I’ve picked up my activity significantly recently and made 3 offers last week. 2 were turned down and 1 still out. What is becoming clearer and clearer to me as I get more experience pursuing potential wholesale deals is what I will call “Push or Pull”. A “Push” is going out and driving around or farming neighborhoods or using the MLS in a proactive way to find properties that may be deals. Although this does work and you can find deals, it is very labor and time intensive and you really don’t know if you have a motivated seller. So I’m going to turn up my activities to do what I call “Pull”. These are techniques that bring motivated sellers to you using advertising, direct mail, flyers, Craigslist, bandit signs, etc. that are reactive and allow motivated sellers to find me and then I am ahead of the game by passively setting up all these avenues for potential deals and have sellers contact me indicating that they are “anxious” to sell and have the desire in place that can faciltate a deal that fits my wholesaling model of buying the property at a price that will generate the numbers that work. I have a good investors list built, I just need to find better deals to offer these investors.
I will continue to “Push” for deals but will also set up the “Pull” so I can reach my wholesaling goals and build my REI business.