New to Real Estate · Columbia, SC · Member since 2020 · 97 posts · 65 votes
Hello everyone! I'm currently looking for wholesale leads and some of them are listed on Zillow. If they are already listed for sale do you just pass or still pursue?
It doesn't matter what mine is. What matters is what can work for you. As I said, all marketing takes some combination of time, effort, and money. But it also takes certain personalities based on how you market.
Cold calling is cheap. There's little to no money involved (though I recommend getting a second number through something like Google Voice or GoDaddy Smartline - there are others) but you have to be willing to make call after call after call after call and being harshly rejected (to say the least) on many of those calls.
Door knocking is even cheaper, except that maybe you're doing more driving. It's higher effort and lower volume than calling, and with today's social distancing, people are likely not to want you on their door step.
Sending letters and postcards can be expensive, but takes very little effort to reach a lot of people.
Setting up a website with good SEO and conversion is going to take a long time, and will require spending money on PPC.
If cost is your biggest obstacle (it usually is), then I would do some D4D and cold-calling.
Whatever you do, be prepared to keep at it for a long, long time. Persistence is critical, and most new wholesalers give up before getting there.
(All of these abbreviations should popup definitions by hovering over them. If not, or you need clarification on these, just ask).
Your deals are almost always going to be off-market and hard to find. The easy ones, like on Craigslist and such, are going to have a million people calling them.
You need to be marketing, which takes some combination of time, effort, and money.
It doesn't matter what mine is. What matters is what can work for you. As I said, all marketing takes some combination of time, effort, and money. But it also takes certain personalities based on how you market.
Cold calling is cheap. There's little to no money involved (though I recommend getting a second number through something like Google Voice or GoDaddy Smartline - there are others) but you have to be willing to make call after call after call after call and being harshly rejected (to say the least) on many of those calls.
Door knocking is even cheaper, except that maybe you're doing more driving. It's higher effort and lower volume than calling, and with today's social distancing, people are likely not to want you on their door step.
Sending letters and postcards can be expensive, but takes very little effort to reach a lot of people.
Setting up a website with good SEO and conversion is going to take a long time, and will require spending money on PPC.
If cost is your biggest obstacle (it usually is), then I would do some D4D and cold-calling.
Whatever you do, be prepared to keep at it for a long, long time. Persistence is critical, and most new wholesalers give up before getting there.
(All of these abbreviations should popup definitions by hovering over them. If not, or you need clarification on these, just ask).
@Barry Pekin is 100% right. You have to uncover the leads that not everyone sees. Also bring deals that would sell fast and are actually good deals. I see many wholesalers bring "deals" but most of them nobody wants because poor area or not worth it. Find the growing area where investors like. That will make you a successful.
Barry had some great advice. It is hard to say what will work for you because each of us has our own unique strengths and gifts. Whatever you chose to do make sure that you are devoted and have a plan so as to maximize your valuable time. It is also a great idea to have somebody or a group that you can get encouragement and accountability from. I met a wholesaler last month that showed me his first check and he told me something that I will not forget. He said his new motto is "What if it all goes right?"
@Mashika Patrick Not sure about your State but I have one that is MLS under contract as we speak. It was a distress property. Asking 25.9k. I put in offer with my realtor at 13k ( it actually expired twice before, thats why I went so low). Gave 300.00 earnest money, Signed ISAOA under my comapny name when we signed. I already have a cash buyer I work with) offer is for a cash deal 45 days. But I wont need that long. My buyer has been in and completed rehab numbers. I have an escape clause if something unexpected pops up on inspection ( so I dont loose my earnest money). Assinging to my Buyer at 20k. Its worth 85- 90 ARV. Ots in an ruff area the city is currently Gentrified so the value will Blow in the next 3 years..Im making a quick 7k then on to the next...It can be done if contract and buyer are done correctly.
Wow how long have you been doing this? You sound like you really know you stuff and it's a lot I still need to learn.
I just got a tool to help with "the numbers " but I'm still trying to figure out how to have a good contract in place so nothing falls through or is missing on the legal end.
Also do I really need to put my own money in to make the deal stick?
@Mashika Patrick there is a guy named Jerry Norton on youtube(May be on here) that has awesome videos on this. He also gets mls deals and wholesales those. Really good content.