Wholesaling

[Jennifer Carton]

Hi everyone We have tried a few different marketing strategies for possible wholesaling. None seemed to work. Went to the court house got the list for pre foreclosure and done a few different mailings. We live in Massachusetts. Does anyone have suggestions on what works best here in Massachusetts? Feeling a bit lost on finding deals for wholesaling. Thank you

[Robbie Reutzel]

Hi Jennifer,

We will need much more information to help you but I think it is important to understand a few things:

1) what market are you working in Mass? I can tell you that in Eastern Mass I am seeing very few "deals" which means that anything that could be a deal is selling for more than it should due to multiple bids. That and, generally speaking, Sellers in this area know the value of their homes so when you offer 60-65% of ARV (or whatever) they are not likely to accept.

2)  How many and what types of direct mail are you sending?  I really don't think you can assess how well a campaign is working until you are sending 1000+ pieces per month for 6+ months. Handwritten letters are also known to get a better success rate especially here where sellers are getting a ton of postcards and yellow letters. 

Remember, the average prospect will not respond until you have made 6-7 contacts with them. 

Everyone says wholesaling is an inexpensive way to break into REI and it can be but to get any type of meaningful real flow you are going to need to spend $$$.

Stick with it but prepared to get very little to know response your first few mailings. 

Good luck!