All Forum Posts by: Bruce McCray

@Leigh C

I don't think this dignifies much of a response other than to say that our definitions of what is or isn't realistic don't match up, and that's fine.

@Leigh C

I think you could benefit from my $5000 mastermind webinar course on mutual respect and positive thinking. Don't hesitate to ask about our financing options.

@David Begley

There's no 100% foolproof way to know that we're not reselling leads. I think that doing so would be short sighted, as we're looking to establish long lasting relationships with the right people. I can only hope that my intention of doing honest business shines through in my posts. I think it'd be pretty apparent though from the get-go if you had people asking why you're the 5th agent to call them that day regarding their house. I can answer any additional questions you have. I'm currently backed up with messages, but I'm not going anywhere any time soon.

@Account Closed

Again, it's all just a numbers game, and I agree that it's possible, common even, to take a loss by buying leads. I've never claimed that we're the cheapest, or that we've got a solution for everyone. I can say that if it weren't working for someone, we simply wouldn't be in business.

@Account Closed

That's a good point, and I'm not sure as to how much equity an internet user has in their home on average. I'm sure a lot of it has to do with the actual ad placement. It is possible to add additional filters to leads, however adding additional filters typically makes it harder for us to convert a user into a lead. In this instance we could add a field to the form that asks the user how much equity they have in their property.

@Account Closed

Yeah, I realize that it's all just going to be a numbers game, and I understand that only a fraction of the leads we pursue are going to be highly motivated sellers. I think that your and others' advice to actually have boots on the ground in the areas we want to work in is going to be paramount in order to mitigate risk and create long term stability for us. Everyone's been super helpful in that regard.

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So after reading up a bit more, and taking all the feedback here into consideration, I've decided that it's going to be best to focus on one area at a time, and work on a rev-share basis with established people who know their local market, and are able to view the property in person. We're going to start this month in California, as we're already working with someone who has the ability to cover the whole state, and has already put two offers out from the first 10 leads we've posted to him. I'm thinking that in December, we might try to get something set up in Florida. I am concerned a bit by the lack of accountability for the person or people we end up JVing with. This comes with some inherent risk, but everyone's gotta have some skin in the game I suppose.

I've had a lot of people asking me to just send them leads in their given area. Please understand that every lead we generate costs us time and money, and it's not feasible to just give them away. Our leads are sold exclusively, meaning we don't dilute the quality by reselling the same lead over and over to multiple buyers. I can't just hand someone leads which have already been sold to someone else.

I was considering posting a separate thread offering to sell leads to members here, but seeing as a mod has moved this thread to the marketplace, I'll address the topic here. While my initial intention was to get some feedback on our plan to create some sort of hybrid virtual wholesaling business, we can and will sell location targeted leads to serious buyers. Below I'll answer a few questions you might have.

What constitutes as a serious buyer?

My definition of a serious buyer is someone who is willing to buy a minimum of 200 leads per month on a consistent, month to month basis.

How much do your leads cost?

Assuming that you only want leads who's properties aren't listed with an agent, you're looking at around $40 per lead. We may have to adjust a bit, depending on other requirements you might have, or depending on the market in your areas.

How are leads delivered?

Leads are posted in real time from us to your preferred CRM via Zapier. For a list of platforms we can integrate with, click here. If you're not yet using a CRM, we can set you up on HighRise

What are your payment terms?

We require pre-payment with any new buyers. After a relationship has been established, we require weekly payments. We take wire transfers as our only form of payment. No paypal or checks.

Can you drill down past the state level?

Yes, we can target down to zip codes as long as the request is reasonable.

What information do I get with the lead?

We collect the following information from the user:

• First name
• Last name
• Email
• Address
• City
• State
• Zip
• Phone number
• Alt phone number if applicable
• Number of bathrooms
• Number of bedrooms
• Asking price
• Is the property currently listed?
• IP address

Feel free to contact me if interested or for additional info.

@Jennifer Jesse

Yeah, something like that. I know that there are APIs available that we can plug our data into and get a rough estimate on what each property could potentially sell for, using criteria such as what other surrounding houses are selling for, price it last sold for, square footage, etc.

I'm most interested in the nuts and bolts of the actual contract that we'd be putting in front of the seller. What does the contract look like? Can we copy/paste the same contract out to every seller we work with? Are there state-specific regulations I need to be aware of?

We've had a preliminary consultation with a real estate lawyer here in California, but we're looking to eventually do business in multiple states depending on specific local markets.

I'm also getting PMs from people requesting leads in specific areas, and I appreciate the interest. I'm open to JV opportunities. Please give me some time to go through and respond to everyone.

Well, here's the thing:
We have hundreds of leads coming in every month for each state. Here's a snapshot of October's Florida file for instance. 

I can feed people leads all day long (and make some good money doing it), but at the end of the day, it's not doing much to expand our business. I think it's going to boil down to creating a process in which we're able to do the following:

• Vet and qualify a potential property
• Place an offer on it and get it under contract (I need some help with this aspect)
• Push the opportunity out to a large list of cash buyers
• Close quickly

Rinse and repeat ad infinitum.

Our end goal is to turn deals over quickly, and in high volume. Any advice is appreciated.

@Stanley Dean

I'm not sure if I'm the person to ask in regards to generating these leads on a hyper-local level as per your requirements. Our business model revolves around building, implementing, and optimizing large-scale national marketing campaigns. I have no current experience in REI.

I have, however, spent a few hours poking around the forums here at BP in an effort to better understand REI, and it seems that most wholesalers are using direct mail, bandit signs, referrals, and classified sites as their main platforms for lead generation in their respective areas.

@Brian Burke

Our leads span across the entire US, and unfortunately, there's no way to physically attend enough auctions in person to put a dent in our coverage, although the suggestion has got my mind spinning. I'm not necessarily put off by potential buyers seeking steep discounts, as long as the numbers work for everyone.

The BP marketplace is an option I've considered, and I've signed up as a pro user in order to have the ability to post there. I guess we'd have to have properties under contract and list them individually there in order for that route to work. Speaking of which, how can I learn the process of actually going through the motions of putting a property under contract? 

Working with active agents sounds like a solid avenue to pursue. I appreciate all of your suggestions.

Hi all,

I'm in somewhat of a unique position. My partners and I work in the lead generation business. We've had a lot of success generating leads in various financial services verticals. One of the areas we're generating leads in, is the "We Buy Houses Fast" space. 

We're generating leads in every US state. Typically these people are in a distressed situation, or their home is distressed, and they're looking to sell quickly - often at a significantly lower price point than what the property is worth. It's probably also worth saying that these properties aren't listed on the MLS or elsewhere.

Currently, we're wholesaling these leads (the leads, not the houses) to our buyers and getting paid on a per lead basis. However, we've decided that it'd be beneficial to start working these leads and securing deals ourselves, either as bird-doggers or wholesalers... as we've already got the marketing funnels built out and profitable as a stand alone business.

That said, I'm looking for ways to make contact with cash buyers who can handle our volume, as well as general advice from seasoned REI professionals as how to best go about turning these leads into deals, as this is completely new territory we're charging into.

Thanks,

Bruce