Anyone Else Worn Out by Wholesalers Texts and Postcards?

115 Replies

Originally posted by @Steve Morris :
Originally posted by @Sylvia B.:

@Steve Morris Are you having trouble with the quote function?

Digital speech impediment I think.  Maybe latent narcissism on my part also?

 

If you start typing at the red arrow, your reply will be included in the quote. If you type at the green arrow, your reply will be separate from the quote.

 Just click/touch a little ways down from the text you are quoting. When you start typing, if your text looks light and slanted, you didn't leave enough space. Click farther down and start over.

Yes, completely tired of wholesalers.  My favorite one recently was this.

"Hi, my name is Bob and I'm interested in your property at...uh... at... ummm.... 123 Main St....   What is the lowest you'll accept for it?"

No how are you.  Nothing about what might motivate me to sell (not that I'd engage in that kind of nonsense anyway) or asking how I'm getting on with the weather.

I mean, I guess it's better than wasting my time, but since Bob here has already interrupted my work and train of thought, can I get just a little schmooze?  No?

Originally posted by @Jay Hinrichs :
Originally posted by @Joe Cassandra:
Originally posted by @Steve Morris:

"Anyone Else Worn Out by Wholesalers Texts and Postcards?"

Not at all, I see them as an opportunity.

1) I call and say I'm a buyer, put me on your list.

2) I find the owners they've exploited and under-priced

3) I call the owner and say, here's the FMV and comp sales of your property and you're losing at least 20% you go with this offer. I then tell them that the guy that wrote is NOT going to be the buyer and he's given you $0.01 as earnest money.

4) I tell them since you don't have a listing, think about it.

#1. Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you. 

#2. Based off your "scheme" I'm guessing you've never talked to many offmarket sellers before that sold for a discount. 

Most aren't dumb. 

They know what a realtor is...they know that's what would get them the most money. 

...they just don't care! They want the easy button. 

Realtors on the other hand strut through your house, tell you "Oh, you need to update the kitchen, and paint, and etc. etc. etc." 

These people don't want that. 

They don't want their neighbors seeing their house in bad condition...

They don't want strangers going through and judging them on the clutter...

They also don't want to deal with picky retail buyers who want an HGTV house. 

They just want their money and to be done with it. 

=-====

(no, I'm not a wholesaler...but I do market for offmarket deals to buy/hold or flip).

 

I'm betting most of the people that complain about wholesaler messages also are ON wholesaler mailing lists trying to pick up deals. 

It's like saying you love pizza but don't want to see how it is made.

to carry this conversation forward.. I do want to offer that..  wholesalers parade all sorts of buyers through the houses.. no investor i know is going to buy a fixer unless they can see it and march their contractor through it.. so that excuse the wholesale community uses does not track.   wholesale deals go down just like any regular deal.. buyer does some sort of walk through inspection etc..  I guess the only difference is there usually is not a sign in the yard for sale..

Although a lot of wholesalers these days in Oregon or let me say a few.. are now trying to re market listed properties.. so there is a sign in the yard.. and then send out blast e mails with hours for walk through s  Like this one i got this morning.

Investors,

This is just a reminder for our walk through today at the property in Portland, Oregon from 1:30-3:00 pm. Please send me an email response or text to give you the address and so I know you are coming!

Here are the numbers again:

Purchase Price: $235k

Rehab/Repairs: $39.5k

ARV: $354,817

PROFIT POTENTIAL: +$80K

I look forward to seeing you!

I wont comment on the quality of the deal.. but if it was betting I would say.. the rehab is more ARV is less.. there is no figure for cost of resale taxs insurance and holding costs especially if its private or hard money. that 80k POTENTIAL gets down to next to nothing pretty quick.

Hey Jay, agree with that point about the buyers waltzing through. 

Again, I'm not a wholesaler, so I don't side with anyone. 

I bought a house last week I haven't even stepped in because a tenant...just saw a bunch of pictures and saw the outside. (didn't need any rehab) (I marketed for this lead myself)

#2. 

