All Forum Posts by: Ryan Whitcher

Hi Mark, 

I've worked with a few bird dogs - a lot of them are flakes so just be prepared for that. I've paid per deal closed and also per lead. About $1000 and $5 respectively. 

I have them send me the address and sometimes a picture if they can. Then I do the research, skip trace, etc on my own. I don't know why I didn't think about giving them access to my CRM to track their own deals - great idea!

I've approached UPS workers, Uber, and delivery people with the situation and given them my card but haven't received a call back. I like to think I had a good pitch...who knows. 

Something I would be aware of are local employer/contractor laws. Basically how to ensure that you are covered if an accident or something would occur while they were driving "for you."

Personally, I think they are more likely to stay around and stay motivated if they are paid per lead - they know they are not wasting their time - bigger upfront cost for you but you just have to weigh your options and budget to see if it's worth it to you. 

Hope this helps!

Ryan

Hi Donny,

There are several ways to obtain lists - the harder they are to get, the better leads you will have in those lists!

Lists from D4D, Code Enforcement, Tax Delinquent (from county), etc - are generally not easy lists to get or they are very time consuming. 

OR you can simply buy one of ListSource, REIPro, Fiverr, and the list goes on. Generally they are around .05 - .20 per lead but just think about the amount of people who can also just as easily get this list.

As far as the number of mailers to send out - that is solely dependent on your list/data. You could have 100 fantastic D4D leads, mail to them, and get 2 deals or mail 2000 ListSource Leads and get 0 deals. All depends on Data and a little bit of luck as well so there is no surefire answer for this. I would look at your budget, then figure out how many mailers to can send monthly for 6 months. If you have $1000 - you know you can send right at about 300-350 a month for 6 months. The lower your budget, the more precise/better your leads should be so you get the most out of your money. If you have little time, and say 10K to spend on marketing, then maybe buying a good list would be your best route. All depends on your situation!

Hope this helps!

Ryan

Hey Marvin!

Welcome - you being here is already a huge step in the right direction. There is an unlimited amount of knowledge and wisdom on these forums/blogs. 

I have been successful wholesaling in Charlotte, NC by mainly calling leads from D4D and vacant house lists. Calling from 3pm-7pm proves best for me (anytime after 7 I consider rude). Real life example for me: I have been cold calling for 3 months; got a small 2K deal within the first month, then nothing for 2 months, then got a 10K deal from and now have many prospects and my pipeline is filling nicely. Just have to stick with it.

(Bandit) signs are frowned upon, however, they are spoken about so often because they can work well. Just check with your city laws beforehand so you don't get slapped with hefty fines. 

Craigslist - easiest and free (est?) way of marketing literally right away. You can find the content of what to put in those ads all over the internet. I have gotten deal of that and I've spent maybe 5 hours in the last several months just updating those. Huge return on investment of time + money there.

Get contacts of your local Code Enforcement people - these people have an invaluable source of information for you if you can speak to the right person.

Get familiar with the all the Probate attorneys in your area. Keep constant contact with them as they obviously have clients that are dealing with inherited homes (huge motivator).

There are hundreds of marketing techniques ; biggest advice is to just pick one after doing a little research based on your area and stick with it for several months. Tweak minor things here and there within that time period but don't stop until at least 4-6 months of doing it. Budget to where you have enough to sustain this for that period of time. Ex.) If you have $1000 - don't send out 2000 mailers the first month and deplete your budget - send out 350-500 mailers a month to the same people. 

Excuse my rambling but hopefully this helps in some way!

Welcome @Dominic Franco

I am an active wholesaler in Charlotte - if you need anything please reach out! Competitive, but great market. Best of luck

Hi Jonathan!

That is plenty of cash to invest in probably 2 good cash flowing properties in this area (Charlotte). I would just focus on how to analyze a rental property which can be found all over these forums/blogs and YouTube. Then get in the habit of sending out several offers per (insert time here based on your goal). Then, it's just an equation of how many offers you make to how many deals you actually close on.

Also sounds like you might want to search around for another Agent if all he's sending you are retail properties! I have a few good investor-friendly agents in the Charlotte area, if you area interested just PM me!

Welcome Tim!

Never too late to start - you're in a great community that is always looking to help. 

Good luck!

You can flip in any market 
You can wholesale in any market

With the market shift that might be coming up - as a flipper (and wholesaler for that matter) you have to be that much more accurate with your numbers; ARV, Repairs, Holding costs, and all that. There was more room for error in those numbers a year + ago as you could sometimes count on slight market increase in the ~3 month span during a flip if you went a little over-budget.

A good rule of thumb for getting into a flip in a market where it looks to be shifting is to take the maximum % of shift you think might occur during the span of your flip, and make sure that is your minimum profit margin. That way, in the worst scenario, you would still break even. Ex.) if you think the maximum market drop would be 15% in the next months during your flip (highly unlikely), then make sure you have at least a 15% profit margin after ALL expenses. This is just a step to ensure you are being extra safe

Basically, you can still do both in any market, but you have to be more accurate with your numbers when the market is shifting or nearing a shift. 

Hope that helps!

I've learned an insane amount - cold calling and D4D! I also believe a CL ad I made got me a deal which was a fantastic return on money/time. There's no right/wrong answer. Just pick one, become an expert, and be consistent with it!

After several months, if it doesn't work, focus on changing your strategy!

Hi Amanda,

Find a local Facebook Real Estate investor group and join it- they almost always have these type of recommendations. If not, hop on google and start calling every title company. 

Good luck!

*Not an attorney here* but depending on the state, you can usually back out of the contact as the buyer (or wholesaler) up until the closing date HOWEVER, this is very highly frowned upon (just put yourself in the seller's shoes and you'll understand why).

If the problem is finding a buyer, you probably do not have a deal, unfortunately!

I would find a buyer or 2 that you trust where you can talk to them about a property that you are interested in and they will usually be able to tell you if it is worth pursuing, so they above situation can be avoided. I did this on a few of my first deals and it worked out great. Just be sure that you trust the buyer and that they don't go behind your back - however, this is quite unlikely if you have met them in person and the seem trustworthy...