What is the best method to generate wholesale leads in Detroit?

12 Replies

Wade, 

Pick a vertical & go nuts!!!  We work foreclosure & probate, we are fanatics about it... Emails, calls, text messages, mail etc.  Aggressively work every lead and you will get results.  There is no 'one' avenue that works, it is all about what you do & how you dig for gold!!! 

Alfonzo, 

Message me your questions & I will try to assist.  Wholesaling foreclosures is a good strategy BUT you need to know your numbers cold; we have gotten several solicitations from wholesalers that won a property at auction, we didn't buy any of them because we felt the wholesaler underestimated the renovation costs and over estimated the after rehab value.  

Originally posted by @Moises R Cosme :

Alfonzo, 

Message me your questions & I will try to assist.  Wholesaling foreclosures is a good strategy BUT you need to know your numbers cold; we have gotten several solicitations from wholesalers that won a property at auction, we didn't buy any of them because we felt the wholesaler underestimated the renovation costs and over estimated the after rehab value.  

 Nicely said.

@Wade Briggs if you are just starting out, focus one, maybe two channels to find deals. Learn them inside & out and build your success. Then you can start exploring other channels as you gain experience and close some transactions.

Also, you will find some channels unappealing to you, focus on the ones you enjoy.

Too many people try the shotgun approach, spread themselves too thin, lose potential deals due to their inexperience, then flame out.

@Moises R Cosme thank you for the advice. Basically, pick a method and stick with it. Do you have any resources on how to obtain foreclosure properties for wholesale? What has been your experience? Do's, Don'ts, and things to look out for?

Do you have any resources on how to obtain foreclosure properties for wholesale?  FORECLOSURES ARE POSTED WITH THE LOCAL REGISTRY OF DEEDS, CALL THE CLERK AND ASK THEM HOW YOU CAN GET A COPY OF THE LIST AND HOW OFTEN IT IS DISTRIBUTED.  CALL & MAIL THESE FOLKS.

What has been your experience?  DISTRESSED REAL ESTATE IS OUR BREAD AND BUTTER

Do's, Don'ts, and things to look out for?  $5K DEPOSIT NON REFUNDABLE DEPOSIT.  RUN YOUR NUMBERS.  STAY AWAY FROM OCCUPIED PROPERTIES.  I DRIVE BY AND CHECK TO SEE IF IT LOOKS OCCUPIED BEFORE I BID, IF ITS OCCUPIED I STAY AWAY NO MATTER HOW GOOD THE DEAL SEEMS.