’re doing 100%, that's the whole entire point of coming on websites like this to network & ask questions to people that are more experienced.

If you can’t just answer my question & just want to be belittle me just because I’m a newbie ... & ASSUME that I don’t know anything at all about wholesaling, please don’t comment on anymore of my post. Your response isn't helpful & actually kind of insulting. I NEED HELPFUL ADVICE & KNOWLEDGE ONLY. Thank you.

Right!!!

3 Reply
Alexia N.
OP
Developer · . · Member since 2019 · 41 posts · 17 votes
6y
@Jermain Felton ... Thanks!!!!
& the reason I bought an absentee owner list is because there is a guy on YouTube who is a wholesaler ... he did wholesaling step by step in 1 on 1 of his videos. 1 of the steps was to buy an absentee owner list. I’m basically just following the steps on the video. I didn’t know if it would work or not BUT the least that I can do is try it out. 🙂
0 Reply
Jermain Felton
Investor · Oradell, NJ · Member since 2019 · 6 posts · 19 votes
6y
I totally understand where your coming from and he or she probably offer a subscription to he or she program, because at the end of those videos there is always a person that’s trying to sell something. There are legitimate books out there that will teach you wholesaling step by step..So PLEASE stay away from YouTube.... I’m not saying that you can’t find great advice on YouTube, but usually the advice is broken down into bits of pieces so they can sell you something. I attend a real estate meet up 3-4 times a month and I’m also a member of this group and let me tell you its the best place to be. Everything I needed from Mentorship, Cpa, Attorneys etc. I found at the meet up. Just surround yourself around those that have what it takes to scale your business, then copy what they do.
And to be honest I was skeptical about joining bp lol... I’m new to biggerpockets. I was referred by some other investors and was told that this was a great place to be... Once you’ve been screw once, you will proceed with caution...
www.meetup.com to find your local real estate group...
2 Reply
Alexia N.
OP
Developer · . · Member since 2019 · 41 posts · 17 votes
6y
@Jermain Felton ... I just found 1 on meetup.com in my city that’s in a few days away. It looks like I will be going. Thanks for the advice!!!
0 Reply
Jermain Felton
Investor · Oradell, NJ · Member since 2019 · 6 posts · 19 votes
6y
😊
1 Reply
E.S. Burrell
Rental Property Investor · MI · Member since 2019 · 192 posts · 205 votes
6y
@Jermain Felton
“You loved me wrong but taught me right” PRICELESS!!!! Needed that inspiration for dealing with tenants from hell.
1 Reply
Shelleman Paulin
Investor · Atlanta, GA · Member since 2018 · 18 posts · 16 votes
6y
@Lydia R. I am not a wholesaler but if I can not purchase a property and find an opportunity to make money on the assignment of the contract, I would do it in a heartbeat. You gave valuable information and I'm sure someone will read this post and heed your advice.
1 Reply
Jermain Felton
Investor · Oradell, NJ · Member since 2019 · 6 posts · 19 votes
6y
@E.S. Burrell😊
0 Reply
Nicholas Hall
Member since 2019 · 3 posts · 1 vote
6y
@Alexia Ned-Sowell
Welcome to the amazing market of wholesaling part of what we do is sell off market deals. The cream of the crop if your property is not showing that means you have a Potienal deal because your the only one with it. You should probably move fast as far as getting there contact information and going through what ever marketing strategy you have.
1 Reply
Jesus Colina
Member since 2019 · 1 post · 0 votes
6y
@Kyle J. Shalom!!! I agree with that!
0 Reply
Alexia N.
OP
Developer · . · Member since 2019 · 41 posts · 17 votes
6y
@Nicholas Hall
Yes thank you very much!!!
0 Reply
Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
6y
Originally posted by @Lydia R.:
@Alexia Ned-Sowell I would suggest you spend a little more time actually researching what you are doing before you start doing it. You definitely shouldnt be buying leads if you dont even know that you want properties that arent for sale. I have seen so many new wholesalers fail because they dont really know what they are doing. Take the time and understand what wholesaling actually is. Learn how to run comps (MLS not Zillow), find some good contractors, build a buyers list etc. you are putting the cart way before the horse. Take the time to learn and understand what you are doing. Ive been wholesaling full time for 6 years, thats the best advice I can give you.

This was the best advice in this thread and you got defensive rather than taking the information and applying it. I would suggest you get some thicker skin as they say as this business will get you doors slammed in your face, people yelling at you for calling them on the phone, hate mail back for sending them mailers, and much more. The wholesaling business is full of heartaches, disappointments, hurdles and more and to navigate those, you need thick skin, determination, and the knowledge to know that for every 99 no's you receive, you will get that yes that will make it all worth while in the end.

I don't think Lydia was trying to bash you at all, she was merely offering you here 6 years of experience in an attempt to open your eyes, you can do with that what you want. With my 15+ years experience, I can tell you that most new wholesalers fail because they do not understand fully how to properly and LEGALLY perform the wholesale transaction and there are a number of ways on how to do it legally and ethically and even more ways how to do it illegally and unethically. With the assumption that you would like to do it properly and legally, may I suggest you read this thread:
https://www.biggerpockets.com/forums/93/topics/58383-the-truth-about-wholesaling-

Wishing you the best in your journey to success.
One other quick note before I go, this absentee list you purchased, do keep in mind that very same list was likely sold to any number of other purchasers and the people on those lists may have already received numerous calls or mailings to purchase their home so keep that in mind as well. Purchasing lists of "motivated" home sellers is just one of many ways to find motivated home sellers and in my humble opinion, probably the worst odds and means to accomplish your goal.

