Systems/Workflows/Automation for Wholesaling Real estate

7 Replies

I would like to know what some other investors and wholesalers systems you have in place for your business. What does the flow look like for your day by day? Ex. do you have certain things you do on certain days like marketing, driving for dollars, direct mailing, follow up? I'm looking for ways to stay consistent on my day to day activates in my business. And as far as your business goes what are some things that are automated and how do you stay on top of every lead that comes in.

Great question Brandon! So personally I'll tell you how I have things going, but it just depends on what you want to hear from a take-way stand point. 

1.) I have drivers, plus myself and we aim to get 25 properties a day per person. The goal is to get minimum 200 properties a week. 

2.) Then I have cold callers and there calling and connecting on average about 50 calls a day meaning live calls. Right now we have over 8,000 leads in our Call Tools account and when it starts going low I'll buy more. We have good data when I say that I'm referring to my skiptracing. Do not go cheap on your data! 

3.) Consistently I am talking to realtors, brokers, flippers, cash buyers to see if their buying during this suppose market shift. 

4.) When a Lead is submitted it's sent to Podio, which is a free program based on the amount of users we have and it allows me to track the leads and make sure there dispositioned right and qualified before an appointment is set. 

5.) If the client can entertain our offer based on our calculator. Then we move forward and get them under contract with a 8 - 15 day option period and bring the contract to Title. 

6.) We then match a cash buyer and shoot it out to our buyers list and when we have a buyer we bring it to closing. 

I'm thinking you understand the system, so what I'd recommend is for you to time-block knowing how much "free" time you have in the day. During that free time set a goal that "I'm going to go out and drive for dollars for an hour". Have a pen and paper and write down addresses that look distressed. Then skip trace them, and move forward. If you want to be consistent try to always stay busy but know when to not outwork yourself either. Hopefully this helps, let me know if you have any questions!

Originally posted by @Rickey Miller Jr :

Great question Brandon! So personally I'll tell you how I have things going, but it just depends on what you want to hear from a take-way stand point. 

1.) I have drivers, plus myself and we aim to get 25 properties a day per person. The goal is to get minimum 200 properties a week. 

2.) Then I have cold callers and there calling and connecting on average about 50 calls a day meaning live calls. Right now we have over 8,000 leads in our Call Tools account and when it starts going low I'll buy more. We have good data when I say that I'm referring to my skiptracing. Do not go cheap on your data! 

3.) Consistently I am talking to realtors, brokers, flippers, cash buyers to see if their buying during this suppose market shift. 

4.) When a Lead is submitted it's sent to Podio, which is a free program based on the amount of users we have and it allows me to track the leads and make sure there dispositioned right and qualified before an appointment is set. 

5.) If the client can entertain our offer based on our calculator. Then we move forward and get them under contract with a 8 - 15 day option period and bring the contract to Title. 

6.) We then match a cash buyer and shoot it out to our buyers list and when we have a buyer we bring it to closing. 

I'm thinking you understand the system, so what I'd recommend is for you to time-block knowing how much "free" time you have in the day. During that free time set a goal that "I'm going to go out and drive for dollars for an hour". Have a pen and paper and write down addresses that look distressed. Then skip trace them, and move forward. If you want to be consistent try to always stay busy but know when to not outwork yourself either. Hopefully this helps, let me know if you have any questions!

 Good advice thanks for this. Few questions if you don’t mind. 

1. when you make an offer but don’t have cash to actually buy the deal, do you come out and say I’m trying to run this by investors and see if they’ll buy, and let them know if not then you can’t go through with the deal personally?

2. when you say buying leads, what are you buying them from? How do you get leads on people who may be interested in selling their home?
thanks!


Sure, so to answer your question just remember when you have buyers and you ask what their buying criteria and you get the property under contract you then can assign that contract for a price. You yourself are never purchasing that property, your just assigning it to an end buyer. 

1.) *Verbatim "Hey we’re going to put this property under contract to purchase we have interest in the property. We’re going to send one of our guys to go take pictures. After we go take pictures we’re going to send it to our contractors and then we’re going have of our contractors walk through the property". That's pretty much are script once we have a solid confirmation the seller wants to sell. 

