All Forum Posts by: Britt M.

@Account Closed

Welcome! Keep reading and asking questions.

As a wholesaler, I use MLS contracts in Washington state. I feel most comfortable with this Purchase & Sale agreement as do my sellers. Full disclosure, I use a RE agent to draft these contracts and they receive 1% of sale price.

You can also work with a local RE attorney to draft a P&S contract which is legal for your state.

Hope this helps! Feel free to PM with questions.

Good luck!

@J Scott

Thanks for the response and you're correct in the assessment. The 70% tool does the same. It would be nice to have a wholesaler tool.

Ethical wholesales need love too! :-)

Please, please, please @Brandon Turner! :-)

@Walter Thompson

You will get a lot of calls, mostly duds. However, talk to everyone take their information and keep a list to reach out to in a few months or a year. Always ask the seller if you can keep them on your list.

Be cordial, friendly, and upbeat and most importantly LISTEN. Listening will help you to learn if you can be the solution their problem. If you can't, cut off the conversation politely and move to the next on your list.

Be transparent on how you received their information, many will ask. I always say via public records. If you get an angry person, be sympathetic, tell them you will not contact them again.

Direct mail only works when you reach out to prospect about 3-4+ times and your response rate will increase with each touch. Definitely check out @Sharon Vornholt podcast and blogs. She's the MASTER at Wholesale direct mail. I have a 20 year marketing background and I've learned a lot from Sharon.

Glad you're taking action! Good luck! Keep us posted.

I agree with what's been said. I haven't paid for a course, however, my partner has and there can be merit/benefit depending on the individual. What I mean, is how they assimilate the information into their business.

I say, "eh" it's part of the learning curve; however, I'd work to ensure I got as much as I could for my money out the program. With BP folks to guide you along, I'm sure you will.

I tend to believe there are no mistakes in life, only opportunities. BTW, this POV comes with AGE. :-)

To your success!

@Walter Thompson

Welcome to BP! You'll find a wealth of knowledge and experience on this site. Keep asking questions, reading, and listening to podcasts.

Check out @Mike Nelson @Sharon Vornholt for information on Wholesaling.

My recommendation on how to build a cash buyer's list is the following: Have something of value to share with the buyer. Whether it's a deal (and a real one), market knowledge, or an exchange of work (for free) - for mentoring and leads - is a good approach.

Think about it? If you were a buyer and extremely busy would you want someone to come to you with something that will put you and your business further ahead in the game?

Wholesalers are problem solvers: We help distressed sellers unload properties at below market prices to be rid of them; and, we help buyers to find below market properties to make a profit. As the ham in the sandwhich, we get to collect a fee.

Hope this helps! Feel free to PM me anytime.

To your success!

Yes, welcome! And, good for you for investigating early on a potential career. You'll probably have a few over your lifetime and you can work in RE in a full-time or part-time capacity over the years.

Investigate which sides of the business are of interest. Try to find and intern during the summers with contractors, developers, and RE agents. Heck, you could be a receptionist in a RE office during the summer and you'll learn a lot by listening, asking questions, and undoubtedly through osmosis.

WRT course work: Any courses with a business, math, business law, or engineering focus will be of use. As you proceed to college, economics or business administration are options. And, you could get a MBA later with a focus on Finance.

Just a few ideas for thought. I'm sure there are other folks who will chime in.

Good luck and keep us posted on your progress.

Best!

Exactly! Wholesaling is a J-O-B! My partner had an unusual big sale for her first deal. This isn't the norm by any stretch of the imagination. Our REIA leads, said, don't expect this to happen to you. :-)

We work hard to find leads and deals. It's a grind but what job isn't? There's no magic pill or system...you have to work.

I get very frustrated with the guru get rich quick systems; they seem to lure the innocent into thinking they'll be working on a beach in Maui in a few months. This why most stop REI after a few months - the "system didn't work". No, you didn't work! :-)

Stepping off my soapbox now.

Anything worth having, is worth working for.

Business is about ethics, reputation, and accountability. If you don't have all three, then call it a wrap. You'll never be successful. My $.02.

@Scott K.

As an ethical wholesaler, I don't agree with approach as it damages a relationship which hasn't even begun with a buyer. My approach is to have a "real deal" and pitch it to sellers. This seems to work well and my partner and I have a good reputation within our REIA and with our list.

The ghost ad to create a buyer's list is a farce IMHO.