First Wholesale deal

[Ray Antoine]

New to wholesaling real estate. Found potential deal in the Randolph, Mass area. I’ve already sent out mailers. Property seems vacant. Going to cold call tomorrow with number provided. Any advice on what to say to seller appreciated

[Barry Pekin]

@Ray Antoine,

I would ditch the idea that you found a potential deal if you haven't spoken to the owner.  Of course, the more criteria it meets (vacant, run down, owner in distress, etc.), the more potential there could be something there.  But it's not a potential deal until the seller is interested.

In my limited experience, and I don't really do cold calling, when I start a conversation, I tell them that I'm interested in the property and ask them to tell me about it.  You should be able to tell right away if there's some potential there.  Just start an honest conversation with them.  If they start right away asking how much you're willing to pay, just tell them that you need some information first and an opportunity to see it in person.  Then start asking some specific questions, focusing on what needs to be done to fix it up.  Take note of everything they say about what is needed, but assume it's more than that.  If you're getting this far into the conversation, then there's more potential that it's a deal.

I suggest going on YouTube and listen to some of the wholesalers' cold calls.  It's rather helpful.

I also suggest keeping at it.  Expect to talk to a lot of people, and understand that each one builds your confidence and knowledge on how to talk to them.

Be sincere and honest.  Don't lie or even avoid the truth.  For example, when someone asks me right out about buying it, I tell them that I actually work with a large network of investors so I'm almost certainly going to connect them with someone else.  I leave it open, because under the right circumstances, I might actually buy it directly.  For me, those have to be very specific circumstances, and it's quite unlikely, but there's always the possibility (even without cash!)

Dive in and get started.  It's a lot of hard work, and the odds are against you, but the more consistent you are and the more you keep at it, the more your odds go at getting that first deal.  There's a lot you're going to face that's going to make you want to quit or give up, or just fade away.  Be ready for that.

Good luck!