All Forum Posts by: Mike Tooley

I'm currently marketing to Absentee Owners. When I get a property under contract, the next thing is to send it out to my cash buyers. For the buyers that show interest, how do you show them the property if it is occupied with a tenant?

Do I set an appointment with the property owner (if he/she lives in the area) and have multiple buyers come see it during the scheduled time? What if there are time conflicts?

Or should I take a million pictures of the interior/exterior to show the buyer so they have a good idea of what they're buying?

I read somewhere on one of the BP posts that he puts a lock box on the door and has the buyer call him when he gets there and then he gives them the code.

I've heard of some wholesalers that do deals without ever leaving their office and guestimating the repairs based on what seller tells them. They send a contract to seller without ever seeing them in person. I guess that's "virtual" wholesaling.

Any ideas are welcome!

Thanks Bill. That is definitely the best way to go.

I'm thinking about running a Craigslist ad to find buyers in the area I'm looking to market in. I'm curious what the response would be. After all, it's free!

Joshua,

I just ran those filters and it worked! Great way to find buyers on Listsource!

BTW, your business plan looked awesome! I got a lot of ideas from it being a new wholesaler myself.

Thanks!

I've read several topics on establishing your buyers list and then go after the motivated sellers. I've contacted a few buyers and the majority of them want properties that are pretty far from my location, say 40-50 miles. I would like to concentrate on finding motivated sellers that are within 20 miles of me if possible.

Would you recommend marketing in the areas close to me and hope to find a buyer after a contract is signed? Or should I focus on marketing to where my buyers want to invest in which could be a long distance from me?

I would think if I get a great deal under contract, the buyers will come running!

Any thoughts??

Hi Joshua,

When building your buyers list, can you explain how you use Listsource to find recent cash transactions for absentee owners? I'm sure it has something to do with the Mortgage tab on Listsource, but not sure.

Thanks!

Mike

I am new to the wholesale world and I will be doing a direct mail campaign to absentee owners. Living in Southern California means there are houses everywhere for miles. I'm trying to pick a farm area that will bring me the most deals.

I read somewhere that a good way to pick your farm area is to get in touch with a local Realtor and have them look up where properties are being purchased with cash. I've also read that you would want to farm an area based on your prospective buyers needs. I'm thinking a combination of both?

Any thoughts on the above are more than welcome! Also, any ideas on picking a farm area would be great. I searched the forums and didn't come up with much info.

Thanks!

I'm in the process of setting up my team for a successful wholesale business. I've got a few questions in regards to escrow companies:

1. I'm guessing they are all different, so do I need to find someone that specializes in wholesale deals?

2. Is it usually up to the end buyer to pick an escrow company or would it be me?

3. Do I need to find a company that is local (within driving distance), or with technology nowadays can I do everything using a phone, fax, and internet with my feet on my desk?

4. Can anyone recommend an escrow company in South Orange County, California that will fit my needs?

Thanks ahead of time for your help!!

I have to agree with what Mitch says. The extended distance shouldn't be a problem. I've been on several dryer fires in my career and the cause of them is due to lint build up inside the dryer frame (not the actual drum). The lint ignites since it is so close to the heating element of the dryer. Basically it's from not cleaning the lint trap on a regular basis. Extending the vent line is not going to increase the fire danger at all. Hope this helps!

Jeff,

I purchased Print Shop Deluxe for my yellow letters. It has a mail merge feature that only uses Vcard (.vcf files) for the merge. Since I export my lists from Real Quest into an Excel format, it looks like I have to buy a program that converts Excel files (.xls) to Vcard files.

Is this how you do yours?

When you get a wholesale deal from a seller, do you have to contact an escrow company AND a title company to close the deal? Or does the escrow company handle the title issues with the title company? Does it vary by what state you live in?

Just trying to get all my ducks in a row....

Edit: sorry, meant to say "Title" Company! Don't need a Tile Company yet!