There are some definite benefits to being the foremost wholesaler in your market, including people bringing you deals. People might also seek out your coaching and some speaking engagements. Now, for me personally, I love that other wholesalers bring me deals. A few extra thousand a month that you didn’t have to put up marketing dollars for is always a GREAT thing. As usual, I will tell you that this won’t be an easy task to accomplish. It might take years of hard work before it all pays off.
How to Analyze a Real Estate Deal
Deal analysis is one of the best ways to learn real estate investing and it comes down to fundamental comfort in estimating expenses, rents, and cash flow. This guide will give you the knowledge you need to begin analyzing properties with confidence.
4 Actions All Wholesalers Should Take to Land Deals Without Traditional Marketing
Focus Completely on Wholesaling
The first thing you need to do is focus completely on wholesaling. That means don’t try to wholesale in February, then the next month you are trying to be short sale king/queen of your market. As a wholesaler just starting out, it’s extremely hard to gain good traction. A plane uses most of its fuel during take off. After about two years, if you are still wholesaling, you are off to a good start. That means you did not give up like most people. Start to build relationships with buyers; don’t be 100% business with them. Some of these buyers can help you in ways you can’t imagine. I started hanging out with some of buyers, and in return they started giving me houses to wholesale due to the fact that they focused on rehabbing or landlording.
After you gain some traction with wholesaling, in order to continue expanding your business, you must remember to give back. Go to your local real estate club and volunteer — and expect nothing in return. Be sure to talk to people and get to know them. A few of you know my story: I volunteered for my real estate club for two years straight. It’s crazy because the former president of the club came to me one day and said, “You use to serve the speaker’s coffee, and now you are speaking.” It made me realize how far I’d come. You never know who is watching you. Anyway, look for your local real estate clubs and meet ups, and see if someone is holding a BiggerPockets meet up in your area. Also volunteer your speaking services in an effort to help others. If you do not have one, start one. Be real; don’t be fake. Veterans can spot fake a mile away, and they wont support you. Be transparent, and let people know what you are trying to do and the goals of the meeting. That way, less time is wasted.
Network With Other Investors
Make yourself available to others to take you out to lunch. I dedicate four days a month specifically to go to dinner with newbies. I answer their questions and help them get over challenges, doubts and fears. Recently, a newbie was referred to me. This lady was taking someone’s coaching program. The coach advised them to link up with me. We sat down for lunch. Through our conversation, it became evident that she was completely focused on buyers. I told her to stop what she was doing and go find sellers. She told me about a deal she was working on and did not think she was getting low enough. I told her to lock it up at $100k, which the seller said they wanted. And she shot it out at $109k. She sold that deal in less than 2 hours. My willingness to help others keeps me getting more out of this business.
Start a Blog or YouTube Channel
The blog will be to help other people, of course. I get a lot of people from in town and out of town wanting to partner up with me because they saw a video on YouTube, my blog, or my BiggerPockets profile. I make great money JV-ing on these deals. Sometimes these deals are the only deals I close in a month. It’s a great feeling making five figures in a month — and putting up no marketing dollars to do so. From what I see, in any business venture, if you become good enough at it, eventually people will seek out your expertise.
In conclusion, by adding value to others you can make a lot of money in return by them bring you their deals. I get a lot of people referred to me from folks in my city and out the state. I am able to make a good income off that alone. None of this will happen overnight, but what does? Anything great will take time.
Wholesalers: What do you do in your community to get noticed?
Leave your tips below!