All Forum Posts by: Jerry Puckett

@Eric Abel

To offer a different point of view, someone new, or a self described Rookie might have a different definition of a "successful wholesale operation". What Don described above is a mature business operating successfully. No one I've known personally has begun there. I certainly didn't.

Those businesses began somewhere. Mine and many others started at a fraction of that cost and grew organically over time. My definition of success in my first year was 3 deals. If you are one man working alone AND you have a full time job, doing a few Real Estate Deals a year is like a side hustle. The next year I did 15. 

Don, I believe, has been a Real Estate professional for decades with Diplomas, Licenses, Certifications, etc. The real deal with a mature business. His circle is replete with other long term, fully mature successful businesses. I was a Bartender. I have worked with many who started in a similar place and went on to better things. 

That said...to actually answer the question rather than to sway you away from what you ask, I find ListSource to be the most complete and up to date datasource from which I have pulled hundreds of thousands or records for over 90 markets throughout the U.S. 

[Full Disclosure: I am an authorized Corelogic reseller] I chose a Corelogic product for the reasons above, and because they also happen to be the backend of 90% of the Nation's MLS system. Complete, accurate data; quick, easy and inexpensive.

If I had read a post like the above years ago and let it discourage me, I wouldn't be where I'm at now.

Hope that helps.

Noah, the letter sparks a conversation. As I talk to the seller we discuss all the options and there is a no one size fits all. If the seller wants to sell to you, there is no reason you cannot use bank financing if the deal warrants it. I write my own contracts and do  not need an Agent to represent me in a transaction where I am buying what I want with the price and terms I negotiated on my own.

And why not both? I scour the market listings (MLS) every single day and still conduct my own marketing...it doesn't matter to me where it comes from. And I stop neither process when I find something I like. If you keep a full pipeline, you'll have the next one lined up when you're ready rather than starting over from scratch. So on and so on. I think that's the last "R" in BRRRR....."repeat"

RealList and ListSource are both CoreLogic products. Same data set, slightly different filter system. RealList is the backend of many local MLS systems across the country and if you have access to it your downloads will likely be free.

ListSource is nation wide with more granular filters. It can be expensive if you aren't buying in bulk or have a subscription. But many of their authorized resellers would offer you somewhere between 5 and 20 cents per name, no minimum.

Haines, I have never heard of.

Oh Goodness no....too much work! You go to a dataprovider (ListSource, Melissa Data or the like) and create a list starting with your target areas, then what you're wanting to buy, any criteria very important to you (year build, beds, baths, etc), and finally, use an equity filter, or LTV (I use both) to weed out those without requisite equity. Buy and download the list. It will come with the property address, Owner's name, Owner's mailing address....everything you need.

Then start mailing to them...and don't stop till you've gotten your property. 

I have an appreciation for those with the door knocking skill set which I do not possess. Your list is likely to contain dozens or hundreds of prospects; mine has thousands.  Not enough doorknocking time in a year to cover that and besides, as you say, you aren't talking to the owner and you DON"T want to spook the tenants. That's a really bad way to begin a conversation with a potential seller.

Hope that helps. 

@Don Konipol, Absolutely fabulous post! I'd vote for it multiple times if I could. 

@Kaden Warren.....there's been a lot of good advice given here and decent actionable tips. As @Yoann Dorat so aptly pointed out, there have (sadly) been many folks jumped on out right for a first post like this. However, there is a TON of great content on this site concerning the ins and outs; nuts and bolts of wholesaling. Make friends with the search glass at the top of the page....search is your friend.

I don't really have anything to add until you ask more specific questions, but I do want to point out a central theme. Many here have used the terms "Analysis Paralysis" and "Shiny Object Syndrome". 

These two are things that tend to kill Real Estate Businesses before they can really fly. One causes you to think without ever taking action, the other causes you to act without thinking.

You're quite welcome Taylor. My business model has changed more to buy and hold or wholetaling, but I could certainly point you in the right direction if this is an area you're interested in. 

 It's pretty simple....you build a list of everyone who has what you want to buy, where you want to buy it, plus the ability to sell at a discount (meaning they have enough equity to sell below market).

You can add to the list by driving for dollars as well, but ideally your list would already include these as well as excluding the ones without requisite equity. Then, you mail to them and start as many conversations as you can. It will generally take more than one round until you find the right one, but considering the potential return, it's a fairly small price to pay.

This method has "worked" for time out of mind with an added advantage that it plants seeds....Some of the folks I've spoken to had never considered selling their house previously and so would never have made it to other lead capture methods . My letter plants a seed, other letters water....Marketing is a lot more like farming than using a vending machine. 

Hi Bob...I've run several successful campaigns for personal residence. You can find what you need through listsource. Not just location, but just like searching for a house using your "Must haves" as filters. (Size, beds, baths, year build, etc)

@Taylor Muell

When it comes right down to it, there are just so many ways to ask someone if they could be interested in selling their property. Each message should be an iteration of your contact information, the benefits to the Seller of working with YOU, and a strong call to action.

Don't be overly wordy, keep it short and sweet, do not tell tales ("my wife and I are looking to move into this neighborhood"...unless you really are planning to do just that....I've run a number of successful campaigns for people looking for a personal residence). Simply put, tell the truth without fluff....if you do not "buy houses like yours all the time"...don't say it.

Lastly, remember that the point of the message is to spark a conversation. Don't expect your mail to negotiate, win the deal and close...that's too much to ask of the piece. Sincerity and confidence get noticed. Fluff and stuff finds it's way to the trash can with a quickness.