All Forum Posts by: Mark Weins

@Sam Yin Thank you I agree with you, mindset and discipline are everything. I will definitely be putting in the work

@Todd Jones Thank you for responding on my earlier post, you hit the nail on the head and really helped me with the low contact rates. On Monday I will be switching my dialing service to ReadyMode and be using 40-50 numbers. Thank you so much I really appreciate your help and I don't drink, smoke, and try to wake up at 5:00 am every morning although I definitely need to be more consistent on that.

@Scott Mac 100% I think setting yourself not to be wiped out in hard times is one of the biggest keys to being successful in real estate in my learning. I think real estate rescissions which are the biggest potential wipeouts happen every 10 years based on what I have been able to learn, if I am holding real estate during a recession what can I do to protect myself from being wiped out? Should I expect a recession and sell most properties before it happens or is there another way to protect myself and not be completely wiped out when the real estate market tanks?

@Mike Hern I've read a few books on real estate, my favorite book about real estate is the contrarian playbook by Manny Koshbin. If there's one thing I learned from the book it's to never hold real estate long term and to constantly trade up your properties, that's how you become a multi-millionaire in real estate and the real key to building up wealth in my opinion. In terms of focus I guess my focus is to do wholesaling --> SFR BRRRRR with ADU's --> and then commercial. Do you have any recommendations for a successful real estate investing path that can get me to 7-8 figures and other book recommendations? I really appreciate your advice and experience.

@Alecia Loveless My strategy is to focus on a high w2 income job and do real estate wholesaling at the same time so that I can build up enough funds to buy properties for myself instead of having to sell them for an assignment fee. I definitely want to build a strong team like you that I can work with in the long run. Do you have any advice you would give to me just starting out with little experience and network? Is the best thing to do right now is just to attend local real estate events to start building my network and gaining more knowledge or is there a way with creative financing that I can start doing flips/BRRRRR

@Henry Clark Thank you so much for your advice and wisdom, I really enjoy having anonymity on the internet and Mark Weins is actually a pseudonym for me so I can freely share a lot of my information with you. I will show you full respect and answer your questions honestly. For 2, I am currently in my final year of university and am looking to get a job as a developer in 2024 and before graduation what I want to do is build a wholesale buisness with automated systems in 5 months with VA's helping me with cold calling so that I can work as a developer and earn a W2 salary while the VA's cold call in the hours i'm working as I am unable to do so with a primary job, I would focus my role on talking to warm leads we generate and focus on acquisitions instead. For 3, I have about 3k to invest into my marketing right now and am able to take a 1-2k loan at anytime if needed. I am trusting in putting in the hours consistently everyday to get a deal and cannot rely on a high marketing budget. For 4, I currently reside in Canada and that's why I am doing virtual wholesaling right now. For 5, I live with my girlfriend and in my early 20's. For 6, I have little debt right now but have limited capital to invest, I mainly just have time to invest.

I really appreciate the options you've listed for me. 

For option A. I can't join the military currently as I am looking to get into the workforce soon so I think it would be very difficult for me. 

For option B. I am going to research your recommendation, and I can especially see how land sales would be the option to go for here as they are less capital intensive at the start to get into. I would do this if I have 10-20k available to spend.

For option C. I think that you would be the absolute best expert I could talk to on the entire biggerpockets community on the topic of Self storage, it's my dream to get into commercial real estate investing even though I personally don't believe I could ever do it. How much would I need to save up to get into this buisness, how much would I earn a day with 1 location? Is it easy to scale the buisness from one location to many?

For option D. Could you clarify which Country subdivision is best?

For E. I will 100% take your word for this, but could you clarify what a Teak investment is? I tried searching this but with no results.

I 100% believe in taking all concepts taught to me and evaluating what I am currently doing to see if it's truly effective and I will implement everything that I am able to right now for my buisness. I am going to work on my current funnel as well as that is extremely important. I really appreciate your support and hope that I will get a sale in 30 days as well, I agree with you that working harder and harder with no results means I am doing something wrong, so i'm going to make sure all my kpi's are lining up with comparables so I know for a fact that my cold calling is not being done wrongly. The only reason I even knew I was even doing something wrong was because I had comparable data to look at against my 5000 dials and I would have given up or just kept making useless calls if I could not reference the KPI's another user posted for their own wholesaling operations. Using the KPI's I knew exactly which step I did wrong now and I found what I think is the correct solution and I am extremely grateful for it. 

As for my general REI strategy right now it is to do a primary job and wholesaling together to build up my capital, then focus on buying and flipping SFH with large value adds through ADU'S. Would you say this is a good strategy for achieving the goal of being a millionaire or would you recommend something else?

@todd jones

I did some research and switching my service to readymode instead of Mojodialer and using 40-50 new numbers to do my cold calling. I think this will absolutely solve the problem as numbers that make more 150 calls like you said per day do get spammed flagged but based on my research these can reset as well and I can constantly check if my numbers are flagged or not using readymode. 

Thank you for all of your responses. I am not focused on anything else but getting my first deal right now, i'm investing under 5k into wholesaling and I think I can put in the hours to get my first deal and reinvest all earnings into building this buisness into a system and using the buisness to get deeper into REI if succesful. Once again I appreciate all the support and help shown to me. Thank you!

Hello, what's your average cost per deal for cold calling in wholesale real estate for your buisness? I think getting an idea for this number is key to building an effective marketing campaign, if possible please share what your wholesale buisness cost per deal is.

