All Forum Posts by: Meghan O'Connor

Hi Jessie,

There are a bunch of online companies where you can pretty easily design a relatively inexpensive business card.  I'm sure there are a lot of good ones out there...I have used Vistaprint and I continue to do so just because I'm very familiar with their design templates and am pretty comfortable using them now.  There are a lot out there to choose from however.  They are cool, because they have templates with designs available for you to choose from..you just choose what you like, and plug your info in..you can get a pretty nice looking card very easily and quickly.  Check it out and play around with it...as I said, there are a lot of companies out there I'm sure you'd be happy with..

Have fun networking and good luck!

Meghan

Hi Trace,

You'll do great!  Like Jonna said, there is a wide variety of clothing choices, but I agree that business casual is pretty typical.  Don't worry one bit about being out of your league!!  At every single meet up that I've been to, there are ALWAYS new members...and I am referring to meetings that I go to each week.  Groups are constantly adding new members, and by the time you attend your first meeting, you will be up on the next newbie that will be attending their first meeting the following month.  So go and have fun, learn and network like crazy!  I love your state BTW...gorgeous!

:))

Hi Rocky,

List source...I've not been super impressed with so far.  They have provided some incomplete addresses (which I've been able to detect via an instaprint check), but supposedly, they weren't going to be incomplete...so I'm not really sure about them yet.  Yellow letters...I send postcards.  I've just sent out my first March campaign, and although postcards are supposed to yield about 1/2% return, I went with them due to the fact that I could put out a larger amount of them at a lower cost. I'm still at the learning stages.  The campaign has been out for a couple days now, and I've received 3 calls (woo hoo! :( )

I know of a BP colleague (fellow wholesaler),  has a really great return on quantity, but no deals yet...he might want to chime in here...Jerryll??  Between the two of us, we already have some stories to tell!  especially him!! lol

Anyway, I will probably try out some other list companies because I'm not sold on list source..yellow letters I can't comment on because I don't have enough experience with them..but hopefully, I'll have good things to say about them in the future.  There are plenty of other companies out there, and I'm not limiting myself to one at this point.  If you have any other questions, feel free to pm me!!!

I would second what Scott said John...plus 4 stars!!!

I consider my agents GOLD... They r not only a wealth of knowledge re properties, but if they're working with u, most likely they are into the investing end of RE as well.  I get where ur concerned there might b competition... BUT change ur mindset on that... Ur coming from totally different places, and u can both benefit in some way, depending on the situation. Network, and keep making connections... It will help clear ur path toward the future.  U will meet like-minded people with similar goals, and with that connection comes respect and trust.  U wont b worrying about ur competition because there is enough out there for everyone to benefit.  Put yourself into ur investors' and/or brokers' side of the equation...do for them what U would appreciate someone having done for yourself.   Enjoy the ride. It's a lot of fun!

As far as getting ur license... It sure doesnt hurt!   BUT,  It's just a matter as to whether the costs outweigh the benefits. At this point in time, I'm not doing enough deals where it would b real cost effective to have my own license. In the future however, I would always consider the option. Right now, I'm enjoying the benefits of the connections and knowledge I gain through working with my agents. In my case, it was a good thing to add them to my team. It's a personal choice however, and getting or not getting a license isn't black and white with investors... It's not a one size fits all by any means...U have to decide what is best for u in ur own personal situation. 😀

Just to clarify, many wholesalers don't tie up properties willy nilly, scrambling to find buyers. Typical stereotypical view of wholesaling in general.  I personally tell my sellers that the whole idea is to do things expediently...if they want to ensure that their property will be sold by a certain time, I inform them that we can add whatever time frame they deem appropriate to their personal situation.  

If someone is afraid that they will be stuck in a situation, I get my lawyer to add an addendum to the contract to give them that option.  It doesn't have to be a scramble to get the property sold..that's not fair to the seller.  Also, most wholesalers worth their weight aren't dealing in listed properties.  They're not stepping on agents' toes and delaying the process..that wouldn't be fair to anyone involved and I can understand an agent getting bent out of shape about that.  Anyway, I just felt compelled to speak up.  Some people can't afford the fees that come with getting a license, or consider it a viable option in the short term. It's easier said than done.  Long term...different situation entirely.  

