I live in the DFW area and would like to know how you found your first deal, and what you went through during that process, I’m going to be wholesaling. It would be nice to hear from you all!
No, you’re not complicating things, but you seem to be short-circuiting everything.
How many Bandit signs are you placing, and what areas are you placing them (or why are you placing them where you are placing them?) You’re likely needing to increase the numbers of signs, and better-locate them. After you get some calls, you note where the suspect saw your number by asking them where they found your number. Use that information to your advantage, and maybe scale up.
At the beginning, unless you have LOTS of extra time, you just send to the addresses you find re: probates, divorce and tax liens. Realize these people are likely getting mail already, so you’ve got to stick out and be repetitive in your mailings. Give the suspects more than one reason to call you, over everyone else, or instead of everyone else. Offer something they might need, including a sale. Offer a related report on probate that you call “What You Don’t Know About Probate Will Kill You!” Or “How To Keep Your Spouse From Getting The House!” Or “What To Do After The City Liens Your Property.” You need these sellers to call you first, so that you can determine if they’re deals or not, and try to get to the deals FIRST.
You make deals, you don’t find them. Just saying. Call the sellers you find online, and see how motivated they are, what problems they’re having selling, and/or desperation levels, with the objective of meeting the seller to make an offer. Ask lots of questions about the house. Let the sellers talk.
Once you’ve got an appointment, look up the comps; find out what is owed; and combine that information with what the seller told you about the property (ie: Needs a new roof. New paint and carpet, because the dog had several episodes of explosive canine diarrhea all over everything, etc.), and then determine what value there is.
Do NOT make offers over the phone. Offers are made in person. Otherwise those are verbal offers. And verbal offers don’t count. Never mind sellers will use your verbal offers to work over other investors, and you just served as a ‘ringer’ for the other investor. Do not do that.
You make offers in person, where all the decision makers are present.
Hope that helps.
I’m thinking of getting down and dirty, a few yrs ago I purchased some blank precut door knob hangers. I printed them up nice on the printer and paid 2 girls 140 buks to do an area I picked out. I got a 14K deal. I want to get this going again. I cud be walking these neighborhoods myself, I cud sure use the exercise. I got plenty of time, and more blank material. Deals were easier a couple of years ago, now getting only a few calls from direct mail
I’m gonna regroup, U thinking of doing anything creative?
Use that subconscious. I can’t find mine.
My first deal was from direct mail and my second was from my website. I can tell you a website is a long term play and takes a lot of time or money. I recently started driving for dollars with the Dealmachine app and have been able to get direct to sellers faster.
I’ll share my first creative deal, although it wasn’t my first wholesale deal. It was my personal residence. While driving through an area we were interested in I saw a house with a pile of brush in the driveway. It looked vacant so I tracked the owner down. I don’t remember the details now, but I’m sure it was through the county tax records and either sent a letter or found a phone number.
Seller was divorced, had rented to some “friends” who I believe had stopped paying rent, and was about to let it go back to Bank of America. We purchased subject to existing mortgage and brought everything current. He was even willing to pay us back through monthly payments for the amount we had to spend to bring everything current.
Win-win for everyone
Got the first deal from bandit signs. I placed around 60 of them on interstate exits and ramps. Owner’s wife called me, they had a house 2 hours away from where I am. Never saw the house, never saw the buyer. Assignment fee was $10k. Sold it 2nd day, after signing with the seller.
My first deal great deal would have been from a person I knew who knew some people that had drug issues. Sad but they were losing there house and were friends of the family member that brought me to them. I actually passed on it but felt its a good story to share as most people probably know someone that is in that group.
First deal I actually did was mls which isn’t very exciting or useful so I shared the other :biggrin