Thank you for your responses and helping me out.

@Todd Jones your first point is exactly what i'm experiencing with many of my calls right now, most of my pickups go straight to an automatic voicemail and i'm using Mojodialer and calling 200+ number per hour. I think you are 100% correct that my number might be flagged for spam risk right now and I am double checking it and and switching to using fresh numbers so that it will improve my contact % and not go to voicemail all the time. For my approach I am currently trying out different scripts and tonalities so it's still a work in progress. I generally have a nice attitude but my delivery isn't very consistent right now and I think I need a bit more practice to get better at it. For your last point I need to double check my propstream filters to see if I am calling the owner of primary residence's but my line of thinking is that even if it's a divorcee's primary residence, most people only own 1 house and that house needs to be liquidated so money can be split between 2 divorcees evenly hence the motivation to sell the property.

@Kerry Noble Jr For July my list is 600 high equity/vacant's in Birmingham and Dayton, the other 400 is a divorcee list. For August i'm planning on calling a list of 2000 high equity/notice of default pulled from propstream skiptraced through batchleads

@Erik Estrada I agree with that being empowered, guiding the seller through your process, and having confidence in delivery is all key to success for us. I am slowly getting more confidence on the phone after every call and I think it will take me a while to learn and become consistently good when i talk to sellers

@Wale Lawal Do you have any recommendations for the most motivated niche list to cold call?

@Account Closed I 100% believe that your strategy of using direct mail and door knocking for pre-foreclosures that already have an auction date set is extremely effective. However for my marketing and capital situation, I can only cold call pre-foreclosures and can't physically door-knock pre-foreclosures addresses. The other thing is that i'm unable to buy pre-foreclosure properties myself on short notice as I do not have the capital currently myself and need to find a buyer which takes 3-4 weeks. Right now I feel that I would need to rely on volume and a high number of follow ups for cold calling pre-foreclosures to be successful, I know both of you are not recommending me to rely on cold calling but my marketing is only cold calling and I think it's either pre-foreclosures or pre-probates are the absolute most motivated sellers I can reach. I do not care about how many hours I need to spend but my marketing is only cold calling right now and my budget is 3k. Do you have any recommendations for me in my situation? I believe that pre-foreclosure's are currently the absolute best in terms of motivated sellers and high converting prospects.

@Account Closed

Yes I don't mind the work or dedication. It doesn't matter to me if I don't make a single cent or have work for for free for 6 months. I'm willing to put in consistent work everyday and actively learn all the skills required to be successful. My only obstacle is that I am starting with limited capital.

Thank you for your responses @Account Closed, I greatly appreciate them.

@Mike Hern I want to focus on pre-foreclosures for my lists because I think they are the most highly motivated list available for me to prospect. I agree with you that door knocking and mailing would be the most effective when targeting pre-foreclosures but that is not possible for me right now and I can only rely on cold calling. I cannot come in last minute and save a pre-foreclosure before it's auctioned as I can't buy the property myself yet and I need 3-4 weeks to wholesale it. What I can make up for in this is following a good process and trying to solve my seller's problem more then other wholesalers and be more persistent in cold calling. I know that this may not be ideal but do you have any recommendations for me in this situation where I am only able to cold call pre-foreclosures? I am 100% focused on getting my first wholesale deal and i'm fine with spending 200+ hours getting it but I can only invest 3k right now into my marketing and i can only cold call.

@Henry Clark I chose wholesaling after researching Real Estate and realizing REI is the absolute key to financial freedom and it's what I want to dedicate my life to. I picked wholesaling as my first buisness because there was so much online education available, it seemed like a proven buisness model with good margins, and I feel like if i spent 1-2 years building a wholesale buisness I could make money every year from it and use it as a future source of leads for house flipping once I have capital. My thinking is wholesaling is an automatable business where I learn to build systems for future REI businesses and I can re-invest all my earnings from my first deal into hiring VA's for cold calling and eventually an acquisition manager into creating a wholesaling buisness that can generate 1-2 deals a month so I can earn enough to re-invest in flips.

My goal in life is to have a 7-8 figure net worth when I retire, and I would love to learn about REI strategy's and new funnels from you. I created the post in commercial and I would love to learn from you.

@Henry Clark

I want to become a Millionaire through real estate investing. I want to build a real estate businesses that can give me financial freedom and can help me reach a 7-8 figure net worth by my 50's. What is the best way to do this and build a consistent buisness? 

@Henry Clark

Thanks for responding I greatly appreciate the advice. I'm definitely using cold calling to hone my abilities as a salesman and closer and I hope I get better with every cold call. I think it's amazing it took you only 4 weeks to learn sales like that at 17. I think I need at least 1-2 months to become fully competent at both cold calling and closing.

The problem I have right now is despite 5000 calls I have only been able to talk to the owners of property 50 times. This means it's taking me 100 calls to talk to one correct number on my list and it's completely killing me if I have to "door knock" 100 times to talk to one correct person. I am using propstream for all the lists I am pulling and batch skip tracing for my leads and I have no idea why my contact rate is so low. And even with the 4-5 people that did want to sell their house it was either they were renovating it, were an agent themself, lived with someone else who did not want to sell the house, and 2 were tire kickers. I think I can seriously improve my # of leads by focusing on pre-foreclosures but for some reason I am only able to contact the correct property owner 1% of the time. It's driving me crazy!