Agree 90% of wholesalers are terrible. And suck.

They inflate their ARVs and deflate their repairs. 

My main point is many people complain about wholesalers ---> yet, many are on wholesaler lists trying to get good deals. As we can all agree the MLS is empty with 'great' deals.

I was also responding to Steve's posts where he would just go behind the wholesaler's back to try and get the seller to list. 

...

How about he drops $10,000 on marketing (as I have the past few months), digs through people cursing at them, sitting on dozens of porches listening to sellers...for a piranha to try and go behind their back to steal the lead. 

You wanna talk about how 'annoying' a wholesaling texting you is...but you say you're going to try to steal leads?

That's what I have issue with. 

#1. People complain about wholesalers then buy from them

#2. Saying you'll steal leads and try to get sellers to list when drumming up good deals is hard enough

------------

If you buy all your deals from the MLS...then sure complain about wholesalers.

But if you're buying deals from wholesalers, you've negotiated off market on sellers and gotten house at a discount (i.e. what wholesalers do)...can you really complain about anything?

 

Most wholesalers just send me emails, but the ones who do send texts can be rather annoying for sure. The post cards just go straight in the trash. The worst are unsolicited phone calls though.

YES! YES! YES!

I am sick nearly to death of everybody on the planet wanting to buy my house, as is, all cash, for probably 50 cents on the dollar.

It's crazy! I got an offer in my PO box offering to buy my PO box!

I was seriously considering contacting the person to ask what they were going to offer me, and what exactly they planned to do about the real owner, the U.S. Government.

Originally posted by @Mark Przybysz :

Daily texts, calls and postcards. Anyone else just absolutely worn out? Everyone has the same pitch too. 

I have five investment properties in the Atlanta market, but the daily phone calls, postcards, and letters almost exclusively relate to one particular property.  I've only received one text message to date.  I normally let all unknown callers go to voice mail, but if I do pick up I just politely decline and hang up.  I find it all very amusing.  

 

Originally posted by @Joe Cassandra :
Originally posted by @Jay Hinrichs:
Originally posted by @Joe Cassandra:
Originally posted by @Steve Morris:

"Anyone Else Worn Out by Wholesalers Texts and Postcards?"

Not at all, I see them as an opportunity.

1) I call and say I'm a buyer, put me on your list.

2) I find the owners they've exploited and under-priced

3) I call the owner and say, here's the FMV and comp sales of your property and you're losing at least 20% you go with this offer. I then tell them that the guy that wrote is NOT going to be the buyer and he's given you $0.01 as earnest money.

4) I tell them since you don't have a listing, think about it.

#1. Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you. 

#2. Based off your "scheme" I'm guessing you've never talked to many offmarket sellers before that sold for a discount. 

Most aren't dumb. 

They know what a realtor is...they know that's what would get them the most money. 

...they just don't care! They want the easy button. 

Realtors on the other hand strut through your house, tell you "Oh, you need to update the kitchen, and paint, and etc. etc. etc." 

These people don't want that. 

They don't want their neighbors seeing their house in bad condition...

They don't want strangers going through and judging them on the clutter...

They also don't want to deal with picky retail buyers who want an HGTV house. 

They just want their money and to be done with it. 

=-====

(no, I'm not a wholesaler...but I do market for offmarket deals to buy/hold or flip).

 

I'm betting most of the people that complain about wholesaler messages also are ON wholesaler mailing lists trying to pick up deals. 

It's like saying you love pizza but don't want to see how it is made.

to carry this conversation forward.. I do want to offer that..  wholesalers parade all sorts of buyers through the houses.. no investor i know is going to buy a fixer unless they can see it and march their contractor through it.. so that excuse the wholesale community uses does not track.   wholesale deals go down just like any regular deal.. buyer does some sort of walk through inspection etc..  I guess the only difference is there usually is not a sign in the yard for sale..