I'm not an experienced wholesaler, but I think I have a full grasp of what it takes to be a good one, which will build a good foundation for my wholesaling in general.

Firstly, make sure you have good, honest people that are part of your team.  While I developed my marketing strategy, I was busy networking like crazy.  Building relationships truly is key. you can make an impression even prior to finding deals.

Networking leads to good solid teams.  Find yourself an RE agent, who is like-minded...one who perhaps is branching out into investing.  This is part of how you find people who may be just waiting for that first potential flip to come along.  She is rooting for me, just as much as I am rooting for myself!!

Aside from forming a potential partnership, I searched for a broker with the intent of forming solid comps/ARV. I could most likely come up with ballpark numbers, but I'm looking for consistent and solid numbers, and she provides that for me...she's fantastic!! That is KEY.

Next... estimation of rehab cost.  I have a GC who has 30 years of experience and is very good at what he does.  My agent & GC have already walked through a couple properties, and I felt like I was in an episode on HGTV.  It was really exciting and I was incredibly impressed at the level of knowledge that both my broker and GC brought to the table...Be conservative in your numbers...always allow for a cushion in your numbers.  Just like in all those rehab shows, expect the unexpected and think like a flipper...these are all KEY.

Finally...be honest and practice full disclosure in your wholesaling.  Being up front and completely transparent with your potential sellers is a must, along with building rapport with them.  I WANT to truly help my sellers get out of a bad situation & I LISTEN to them.  Know the basics of the information that you need when you first talk to them, but don't go by a script...TALK to them..try to put yourself in their shoes..Form this trust, not only with your sellers, but with your buyers as well.  This is crucial, and I believe no one can have long term success in wholesaling without this, not to mention not doing so gives wholesalers a bad name.  

Keep reading, learning and challenging your brain every day.  I learn something new every time I listen to a podcast or watch a video.  Successful investors who've been doing this for a long time continually try to broaden their knowledge. 

Finally..don't delve in too quickly.  I had all my ducks in a row so to speak.  This might not be everyone's strategy and they do perfectly fine regardless, but that is just not in my nature...My ultimate goal is to close a quick deal for these sellers, and if I'm scrambling to find brokers, contractors and title companies, this is not the right means to a good end.  

I'm sure I'm forgetting some things, but i think that this will give you a solid foundation.

Take care!

Meghan

Congrats on your first lead Jerryll!  That was fast!!

Hi Jerryll,

I guess I was thinking of letters in envelopes, with the increase in postage cost in letters vs postcards...but maybe postcards are cheaper?  That would be an added plus!  It takes a while to create the postcard (and I will be sending a different one on each follow up), but it really doesn't need to take that long, and you get quicker with each subsequent design.  The hardest part is the creative side of it and thinking of something that will catch sellers' eyes. The idea of writing letters, or even personalizing them with names seems like a major commitment in time for something that I'm less than enthusiastic about. 

Also, I use an online company that continually gives you discounts for subsequent orders and so it gets cheaper every time. 

Oh, and I don't recognize that nutmeg reference lol.  I thought I had seen every Disney animated film ever made!! I think I just realized why..the Hercules film must have been more recent, and my kids are past the animated film stage! lol

Hi Jerryll,

I couldn't go the yellow letter route either.  I use postcards and they are far from being conventional.  I'll send you a PM with more info.

You should do whatever your feel comfortable with.  If you want to make postcards, then do it..it will probably cost more in marketing than the yellow letter route, but I feel that it is worth it for ME in the long run.  I'm trying to set myself apart from others & I believe I do that.

I also include a link on my cards to a landing page which is where I explain the process of what I do more in detail.  I feel the need to be up front with potential sellers right from the start, and then if they still want to contact me & get to know me a little more after they land on my page, then they have that option.

Meghan

hey thanks Kenny! 😀