Hello, I am a newbie! I was wondering if anyone can help me with something I will greatly appreciate anyone advice. I live in the Albuquerque area and I’m having a problem finding properties in the classified section. Can anyone tell me what Im doing wrong? Where I can find the properties? Please help?
There are many ways to get leads, but ultimately you have to determine what works best for the market you’re in.
If you look at Will Barnard, for example, he does so much business that he gets more good deals than he can take down - so he wholesales them. There is another So Cal flipper I know of - she wholesales when she can’t take on everything that comes to her.
Most wholesaling is taught from the perspective of “you have no money, so make some money wholesaling.”
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You’re going to have a hard time finding deals, if you limit yourself to the classified sections of anything. “Hard time”, yes, but not impossible.
You’ve got to set your hook in several places in order to uncover deals.
Rob Swanson at reieducationproducts.com has a system he calls Wholesale CEO. It’s relatively inexpensive ($97). I bought it a while back just for giggles, because his sales copy was so outstanding.
It lacks in presentation with an avalanche of overly basic concept explanations (good for someone with zero previous exposure to marketing, prospecting, I guess), but there are sophisticated and effective marketing and prospecting nuggets buried deep in this program that are worth 10x’s the price of his basic training. I highly recommend it overall.
I get nothing from this recommendation except a warm feeling.
The other recommendation for finding wholesale deals with some remarkably effective (fast) prospecting methods (but a lot more expensive) is from Todd Toback. Todd focuses on Lease Purchasing, but he translates that into wholesaling quite well. He is quite generous with actionable information as you’ll see in his free video series replete with actual students describing in detail how they found their first deal. It’s ‘must see TV’.
You just have to sign up for his updates to see these videos.
Anyway, either of these resources are must-haves for me, and for any wholesaler to have, without coughing up thousands of dollars. There are other good resources, too, but for the price and upside potential, these two are very hard to beat.
Hey Robert, if I were able to be offended, this would likely do it:
“you have no money, so make some money wholesaling.”
I know plenty of wholesalers who got into this biz not because they were broke, but because of what it offers: no risk, recession-proof, no rehab, unlimited income ceiling. I am one of those people. If I misunderstood your comment, I apologize.
To answer the original question, though, you will need to have working capital, each and every month, to use for marketing. No marketing budget = no deals, plain and simple. Is it possible to get a deal from the classifieds? Sure. Anything is possible. Is it likely? No.
I always tell my students they need a min of $400 a month for marketing, but a thousand is better. With it, you can send out a mailing, put out some signs, place a classified, buy leads from the net, etc, etc. That will give you a shot…
Other than classifieds, many got deals by having car signs (check in your area to make sure you don’t need commercial plates on your vehicle to do this) that says “We buy Houses”. Also, create a website for yourself with lead capture information.
You can advertise online doing PPC (pay per click) campaigns on Google Adwords, Yahoo and Bing and Facebook. This will be a lot cheaper and you can do it for $50-100 bucks a month. Make sure you study on how to do this first, if you’ve never done it before so you don’t waste your money.
There are a lot of low cost ways online and offline to get your message out. I suggest get the book by Jim Cockrum titled “Free Marketing: 101 low and no cost ways to grow your business online and off.” http://tinyurl.com/freemarketingJC
Another option is to search for online property listings in your area. MLS Systems link to many online sites. Plus, there is a huge foreclosure and short sale inventory that can be found online and many times all in one place.
Some of the sites will be free access and others may have membership fees. Those with membership fees will generally have more information on the property, additional services and may have access to properties that the free sites haven’t found yet.
You just have to sign up for his updates to see these videos.
My very first deal I did came from advertising on craigslist. Yes I was one of the broke ones lol but I took that money and bought some bandit signs :cool also if you come to be that short on leads hook up with another wholesaler and find a buyer for one of their deals
You can go to Craigslist and FSBO sites. If you are looking through Craigslist, look for ads that look like they were posted by the owners. This exercise gets better with practice. When looking at these sites, you will want to stray far from the good-looking properties. You will do well with something that is not in the best of conditions, low price, and sometimes the advertiser will mention his situation. Reply to the ad through email or better yet call the number if listed.
There’s another thing I like doing, I like to drive around just looking for distress-looking properties. Something that looks unattended, it’s even better if it looks vacant. Look up the property addresses in the real estate assessor’s office for my county and that’ll pull up the address and it’ll tell you if the person who owns the home lives there or not.
Hope this helps. :smile
Looking for deals out there is not as hard as it may seen. You have tons of options:
If you are a wholesaler find out who the other wholesalers are in your area and find out what deals they are currently working with and start marketing those properties to your buyers list, until you can find your first deal and contract it.
@ Mike Nelson we most definitely see eye to eye on this one. This is my favorite: get in your car, drive to the nearest gas station , fill your tank up and drive to a neighborhood that is rundown. In these types of neighborhoods you can find distressed properties by the hundreds. Matter of fact when go take down at least a hundred or more vacant addresses. Locate the owners through your local county property appraiser website. Send them a letter inquiring to purchase the property cash and close on it in 30 days. You will have less competition competing for properties because most investors don’t have to to gather leads this way.
Craigslist is always an option run a search from the city you are from and search for sale by owners. Look for properties that may be distressed.
Direct mail every single probate attorney in your city letting them you know you buy houses and you would be willing to pay them for any referrals they may have.
Hope this has been helpful. To your success from “Mrflipperhouse” aka “PrinceofWholesaling”
I am new to wholesaling. Do I need to get an LLC? I have been looking on craigslist for deals.
Soo Kee what ever happened. You close to a deal yet? :shocked
I’ve got some great deals by recruiting bird dogs from the Real Estate Jobs section in Craig’s List. It’s not easy to motivate these people. Out of 100 applicants only a few send me houses to review. One of my bird dogs is close to being homeless and walks and rides his bicycle around neighborhoods. He uses the public Library to send me his leads on their Computers. He might not be Homeless for long though. We may have a deal in the works. A rental property that was trashed and now boarded up. Seller owns it free and clear, taxes are current.
I have also got some great deals by advertising on Craigs list “I Buy Houses” I also do yellow letters to absentee owners. I bought a few hundred bandit signs and a lot of door knob hangers I will be putting out. Let’s make some MONEY Rando
thats great rando… :beer
One thing that works well for me is searching craigslist and other classified sites each day for certain keywords motivated sellers may use in their posts. I get a ton of leads each month from this and quite a few deals.
You can use keywords such as motivated and must sell.
Hope that helps
Thanks everyone for the advice! Delondon no I haven’t close a deal yet!
OK. We got to get you going. You have the knowledge, lets get you that cash flow. What have you done to day to benefit your wholesaling business? I ask my self this question all the time. What will I do to benefit my business, and at the end of the day, I ask what have I done.
You will get there my friend. :biggrin