I just got my first virtual contract.
Found the ad, sent emails, talked on phone, sent contract, have contract returned - WOW
I still need buyers !
So if I am not getting buyers to purchase after they respond to my ads what do I need to do?
I am running comps, getting zillow & eppraisal estimates, showing 70% below market, est repairs of 10k - 20k, taking 5K wholesale, and the rehab would still show 30% ROI for resell, or solid rental income.
What am I doing wrong? Why can’t I sell the properties?
Nobody knows the area, the price, the condition and all the variables on ur deal. Some properties wont sell no matter how cheap you get them. I’ve had several properties in Chicago and cities in Ohio & others that nobody wanted, even at 5 an 7K
You get properties right in the middle of urban decay and drug alley, who wants to deal with that?
Houses in small towns may not have any cash buyers, but the nearby cities do.
It’s a learning process, talk to other investors in the area, Don’t hesitate to walk away, but at least develop you marketing skills and give it a good shot, creative ad copy can make a bad deal sell. Place many ads locally and in nearby cities.
Also when a house wont sell after you gave it a good effort is when you go back to seller and renegotiate a much better price or cancel the contract.
I can feel your desperation, your in a hurry, that’s not a quality that will get you many deals sold, chill out.
Sometimes I will have 10 contracts going, if only half of them sell I’m doing great and it’s time to celebrate.
It appears you are searching for properties daily and have acquired some deals in a very short time span. Congratulations!! I too am about to embark on this wholesaling venture. I don’t have any cash for a mailing list, bandit signs, hell, I don’t even have a car at this moment. But I am motivated enough to move forward.
What avenues are you utilizing to find potential deals?
I’m using craigslist, for sale by owner, zillow, and scrubbing web for homes for sale.
I have a system of emails, responses, talking points, and standard contracts set up.
I also purchase a ARV comp system that pulls in from the web all comparables, and property details.
It shows me ARV, current mkt, and distressed market.
I’m new so I still do a lot of extra work to calculate the $sqft myself to double check.
On the buyers side, I emailed the investors from the craigslist ads and I have a short list of buyers, about 5-7 so far.
I’m still trying to get a better understanding of what they are looking for, but so far they say send me everything, but haven’t moved into the purchase phase yet.
When you are using craigslist, are you using a “WE BUY HOUSES” ad in different markets, or are you sending emails to individual posts to ask if their house is for sale?
I post an ad that says we buy houses.
I also reply to the craigslist ads to get additional info. I’ll do a fast review of the property before I send an email to make sure I have a potential wholesale deal.
I now have my website up and have done my preliminary SEO. In two weeks I am on page 2 of google for "we buy houses “town - state” I have received a few leads and a few buyers so far.
One of my hobbies is website design and playing the google ranking game.