All Forum Posts by: Account Closed

Originally posted by @Brendon K.:

May I ask how you're sourcing your leads?

I get the majority of mine through propstream with some different filters that I'm experimenting with.

Originally posted by @David Rosenhaus:

I'm having the same issue with organizing the list after the first set of calls.  There are CRMs that will help with that, but I haven't had time to research which would work for me (I work 60-70 hours/wk at my support job).  I also want to hire VAs but it's too soon.  There's no money coming in yet, so it's irresponsible to spend on something you may not be able to maintain.

You also need to understand that "in talks" is NOT a deal.  They are still just a lead.  Maybe a "hot" lead, but still a lead.  It's very important (mentally) to know the difference, because if you think it's a "deal" based on verbal almost-agreements, you will be mind-screwing yourself if you don't get the contract actually signed.  

Keep grinding it out.  We'll both get there!

 I'll message you as I've been learning what I can about CRM and hopefully can share something of use to you. And I understand that with these deals, and I'm fine with that. 

I made a post not too long ago and I have spoke to two attorneys and found the workarounds required to wholesale despite being a minor. I've been making around 150 calls a day, from 4-7, and I'm looking to use batchdialer to both increase that and hire a virtual assistant. It's kind of confusing, I've been watching videos on it and I've definitely learned more but I don't know how to stay on top of my leads and follow ups. As of right now, I have 2 deals that I'm working on getting under contract, and 3 people who are interested in selling but haven't gotten any further.

Should I try to hire a virtual assistant to help me with that? I already have very poor organizational skills but basically I want to know each property owner that answered and wasn't interested at the time to follow up in maybe 2 months or so, and also mark all the numbers that were alive but didn't answer, and all the people who are maybe interested in selling.

Either way, I've got a nice deal I'm getting under for my first contract, it's such great luck I'd love to share the story. It's a guy who's sister moved to another state, but he owns the property and it's just a burden for him. Before his sister left, they were doing a lot of work on the 4 bedroom 2 bathroom, nice garage, basement house that hardly needs work. He has given me a verbal agreement on terms, I'm trying to get 10% down and monthly payments with a balloon payoff after 12 months. I think I might get an assignment fee of ~15k while still leaving ~55k profit for the investor!

I want to use these funds to expand my knowledge on virtual wholesaling and how to utilize batchdialer, dealmachine, and maybe 2/3 virtual assistants to help me do work. Does anyone have any resources that I could use? 

Originally posted by @Gloria N Gear:

@Account Closed - so awesome to hear.  I have found the Indy investor community to be very helpful.  The local CIREIA organization is starting a new meetup for brand new wholesalers - Ronnie Reese is going to head up / mentor the group - might be a good resource for you as well.

Unfortunately Indianapolis is a few hours away from me, but looking at their calendar they seem to have a lot of interesting events. Maybe I'll go to one sometime!

Originally posted by @Gloria N Gear:

My advise to you is to take one more year to save your money and learn.  

AND there is a big difference between Book/Podcast Learning and Practical "in the field" Learning in this business.  There are several big wholesaling businesses in Indianapolis that have been doing this for 15-20 years. Find them and ask them if they would like an intern.  

I personally just hired a college kid because he came to me to ask about investing and I was so impressed with his knowledge, I hired him to do some projects for me.

Be learning based and offer to help others and they will give you a leg up to make you more successful.

Thank you for that, and as wild as it may seem I reached out to a guy who owns a wholesaling business and had a wonderful chat with him about his background in sales for 20+ years and extensive real estate background, he happens to share the same demand to be honest with buyers/sellers while retaining enough profit to stay afloat. If it weren't for this comment I wouldn't have had this seemingly terrific learning opportunity come across!

Originally posted by @Bryant Brislin:

@Account Closed there are a lot of things not covered in the podcasts and videos, and that's by design since the gurus want you to buy into their mentorship programs.  There are a lot of sides to a transaction that are going to be total curveballs to you, and you'll be desperately posting trying to get help from the same people who you blew off before saying you already know everything.  Title issues, escrow issues, tenant issues, sellers who make things difficult, squatters, just to name a few, plus any time you do business with anyone, especially with a contract, you are open to a lawsuit, so hopefully you have the ability to handle that financially (legal costs, etc).  It's one thing if you decided to open a restaurant with no guidance or mentorship and your restaurant failed, but to get people to sell their homes and you fail and then they are left in very bad situation because there are things you didn't realize or know about (without begging other people for help when you are in a last minute pickle) is kind of selfish. But you can do whatever you want, you just might want to hide the cocky attitude since you are going to be asking people for help, believe me. Wish you the best.

I definitely don't know everything and I am welcoming those curve balls and many mistakes I will make throughout my career. Guess I could have seemed cocky, but I apologize as I didn't mean to be. Thanks for your input though, and I didn't think about the likelyhood of a lawsuit against me from anyone I work with, buyers, sellers, etc. I'm definitely going to work more on ensuring I don't cause somebody to be left with a terrible situation before I pursue a deal, though. Fortunately I just found an experienced wholesaler to speak with before I get into pursuing deals myself.

Originally posted by @Jonathan Greene:

It seems like you have some plans and have done some research, but what makes you think wholesaling at this point is a good thing. You have to convince homeowners to "sell" to you at 17 years old. What type of buyer's list can you have? Do you have cash to buy their house? Do you know the dialogue to explain what wholesaling is? The questions are here to help you before you go down a path of failure. You can't wholesale at 17 or anytime soon effectively. Listening to podcasts is one thing, but you want to meet local investors and start assisting them to understand how it works and you need to have marketing money and financial backing. It really doesn't matter who signs a contract if you have no cash or buyers behind it.

Bet? I can describe wholesaling very well. Why not sell to a beginner investor? I'm enabling people to get rid of their problems, which many people have. I'm not trying to be greedy and am specifically leaving meat on the bones for my buyers list so they will be more inclined to work with me in the future. And you are again assuming that I have no cash.... I have been working long and hard since 14 and saving+investing my money in REITS for over a year. I want to wholesale but I have thought of the idea of trying to get creative with financing and potentially purchasing some of the deals I'm able to grab myself (likely through an llc with a partner, given that I am 17, until I am old enough to convey the title to myself.) And I disagree with you saying that I can't effectively wholesale as a 17 year old, maybe I can't with my knowledge right now but I'm sure any 17 year old could with the right resources and resourcefulness. 

I've been listening to the BiggerPockets podcast for a few months, I checked this morning and I've literally listened to over 150 of them now. I've completed a state real estate agent course and have read enough books to confidently say I get the gist of real estate. After sitting on the sidelines working to find resources for cash buyers, motivated sellers, how to advertise, how to build rapport, etc, I have decided I want to begin building capital wholesaling before jumping into rental properties.

As a 17 year old in Indiana, I have no capability to do so... on my own. I am currently trying to consult an attorney who practices real estate and business law to help guide me in the right direction in order to do this. An idea I'm having is maybe forming a partnership with my brother, who is a legal adult, and he could sign purchase & sale agreements under my LLC's behalf as well as contract assignments, but I simply am not educated in that area enough to know what exactly I can do. My brother has no real idea about wholesaling, or real estate as a whole, and I'm scared that I will have to split hard-earned money with someone just for signing a paper, but if that's really what I'll have to do I'll do it. 

So I am new to the BP forums, show me how great you guys really are! Any and all help/guidance will be considered and appreciated! (: