I haven't slept in weeks...wholesaling?
Hey, everyone.
I've been deep down the rabbit hole lately and have been up every night geeking out on all things real estate.
My original goal was to purchase a multi-family and later flip to fund more buy and holds, and BRRRR etc. I've come to the conclusion that I'm going to need a little more preparation before I'm ready, so I'm going to wholesale in the meantime.
Here's the rough plan, all feedback is appreciated!
-I've made a website for online presence
-Plan on building a buyers list (Searching cash buyers in Propstream/Reipro/Listsource type programs, and Bigger pockets). OTHER IDEAS?
-Will use automated RVM/text/email service. (Reireply or Reirail). Any experience with these?
-Working on some basic scripting to get me started, for both sellers and buyers, and will fine-tune as I go
-I plan to generate leads several ways, and it will take a lot of time and data to hone-in what works for me. Driving for dollars with deal machine, plan to research probates (clueless as of right now how these work), Run filtered call lists from programs like propstream/reipro, targeting many different situations such as pre-foreclosures, back tax etc. I still have a ton to research and trials here as I go!
-After my first wholesale deal I'll likely invest in targeted direct mailers, a little SEO/pay per click and website management, and the same developer I'm familiar with can build and manage a FB page, write webiste blogs etc.
-Eventually, use Carrot to host a separate website for my buyers where I can list properties under contract, just to streamline my deals for me and my buyers
Questions:
-Some of the Softwares that are available run comps and forecast ARV's, as well as skiptrace all in one. What works best for you?
-I'm searching for a wholesaling friendly attorney for guidance, and make sure I'm using proper contracts. Referrals appreciated! Currently, I have several P&S contracts from the web but not sure about my state-specific laws in Massachusetts.
-It sounds like If I contract a deal and for some reason, I fail to find a buyer, I can back out without consequence, aside from any earnest money?
-What pitfalls should I be aware of?
Thanks for reading guys. Looking forward to some feedback!