Although a lot of wholesalers these days in Oregon or let me say a few.. are now trying to re market listed properties.. so there is a sign in the yard.. and then send out blast e mails with hours for walk through s  Like this one i got this morning.

Investors,

This is just a reminder for our walk through today at the property in Portland, Oregon from 1:30-3:00 pm. Please send me an email response or text to give you the address and so I know you are coming!

Here are the numbers again:

Purchase Price: $235k

Rehab/Repairs: $39.5k

ARV: $354,817

PROFIT POTENTIAL: +$80K

I look forward to seeing you!

I wont comment on the quality of the deal.. but if it was betting I would say.. the rehab is more ARV is less.. there is no figure for cost of resale taxs insurance and holding costs especially if its private or hard money. that 80k POTENTIAL gets down to next to nothing pretty quick.

Hey Jay, agree with that point about the buyers waltzing through. 

Again, I'm not a wholesaler, so I don't side with anyone. 

I bought a house last week I haven't even stepped in because a tenant...just saw a bunch of pictures and saw the outside. (didn't need any rehab) (I marketed for this lead myself)

#2. 

Agree 90% of wholesalers are terrible. And suck.

They inflate their ARVs and deflate their repairs. 

My main point is many people complain about wholesalers ---> yet, many are on wholesaler lists trying to get good deals. As we can all agree the MLS is empty with 'great' deals.

I was also responding to Steve's posts where he would just go behind the wholesaler's back to try and get the seller to list. 

...

How about he drops $10,000 on marketing (as I have the past few months), digs through people cursing at them, sitting on dozens of porches listening to sellers...for a piranha to try and go behind their back to steal the lead. 

You wanna talk about how 'annoying' a wholesaling texting you is...but you say you're going to try to steal leads?

That's what I have issue with. 

#1. People complain about wholesalers then buy from them

#2. Saying you'll steal leads and try to get sellers to list when drumming up good deals is hard enough

------------

If you buy all your deals from the MLS...then sure complain about wholesalers.

But if you're buying deals from wholesalers, you've negotiated off market on sellers and gotten house at a discount (i.e. what wholesalers do)...can you really complain about anything?




ya just pointing out some of the benefits wholesale talk about is just marketing jargon that captures those who don’t really  understand   

I find deals that wholesalers have but I probably have bought less than 5 from them out the hundreds we have bought last 20 years. We like auction sites and very good reo agents who have better connections and of course in ga we bought trustee sales 

But that’s just me/us.  I am like u I want to source my own deals. We don’t spend a dime on marketing though.  Deals come to us 



 

 


But that’s just me/us.  I am like u I want to source my own deals. We don’t spend a dime on marketing though.  Deals come to us 

 

 

Lol, I'm still wet behind the ears Jay :). 

No one's dropping deals in my lap yet haha

..

That's a lie. Someone found me on BP a month ago and sent me a deal we just bought. 

So for anyone that claims BP is just for 'newbie's, it's not true

 

I'm going to offer a different perspective here. As a buyer, I actually appreciate wholesalers for identifying off market deals so I don't have to. I've been very fortunate that none of the ones we have worked with are obnoxious. They're typically young, very new, know they have a lot to learn, and are very polite. I would never, ever rely or even take into account the ARV a wholesaler might pitch. It's my responsibility to know the market I'm buying in, the ARV and the rehab costs. Most wholesalers I've encountered know nothing about rehab costs and are actually very interested in learning about what we're looking for when we analyze a property. So their analysis of the ARV is irrelevant to me. If the number they can get a house under contract for works with my numbers, I don't mind paying them a small percentage for bringing me the deal - that, too, has to work with my overall numbers for the deal. Now, I realize that is all from a buyer's perspective. I haven't had the experience of having a wholesaler approach us about buying a property we own.

Originally posted by @Mark Przybysz :

Daily texts, calls and postcards. Anyone else just absolutely worn out? Everyone has the same pitch too. 

