Hi BP Community,
We're looking for your ideas and input on the best way to bring the activity of helping sellers / finding distressed sellers in-house. Do you know a system for this? Would you be a candidate for this acquisition position?
We've found many posts that focus on how to wholesale. We'd like to know how to bring wholesaling into our business in the most effective way.
We are experienced in property underwriting (e.g. rehab cost/rent estimations), renovations, buy and hold, BRRRR and Turnkey sales. Thus far, we've relied on local wholesalers to purchase properties from. We're now at a point in our business where we'd like to begin our own marketing for properties to purchase in addition to continuing work with these wholesalers. We have to tools to provide unvetted leads (we do marketing and have text/mailer responses), and we're looking to hire someone (part time, VA, commission...) to take unvetted leads, work with the sellers through their needs, and determine if we should go out to the house and do a walkthrough.
Do you have some ideas for programs for this? We're basically looking to purchase a "Turnkey Wholesaling program".
you can pay the 30k to one of the wholesale guru's but frankly I dont think you need it.
it sounds like you know exactly how to do it.. other than that you can talk to established wholesalers and buy their business but frankly they are not worth much .. other than buying a we buy ugly house franchise something like that.
its just money.. lots of it to get any volume wholesaling.
@Chad Daniel I think the challenge will be buying a "successful" wholesaling business. If it is that successful, the owner would make a lot more money wholesaling than they would by selling it.
If you have a process for attracting leads that's a good start. There are also a lot of third-party tools available that provide lists of "motivated" sellers that you could leverage as well.
I personally have not had much luck hiring VAs to vet the leads for me. The challenge here is to get them to understand the business.
There are also a lot of good investor website tools available like Investors Carrot. REI/Kit provides a good website that comes with its overall package.
My advice would be to hire someone to set everything up for you and run it for you like a profit center. You could pay them a consulting fee like restaurants and bars do when they set up a new location. Or you could also pay them a percent commission per deal, like a bird-dogging.
You can actually set up across the country and provide other buyers with leads.
Let me know if you want more info. Sorry, if it's a bit of a spin on your question, In addition to being a real estate investor, I am also an IT Consultant / Business Process expert and tend to look at things differently.
Hey Chad - have you thought about a thoughtful intentional website? I receive a lot of leads from our site and at this point it’s the gift that keeps on giving. It’s automating the system. Anyways - if you want to talk further you can message me.
I'm not a fan of coaching programs and the like. They're too expensive and many of the coaches have had little or even no success actually wholesaling while just selling a dream. There's plenty for free on BP about how to wholesale. As far as finding leads, @Anson Young 's book can definitely help: https://store.biggerpockets.co...
Thank you all for the great inputs! We are currently interviewing some current local and former local wholesalers and also some VAs experienced in marketing and acquisitions in other cities.
@Chad Daniel I am currently in a similar position that you're in. Been doing alot of rentals and buying through wholesalers and MLS. Looking to increase my deal stream and hopefully be able to get better deals.
My thought is to be the "wholesaler" locally that will truly close a deal and not sell the contract to another buyer. Trying to build out my system now.