Newbie Information Q&A

[Daniel Bielski]

Hello! I’m a new member from the West Suburbs of Chicago (Schaumburg area) interested in wholesaling real estate. I was wondering if anyone has a few pointers and simply share some knowledge with me on what should I start with, how to generate leads, finding motivated sellers and cash buyers, the whole wholesaling process, calculating deals, etc. I’m fresh in the industry. Feel free to message me to chat or reply on my post. Thank you!

[Chrissy Parsons]

Direct mail is a good tactic for finding sellers. You can get a list of off-market leads to you can talk to people before they go through all the steps to put their house on the market.

The most commonly used list is for Absentee owners. Cook County however is a pretty competitive market and you might find that the the absentee owners are getting plenty of offers from other investors.

Another effective, but not yet over-used list to consider is: Seniors with 15+ year ownership and low Financial Stability Scores (FSS)

I ran a report and found 2100 in Schaumburg, Hoffman Estates, Streamwood, Hanover Park and Elk Grove. All are single family homes, 15+ year residence, low FSS and home value up to $350,000.

This group is often ready to downsize or transition to assistance. It's also unlikely that they have done any updating and kept up on all the maintenance so a lower offer is more reasonable and you have a renovation opportunity.

Come up with a list of services you can offer to make it easy for them to sell (as-is) and to move (clean-up service). Find some people who run yard sales and purchase estate items that you can bring in.

If someone has been thinking about selling, but are overwhelmed at the prospect of fixing the house to put it on the market, your letter could just do the trick if you let them know what you will do for them