 I haven't publicly advertised my cell phone number in several years. Everything has been going to my staff on the office line since 2016 or so; client calls, tenant calls, seller calls etc..........I still receive 3-4 cell phone calls and texts Every. Single. Day.

Originally posted by @Alvin Sylvain :

YES! YES! YES!

I am sick nearly to death of everybody on the planet wanting to buy my house, as is, all cash, for probably 50 cents on the dollar.

It's crazy! I got an offer in my PO box offering to buy my PO box!

I was seriously considering contacting the person to ask what they were going to offer me, and what exactly they planned to do about the real owner, the U.S. Government.

Same, I get the "I want to buy your PO BOX" cards pretty frequently.  A stunning number of these wholesalers just have no idea what they are doing.  I have one that regularly sends me postcards for an address I have no relation to, it looked like a mail merge error. I called the guy to at least try and let him know, and his Virtual Assistant was just confused and rude. I shrugged it off and still get the mis-addressed ones to this day from that same guy.  No clue how these guys actually manage to land any deals this way. 

 

Originally posted by @Mark Przybysz :
To those who are tired of the hassle. What are your preferred ways to reduce the amount of volume? 

Based on this: 

"Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you."

My brilliant scheme of calling the sellers directly.

Finally, all that time being a smart a$$ PAYS OFF!!!!

 

Originally posted by @Joe Cassandra :
#1. Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you. 



No way!!! I'll just give to my licensed RE brokers and let them call in their own driving for dollars!!!!

It'll be like spy vs spy or WikiLeaks, I gotta say the prospective mayhem fascinates me in this impending battle of wits.

 

Originally posted by @Steve Morris :
Originally posted by @Joe Cassandra:
#1. Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you. 

I absolutely love how wholesalers act like working with them is some kind of privilege. I have consistently bought at prices much better than anything I see wholesalers are marketing, and in better areas too.  Never bought from a wholesaler basically for that very reason.

Plus I see some of their posts in local groups, they squeal about other wholesalers stealing deals from eachother, all upset, when in fact the seller is actually getting a much better deal because the only way to steal a deal is pay the homeowner more money!   I've also been talking to someone out of state who was ripped off pretty badly by a well known local wholesaler, and trying to help that person towards justice.  Just awful business all around and I wish the state would crack down on it. 

So go ahead, wholesalers, "blackball me".. Like any of you are even seated at a table important enough for it to matter.  Anyway next weekend when Than Merrill and his fortunebuilders hustle comes to town there will be 50 more brand new wholesalers minted out to add to the call queue. 

Originally posted by @Nicky Reader :
Originally posted by @Steve Morris:
Originally posted by @Joe Cassandra:
#1. Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you. 

I absolutely love how wholesalers act like working with them is some kind of privilege. I have consistently bought at prices much better than anything I see wholesalers are marketing, and in better areas too.  Never bought from a wholesaler basically for that very reason.

Plus I see some of their posts in local groups, they squeal about other wholesalers stealing deals from eachother, all upset, when in fact the seller is actually getting a much better deal because the only way to steal a deal is pay the homeowner more money!   I've also been talking to someone out of state who was ripped off pretty badly by a well known local wholesaler, and trying to help that person towards justice.  Just awful business all around and I wish the state would crack down on it. 

So go ahead, wholesalers, "blackball me".. Like any of you are even seated at a table important enough for it to matter.  Anyway next weekend when Than Merrill and his fortunebuilders hustle comes to town there will be 50 more brand new wholesalers minted out to add to the call queue. 

I'm a newish investor who just closed on my second multifamily off of a wholesale list. While I am very happy with my latest deal, I have been considering direct marketing to sellers to try to find my next deal. I too get a lot of phone calls and texts which I find to be irritating, but my question is what do you all think is the best way to reach out to motivated sellers without pissing people off? I'm mostly interested in multifamilies so I'd likely be calling other investors like yourselves. I plan on using some background information such tax delinquencies, liens, and pre-foreclosure to try and weed out the happy investors before I even make the first call but I'd be curious to know what you all think would provide the most value to the seller and differentiate from the masses of calls that just annoy you. Thanks!

