Hello everyone,
wondering if anybody has done any virtual wholesaling without boots on the ground? Like maybe received feedback straight from buyers?
Thanks,
Cecilio Gandara
Hey cgandara2318, I want to offer you a job. Find us fixers in depressed low income and working class areas in your city.
I will furnish my contracts, my negotiation skills and buyers. And pay you 50% of the profits.
You gona do it, or make excuses?
You may find buyers by looking through the previous sold properties in areas where you are looking for a deal, also craigslist for the specific areas helps sometimes
I have done once and it was hard because I had to trust the seller and the buyer and never met each. Although it was in a city that I used to live. However, I got paid and it was really cool because it was virtual. But stressful to make sure you get paid. I threaten the guys I work with that I will ruin them if they don’t pay me. Everybody wins!!! :biggrin
I have spoken to a guy who wholesales in my market but is out of state. He seems to do okay with it but he has a local wholesaler (and maybe some family?) that he works with. To be honest, from an investor POV, it seemed a little sloppy and I have wasted time because not everybody was operating with the same information but they have definitely sold some houses.
I know “virtual” wholesaling seems to be the buzz and there are guru classes, etc but it seems rough to try to wholesale an occupied property you have never seen in another state, or something along those lines…
Mr nicmauro, I wud like to get you thinking more positive, wen you state that virtual wholesaling seemed sloppy and you wasted time etc., it was so contrary to what I’ve experienced.
I have wholesaled a lot of houses virtually, 3 out of state, one in Vegas, one in Montgomery and one in Salisbury Maryland.
All those wer unoccupied, the Vegas an Alabama houses were in good shape and I actually rented them out while trying to sell them. It was wild getting renters to trust me to send big buks thru the mail to some crazy dude that didnt even have title on them. But I rented them cheap cuz they needed repairs.
My sellers were willing to sign my purchase agreement sent by email, yea I know it sounds insane. Then advertising the properties on Craig’s List to find my buyers. Then I wud send my assignment of contract to my buyer to sign the same way. Sometimes the sellers wud send me photos of the property, sometimes the bird dogs, sometimes I only had a photo from google maps to advertise the property.
So Mr nicmauro, if your thinking difficult, then it will be, you will never get started, and your negative comments may discourage the readers from trying.
Here is my experience, it’s so friking easy. Now stop your whining and get to work. If you need a free booklet and contracts I use, then PM me. Rando
Why would you not wholesale in the market you live in first? If you are not doing this already, start there. Wholesaling is hard enough and if you throw in the additional issue of a long distance city into the mix you may struggle.
And watch out for people out of town offering to leverage their expertise in a JV with you in your city. They promise alot but generally will waste your time and money by having you drive around, then steal your leads and you never hear from them again. Or they will make you do all of the leg work for due diligence, contact/meet with sellers/buyers, and basically everything required to close the deal while they sit on the couch watching Judge Judy and only show up if/when you go to closing wanting 50%.
And watch out for Murphy’s that will spew their negative venom. No matter what the circumstances are, they will find fault with every proposition, opportunity and offer of help. Their main expertise is in condemning others that have made money in any profession. The really sad part is newbies may listen to their negative swill and with out a second thought not even try.
Most investors needing and asking for 50% partners value their bird dogs and property finders. It wud be just plain stupid to not pay their fee and risk getting a bad review, possible litigation and angering the karma gods.
The real valuable advice is to avoid Murphy types and keep a positive attitude and know that a successful investor needs help finding deals. I’ve found that the investors in every city are a tight group and word gets around fast and the Murphy types are soon on the train to a nine to five. If the investor is home watching Judge Judy and your doing all the work, well finding the deal is only half the work, you need someone experienced in negotiations and contracts and escrow and getting property sold and etc. If you need help, dont hesitate to ask an experienced investor to walk you thru the process, After a few deals you will know how it’s done, you made some serious money and got your training for free.
I owe my success because of the Murphy spew, I got angry and I was on a mission to prove them wrong, and I got even.
Let’s make some Money…
No condemnation here. Just pointing out to someone new, who may still be working on their “inner investor” that there are risks involved in this business that they need to be aware of. Stay positive of course but be aware. Your team is going to be vital to your success. It is very important to surround yourself with individuals you can work harmoniously with toward achieving the goal, which is a deal that benefits everyone involved. Being a newbie doesn’t mean you don’t have value to bring to the table. Definiteness of purpose, desire, determination are all highly valuable. So don’t let someone exploit you for your time and resources just because you are eager and willing to learn. What I mentioned was an example of an inharmonious partnership. If you see it, you should cut it off immediately. Because there are ways to learn in a mutually beneficial relationship.
And try not to make anger and resentment the reason you attain success
We have done this literally with facetime having the seller walk thru and show as much as we wanted to see of the house (not joking) and then we had an inspector go out that was really great. Then picked the inspectors brain to confirm a few things and ask their opinions. Not a large investment though, so would not normally recommend this - but a lead came thru that was really good. Not the smartest idea, but have done it on a small property investment. We generate leads online, and this deal just worked.
In my experience it’s best to work with a wholesaler from the area. There was a question of why not do it in your own area. My area is Southern California…marketing cost is a bit more. I currently wholesale in Georgia. In fact I’m looking for another wholesaler in Columbus Georgia to work with.
operating without boots on the ground does not last long. you do one deal in an area, split some cash with someone local, and boom. you have boots on the ground. making money is taking risks and this risk is so low, it isnt worth mentioning, imo.
I personally have never done it and have always had “boots on the ground”. It can be done though.
I would echo what others before me recommended, that partnering with a local wholesaler in the area that you are trying to wholesale in is a great way to start. It’s safe, and they have experience and local knowledge of the market. You can do that at least to start and get your feet wet, then branch out of your own once you’re ready, or continue the partnership if it’s working well! Real Estate is a team sport !!!