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15 Reply
Alexia N.
OP
Developer · . · Member since 2019 · 41 posts · 17 votes
6y
@Will Barnard . In my opinion she didn’t give the best advice. The best answers was the people who actually answered the question & let me know that off market is what I need to be looking for because that’s what my question was about. ✅✅✅ She also told me to run comps, find contractors, & build a buyers list (WHICH IS NOT HELPFUL TO ME BECAUSE I KNOW HOW TO FIND COMPS, FOUND A CONTRACTOR, & ALREADY HAVE A LIST OF BUYERS THAT I CREATED.) I literally NEVER said that I didn’t already have that information. She just assumed that I didn’t because I’m a newbie.

I have thick skin. It’s just really annoying when more experienced people tell newbies to research wholesaling in general. Google is free, I use google everyday to research wholesaling. If I wanted to research it, I would’ve done that instead of coming on Bigger Pockets. I come on bigger pockets to actually network & get answers from real people. If I ask a CLEAR SPECIFIC question about a certain area in wholesaling to a more experienced person on here & their response is to just do research on wholesale in general, they’re no help to me. I don't want to seem defensive ... As you can see, I gave a response to the other people who commented in a non-defensive way because the others actually specifically answered my question.

Also, thanks for your own advice on wholesaling!!!

3 Reply
Jermain Felton
Investor · Oradell, NJ · Member since 2019 · 6 posts · 19 votes
6y
@Will Barnard I have to disagree with you because no professional should bash a person or criticize them for not knowing something and making an honest mistake because they wanna do the business. I thought that this was suppose to be a community of friendly investors that one could rely on when one need answers, when he or she don’t have a clues. I didn’t know that I was joining a community that would prepare beginners for tenants that would probably never slam a door in there face...
I don’t have 15+ years in real estate investing... But I do have some years in the business. And I remember attending my second meet up and there was a guy name mike speaking there. He had built over a 20 million dollar portfolio from scratch and there I was the new guy. I remember going up to him and saying hey man, when it comes to cold calling I get nervous sometimes. He look at me and gave me his card and “said come to my office and I’ll show you how it’s done”... That’s a real professional!!!

That literally changed my life... He could have given me the cold words. But deep down inside I know now, that he was once standing on the other side of the fence... Even the pros make mistakes in this game, but yet they have those that they can run too in the time of need... My mentor always said don’t shoot the wounded. Go get them and you will be rewarded in the end.
8 Reply
Darius Ogloza
Investor · Marin County California · Member since 2018 · 1k+ posts · 2k+ votes
6y
Alexia: I live in California. I have owned a SFR near Rochester NY since 2005. I get a postcard or letter about every month from someone who, like you, must have purchased an absentee owner list or did some research and discovered that I was an absentee owner. Although I live 3,000 miles away I keep close tabs on the local market there and know what my property is worth. I also know that these "offers" are going to be low-balls from people who assume I do not know what my property is really worth. I pitch all of these cards and letters into the trash without opening them. I suspect the majority of absentee owners are like me. Newbies get the same treatment as pros. You will face a lot of rejection employing this strategy regardless of your level of experience. It takes fortitude to keep going and it sounds like you have a lot of it. Good luck.
2 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
6y
Originally posted by @Darius Ogloza:
Alexia: I live in California. I have owned a SFR near Rochester NY since 2005. I get a postcard or letter about every month from someone who, like you, must have purchased an absentee owner list or did some research and discovered that I was an absentee owner. Although I live 3,000 miles away I keep close tabs on the local market there and know what my property is worth. I also know that these "offers" are going to be low-balls from people who assume I do not know what my property is really worth. I pitch all of these cards and letters into the trash without opening them. I suspect the majority of absentee owners are like me. Newbies get the same treatment as pros. You will face a lot of rejection employing this strategy regardless of your level of experience. It takes fortitude to keep going and it sounds like you have a lot of it. Good luck.

direct mail has been going on for decades and decades.. every owner of a rental or just about every owner that is absentee has gotten letters.. some more than others.. we get about 20 a week.. sometimes I will call the number 90% of the time no answer and no call back.

but its a numbers game for sure.. most that are successful at this ( and to me that's 150 to 300k a year plus) spend 10 to 50k a month on direct mail.. are verticall intergrated IE they have buying agents working for them who get on the leads within minutes of them coming in etc etc. For single wholesalers doing it all on their own of course you have to par that down.. and it really depends on the market. and frankly your sales skills.. since you basically have to close the lead on the phone if they are absentee and don't live near you..

Many wholesalers now are just doing robo calling and trying to get folks on the phone I get one to two of those a day.. most I don't talk to some times I will .. many of these are using off shore call centers so semi broken English reading form a script.. but they produce leads.. its just like buying a car.. the sales guy ( telemarketer) then hands you off to the closer..

then you have the I buyers backed by wads of VC money big advertising budgets and super sophisticated web sites that spit out automated offers..

the business is changing no doubt.. and there is no doubt like Will Bernard stated its probably the toughest thing in real estate to master ergo 9 out of 10 never get past first base.. And many find they like the business but then just get a real estate license were business comes to you much easier if you have the time and skills to work your business.. many more ways to make money as a realtor than a wholesaler..

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Harrison Sharp
Real Estate Broker · DFW · Member since 2015 · 350 posts · 270 votes
6y
@Alexia Ned-Sowell yikes
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