Originally posted by @Kyle Mailloux :
Originally posted by @Nicky Reader:
Originally posted by @Steve Morris:
Originally posted by @Joe Cassandra:
#1. Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you. 

I absolutely love how wholesalers act like working with them is some kind of privilege. I have consistently bought at prices much better than anything I see wholesalers are marketing, and in better areas too.  Never bought from a wholesaler basically for that very reason.

Plus I see some of their posts in local groups, they squeal about other wholesalers stealing deals from eachother, all upset, when in fact the seller is actually getting a much better deal because the only way to steal a deal is pay the homeowner more money!   I've also been talking to someone out of state who was ripped off pretty badly by a well known local wholesaler, and trying to help that person towards justice.  Just awful business all around and I wish the state would crack down on it. 

So go ahead, wholesalers, "blackball me".. Like any of you are even seated at a table important enough for it to matter.  Anyway next weekend when Than Merrill and his fortunebuilders hustle comes to town there will be 50 more brand new wholesalers minted out to add to the call queue. 

I'm a newish investor who just closed on my second multifamily off of a wholesale list. While I am very happy with my latest deal, I have been considering direct marketing to sellers to try to find my next deal. I too get a lot of phone calls and texts which I find to be irritating, but my question is what do you all think is the best way to reach out to motivated sellers without pissing people off? I'm mostly interested in multifamilies so I'd likely be calling other investors like yourselves. I plan on using some background information such tax delinquencies, liens, and pre-foreclosure to try and weed out the happy investors before I even make the first call but I'd be curious to know what you all think would provide the most value to the seller and differentiate from the masses of calls that just annoy you. Thanks!

Not sure unfortunately, but realize the typical wholesalers are looking for unsophisticated or desperate sellers.... Owners with MFH in areas you'd actually want to invest in are usually more sophisticated and the same tactic looks mickey mouse to them. 

If you want MFH deals, you should probably write a smarter pitch for that level of investor, like "flexible buyer to work around your 1099 goals" and "you can have mailbox money via seller financing" , that you take over buildings with difficult or nonpaying tenants, you will take over properties with liens, will work with short sales or whatever. Obviously don't promise what you can't deliver. 

Also, those types of owners should know the "we buy houses" people aren't for real (eg not actually cash buyers) by now, so mentioning you are an end buyer and not a wholesaler would probably help quite a bit. I would also avoid using any of the phrases or appearances (eg yellow postcards or fake handwritten-font letters) wholesalers use. 

You may also want to set up a system to mail them a few times, maybe offer to pay for a lunch even if they aren't interested in selling, just to chat about real estate, whatever. Maybe ONE call after sending a couple letters, yourself, not using a virtual assistant!

Anyway, no idea if these will work for you, but just some ideas of things that might actually work on me. 

Originally posted by @Nicky Reader :
Originally posted by @Kyle Mailloux:
Originally posted by @Nicky Reader:
Originally posted by @Steve Morris:
Originally posted by @Joe Cassandra:
#1. Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you. 

I absolutely love how wholesalers act like working with them is some kind of privilege. I have consistently bought at prices much better than anything I see wholesalers are marketing, and in better areas too.  Never bought from a wholesaler basically for that very reason.

Plus I see some of their posts in local groups, they squeal about other wholesalers stealing deals from eachother, all upset, when in fact the seller is actually getting a much better deal because the only way to steal a deal is pay the homeowner more money!   I've also been talking to someone out of state who was ripped off pretty badly by a well known local wholesaler, and trying to help that person towards justice.  Just awful business all around and I wish the state would crack down on it. 

So go ahead, wholesalers, "blackball me".. Like any of you are even seated at a table important enough for it to matter.  Anyway next weekend when Than Merrill and his fortunebuilders hustle comes to town there will be 50 more brand new wholesalers minted out to add to the call queue. 