*Verbatim "The price we leave today on paper via docusign or in person is the price your going to walk away with, we're either going to save it for our portfolio, look into remodeling the property, if those two options end up not working we're going to send it some of my investor pals and will allow it to still close. At the end of it what we discuss on paper is what you will receive". (Smile)

2.) Buying leads just means your buying lists that have some motivation to it. Having it be either absentee owners, vacant houses, tax lien lists, landlords that have owned the property for some time, Driving for Dollars (Distressed properties), high equity. There are many, many lists. You simply choose one based off your own research and then you skip trace that list and it will pop out phone numbers and then you can cold call them are do a certain campaign you want to try out. (I've purchased lists from Listsource, as well as HOA Vacant)

Hopefully this information helps!

Originally posted by @Rickey Miller Jr :

Sure, so to answer your question just remember when you have buyers and you ask what their buying criteria and you get the property under contract you then can assign that contract for a price. You yourself are never purchasing that property, your just assigning it to an end buyer. 

1.) *Verbatim "Hey we’re going to put this property under contract to purchase we have interest in the property. We’re going to send one of our guys to go take pictures. After we go take pictures we’re going to send it to our contractors and then we’re going have of our contractors walk through the property". That's pretty much are script once we have a solid confirmation the seller wants to sell. 

*Verbatim "The price we leave today on paper via docusign or in person is the price your going to walk away with, we're either going to save it for our portfolio, look into remodeling the property, if those two options end up not working we're going to send it some of my investor pals and will allow it to still close. At the end of it what we discuss on paper is what you will receive". (Smile)

2.) Buying leads just means your buying lists that have some motivation to it. Having it be either absentee owners, vacant houses, tax lien lists, landlords that have owned the property for some time, Driving for Dollars (Distressed properties), high equity. There are many, many lists. You simply choose one based off your own research and then you skip trace that list and it will pop out phone numbers and then you can cold call them are do a certain campaign you want to try out. (I've purchased lists from Listsource, as well as HOA Vacant)

Hopefully this information helps!

Thanks Rickey!

1 Last question I forgot about.

When presenting it to investors, I assume that they would want to see the property in person before buying. How do you arrange with the homeowner to do "showings" of the property before purchasing? Do investors typically want to see the inside of the home before purchasing?

Thanks so much! 

@Chris Gavre To answer your question yes and no, if you take at least 50 photos of the inside and outside of the property compiled. The investor and quite frankly anyone can truly see what their purchasing. Now their is something called the due diligence period where an investor/end buyer has time to walk through the property. Honestly a lot of times we just schedule an inspection period once we match our contract to an end buyer.

If I’m wanting to schedule an inspection period with the seller I’ll then just give her a call and set an arrangement and mention some of my contractors and lenders are going to walk the property. That’s called your due diligence period.

At the end of the day Chris, if you have built trust with the homeowner they’ll honestly give you permission for anything if you establish trust and the way you do that is run your numbers well to see what properties are selling for in the area and then give an appropriate price based off repairs needed and market value and then if you can come to an agreement you’re golden!

I will say this, if I had to start all over knowing what I know now. You can take away all the tools, if you just have persistent action and time block your schedule to focus on learning and and then action you’ll do great. But you can’t always just keep learning, studying, reading, watching videos. One point or another you have to do the course you are trying to be on, so just don’t be scared to fail.

@Rickey Miller Jr

When the buyer goes to the property to inspect it, what's stopping the buyer from making a deal with the owner/seller behind your back? Can't they just wait out the time period of the contract and then contact each other.

Most people say the answer is to just buy the property and then sell, or do a double close. Not all rookies have that cash on hand.

@Uneeq Khan ,

Wholesalers will get the property under contract no matter what their exact strategy is.  That way, a buyer can't just go around them.  Can they wait out the contract period and then go direct to the seller?  Unlikely since the wholesaler has a lot of buyers they can go to. 

You're also assuming an environment of dishonesty and distrust.  While you need to protect yourself (hence contracts), make sure you and those you associate with are honest and trustworthy.  If a buyer did that to a wholesaler, that kinda stuff gets around, and their business will suffer.

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