All Forum Posts by: Duncan Hayes

@Frederick Lyons Jr Hey Frederick. Welcome to the community.

I’ve wholesaled for three years, in multiple different markets, all virtually.

There’s three things you need to focus on.

1. Lead generation

How will you get your leads? Cold calling? Text? Mail? There’s many different avenues for lead generation, I advise picking one and sticking with it for a bit. My favorite is cold calling, but really it can be market specific what works best where. You have to test and find what works best for you.

2. Conversion

First the lead must be qualified, but conversion is probably your most important aspect. How long it takes to turn a qualified lead into a signed contract. This will take negotiation skills. I advise reading up on sales training and negotiation training. Figure out how to find their motivation for selling by asking the right questions. You got to dig deep.

3. Exit Strategy

Obviously, you’re looking to assign these deals. So your exit strategy focus should be on building a solid buyers list and understanding their buying criteria. This will make getting your converted leads assigned way quicker and easier.

It’s simple, not easy. There’s obviously a lot more that goes into it, but these three things should be of priority in mapping out your business.

Much success to ya!

@Martinis Jackson well there’s a company a friend of mine owns called leadminingpros.com. They have a lot of different package options, and with American or Filipino callers. Ranges from around $500/mo to $1300/mo.

Or you can find someone like me who solely handles the acquisition of discounted and distressed properties. You’d provide the skipped list of leads and I’d go through calling and qualifying. I’d also perform the follow up until that qualified lead is converted to a signed contract. If you are wholesaling, it’d then be your job to dispo the deal, and on closing day we’d take 30% of the gross assignment fee. If you’re looking to flip, then we’d basically just assign to you for our own small assignment fee.

Feel free to reach to discuss further if interested.

Have a great rest of your day!

@Kevin Reinell it's a seller finance deal. You'll need to tell them your fee, this isn't like a regular wholesale deal. If you have to hide fees from your buyer then there's something wrong. Not only that, the purpose of seller finance is to get in the deal with the least amount of money possible. No buyer is gonna pay you $50k assignment on a SFH seller finance deal. $5k-$10k is normal. Especially if they have to make any repairs to the property, and you need to consider the closing costs they'll pay as well.

@Albert Ellis they know great wholesalers that are good at locking up deals at 70% ARV - repairs - closing/holding costs - assignment fee. :)

@Monty McLamb *they book 30 days minimum

@Monty McLamb episode 563 mentions a website called Furnished Finder. Check it out. The book 30 days minimum there. Mostly travel nurses use the site but I’m sure there’s others who do as well.

@Kaylan Haight first and foremost don’t believe everything you see on Propstream. Those aren’t always accurate, in fact they’re hardly ever accurate. You need to talk to the seller and see. They may owe more, and they may owe less. Propstream is just to give you owner info and an idea of the property. It can show liens etc but sometimes, as I said before, that information isn’t accurate.

Second, if your MAO is $163k and there in fact is a $225k mortgage/lien balance then you have no wholesale deal. But, you may have a good subject to deal on your hands. If the seller is open to a sub to deal, that can be assigned to another buyer and you can make a $5k-$10k fee on it instead of just walking away from the lead entirely.

@Melissa Aughavin if rent is $3,000 and I can only pull out $1,500/day then I’m going to pull out $1,500 on the 1st and $1,500 on the day prior. Or $1,500 on the 30th and $1,500 on the 31st. Or $1,500 on the 29th and $1,500 on the 30th. Super simple fix.

@Will Clark I also agree with Tim Polk. Use some of the $500 to learn from someone. I know a great guy who’ll mentor you for $250!

@Will Clark I literally started wholesaling with $0. Using free trials of REIPro and skipping each address myself using TruePeopleSearch. That was 2019. Back then you could pull 1,000 leads on the trial, but from what I hear it’s only 50 now. I also connected with a realtor who was sending me leads daily. My first deal came from one of those leads she sent me. I would highly recommend driving for dollars or even pulling county lists. Id pull code violations and delinquent taxes. Find out who’s on both of those lists and target those first. If they live out of state then even better because they’d have some serious motivation.