 I'm a newish investor who just closed on my second multifamily off of a wholesale list. While I am very happy with my latest deal, I have been considering direct marketing to sellers to try to find my next deal. I too get a lot of phone calls and texts which I find to be irritating, but my question is what do you all think is the best way to reach out to motivated sellers without pissing people off? I'm mostly interested in multifamilies so I'd likely be calling other investors like yourselves. I plan on using some background information such tax delinquencies, liens, and pre-foreclosure to try and weed out the happy investors before I even make the first call but I'd be curious to know what you all think would provide the most value to the seller and differentiate from the masses of calls that just annoy you. Thanks!

Not sure unfortunately, but realize the typical wholesalers are looking for unsophisticated or desperate sellers.... Owners with MFH in areas you'd actually want to invest in are usually more sophisticated and the same tactic looks mickey mouse to them. 

If you want MFH deals, you should probably write a smarter pitch for that level of investor, like "flexible buyer to work around your 1099 goals" and "you can have mailbox money via seller financing" , that you take over buildings with difficult or nonpaying tenants, you will take over properties with liens, will work with short sales or whatever. Obviously don't promise what you can't deliver. 

Also, those types of owners should know the "we buy houses" people aren't for real (eg not actually cash buyers) by now, so mentioning you are an end buyer and not a wholesaler would probably help quite a bit. I would also avoid using any of the phrases or appearances (eg yellow postcards or fake handwritten-font letters) wholesalers use. 

You may also want to set up a system to contact them a few times, maybe offer to pay for a lunch even if they aren't interested in selling, just to chat about real estate, whatever.  No idea if these will work for you, but just some ideas of things that might actually work on me. 

Thanks Nicky! I think those are really good ideas. I want to do everything I can to avoid "smelling" like a typical wholesaler. Appreciate the feedback!

 

@Nicky Reader hits the nail on the head about "Stealing the deal." 

And @Kyle Mailloux that is a fantastic question. For me - It's the mindless, go to a class, buy a list, hire someone remote to make calls for you, all with the same gimmicks and templates to waste my time. So mindless, they are sending postcards to ask to buy PO Boxes and houses people have sold already. When they finally get around to making an offer, it's generally absurdly low. Maybe the most frustrating of all - they know literally nothing about the property they are inquiring about, other than the address.

They throw things at the wall (gimmicks and templates), sometimes it sticks. Big win for Johnny! He underpaid ma-maw, who was in a tough spot, and made a quick > $10k  because she got his phone call (or post card), was uninformed about market value for her house, and sold for quick cash. 

If you want to NOT waste someone's time just do a little due diligence and have enough respect to know what you're inquiring about before you reach out.
Originally posted by @Austin Coon :

@Mark Przybysz. You’d probs like my postcards. I take a selfie in front of your property and promise to buy you a taco if you call me back.

well i never got a letter from you..  I was in indy 2 week ago and would have enjoyed a taco with U

 

Originally posted by @Casey Conner :

@Mark Przybysz

Low barrier to entry gets you a lot of people!

More like NO barrier to entry. Anyone with a cell phone (even courtesy of the government) can be a "wholesaler". Part of why licensing is important for brokers, which is what "wholesalers" essentially are. The value of using an agent to sell a property isn't some inherent marketing prowess, as there are many many agents who have no clue what they are doing just like there are tons of ignorant wholesalers, but rather having some recourse at the state level and through their e&o insurance when they approach a transaction fraudulently or negligently. But I guess that's neither here nor there in this conversation.

It amazes me how many of these types contact me despite me holding a managing broker license. I've responded to a number of them to sell my public adjusting and roofer services for properties they "have" - quite amazingly (and thankfully) that actually gets me off their lists. One actually replied STOP to me when I replied to his unsolicited text with my own sales pitch lol. Unfortunately there is little that can be done, just like all of the telemarketing calls we get despite the DNC list, unless they are sending out millions of texts and calls the government won't get involved and that's where the buck ultimately stops. Your best bet is to use a google voice number for everything but family/friends and send all incoming calls/texts to VM.