All Forum Posts by: Ethan Summers

@Jeffrey Jenkins there are many success stories all throughout the forums check them out and just begin asking targeted questions to investors that have a little more experience.  Best of luck to you and feel free to message me and ask me any "specific" questions on how to begin id love to help. 

@Pratik P.

Most investors/ Realtors fear the hang up or are not able to locate correct phone numbers for the sellers they are looking for. This leads to them paying crazy amounts of money in direct mail just to get a deal. When i first started wholesaling this was a huge problem dumping money into direct mail and not seeing a great return on my investment. Thats when my business partner and I began Skip tracing phone numbers for potential sellers that were on our direct mail list and calling them directly. The beautiful thing is this entire process is now outsourced and it makes my business more profitable and gives me more time during the day. Lets keep Ringing sellers directly Pratik it works wonders. Feel free to message me any crazy cold call stories i tend to get a good laugh out of them and any questions you may have id love to help. 

 I am curious is it difficult to persuade folks on your team to contact sellers 5 or more times? 

@Alvin LaRue Ive been wholesaling for two years and it may help to saturate very specific zip codes with your yellow letters and marketing attempts. 

When i first started out i was not getting enough calls from my direct mail campaign so i started cold calling my direct mail list. This helped me find clients who were motivated to sell with out waiting on them to call from a mail piece. It also established different forms of communication with potential sellers on my direct mail list. Cold calling allowed me to gather emails and mobile phone numbers so that i could get my message out to sellers thorough multiple forms of contact such as helpful tips through email and SMS messaging. This also saved me money on marketing in the long run. Statistics show that your mail doesn't truly gain momentum and start to pay off until the 5TH mail piece so consistency is key. Ive used yellowletters.com to develop my mailers in the past and they've been a pleasure to work with. Hope this help feel free to message me directly if you have any more specific questions id love to help. 

@Camron Cottam  I began real estate investing a little over 2 years ago and have had my fair share of headaches since then. If I were to listen to some of the " Nay sayers" id still be parking cars at that hotel downtown Charleston, SC. Instead I am now selling homes right around the corner. With that being said follow your gut best of luck to you! 

@Robert Shoffner 

For my wholesale transactions I use an "assignment contract" and receive an "assignment fee" at closing. Hope this helps.

@Pratik P. 

I use investorfuse for my automation and its a great tool to help me stay on top of followups, appointments, team members, virtual assistants and keep track of all the in's and out's of my wholesale business. Also have you considered skip tracing phone numbers for potential sellers on your direct mail list? It may give you a upper hand to get in contact with some sellers on your direct mail list ASAP. Skip tracing phone numbers in my target area and hiring a cold caller to call my direct mail list helped kickstart my direct mail campaigns. 

Thanks for the helpful direct mail statistics @Sharon Vornholt 

I have read statistics that most sales are closed between the 7th-12th point of contact. So I truly believe cold calling along with direct mail and email will set any investor/realtor apart again thanks for your insight. 

@Jesse Patterson- congrats on your start. 

Wholesaling has its ups and downs

Take it from a wholesaler with about 2 years and 25+ wholesale transactions under his belt this business has been far from "easy". I will list some of the things some would consider hurdles for wholesalers, as well as some strategies that may help you close more transactions all while becoming a trusted name while you're just getting started. 

 Purchase Contract/ Assignment Contract issue 

Finding a trusty real estate closing attorney and or real estate title company is strongly suggested. Google should be able to help with this task.The great thing about some title companies is they also have closing attorneys on staff to assist with transactions. When my business partner @Cornelius Garland and I first started out we listed our clauses that we needed and went and paid for a little hour  consultation with a local real estate closing attorney and he reviewed and edited our documents he even presented us with examples of state approved purchase agreements. Call a Real estate title company or closing attorney up in your area and they'll be happy to assist! I will warn you an hour of your attorneys time will cost the receptionist should be able to give you a quote for an hour consultation. so have all your questions ready to get the most bang for your buck! 

"The Famous Google Drive for Dollars"

 One of the many struggles you will encounter is finding a surplus keep in mind volume is key. My suggestion is to saturate particular zip codes with your different marketing efforts you've picked up over your training/education. When i first began a few years ago i was so eager to hop in my car and drive all over town hunting deals. I have now started using a technique called "google drive for dollars" its great just let your computer and mouse do all the driving for you as you jot down properties in your target market that may need your help/expertise. It is important as a wholesaler to target sellers that are in need or want your help selling a property. Your main goal is to keep everyone one involved in your transaction happy your seller your end buyer and most of all yourself. Set your fees and stick to them don't ask for crazy assignments it will damage your creditability, this will also scare potential great buyers away. If your fees are reasonable its simple the sellers will keep using your service and the buyers will love coming to get great deals from you on a pretty platter.  

 Expectations 

One of the greatest tips I can give you is to just be reasonable and transparent. This can be difficult when you first start out based on the scarcity mentality most wholesalers have. Even I have been guilty of this. Remember no deal is your last deal and leave enough "meat on the bones" for the end buyer to make their profit.  

Another great tip, be persistent and develop multiple ways to get your message out to buyers and sellers alike within your market its very important for wholesalers to get creative and go the extra mile. If you haven't already locate a handy Customer Relationship Management system this will allow you to track almost everything within your wholesale business. 

Good luck and happy hunting feel free to message me directly if you have in questions for me in particular. I would love to help!!

Is cold calling your direct mail list beneficial?

Please see my most recent post on this matter in the forum and feel free to share your experiences!