Wholesale Cold Calls

[Nick Pries]

Hi, I have been using prop stream, driving for dollars and other lists. I need advice on that distribution of words when they answer the phone. People have been hanging up right away. 

[Don Konipol]

Quote from @Nick Pries:

Hi, I have been using prop stream, driving for dollars and other lists. I need advice on that distribution of words when they answer the phone. People have been hanging up right away. 

 Here’s some advice you may NOT want to hear.

Before spending more time and money, decide if cold calling, sales, prospecting, is something you really WANT to be doing with your time.  I know you have goals you want to reach, but trying to operate a wholesaling real property business may not be the best way to reach them - for YOU.

First, understand that not everyone who claims to be successful is actually successful; ESPECIALLY in the “get rich” industry.  And many that have  “gotten rich” did so selling mentoring and advice, not actually doing any of the things that they purpose you do.  

There may be a better use of your time (and money) doing something you enjoy more, or dislike less, and will bring you closer to whatever goal you have. For instance, many people are mislead into "wholesaling real estate" because they believe (1) they could accumulate capital for future investment and (2) they will accumulate "knowledge" while they "earn". BUT, they' could accumulate far more pertinent knowledge and education by either taking a basic real estate theory and law course, and or working as a real estate broker/agent, or working for a real estate syndication form or REIT.

Further, it’s the opinion of us “seasoned” real estate investors, syndicators, and deal makers that 99% of people trying to wholesale property never even make one deal.  Successful wholesalers I know spend $10,000 monthly on marketing, understand and have intimate knowledge of property values in their geographical area, understand real estate law, foreclosure, financing, marketing, investing, and operations.  How an inexperienced wholesaler with little capital is supposed to compete with them I just don’t know.  

Now, I know that there seems to be an unlimited number of people, on BP, YouTube, etc., with stories of how people, JUST LIKE YOU, made $45,000 in two weeks wholesaling their first deal, armed only with two weekends of training and the special terrific one of a kind purchase contract offered exclusively to their mentoring members.  Yes, out of 10,000 people, ONE did luck out completely and a deal he couldn’t screw up fell in his lap.  Just like lottery winning.  Counting on winning the lottery probably is not a good retirement savings strategy.  Wholesaling real estate is probably not a good capital accumulation strategy - at least for most people.