Stuck on Research moving forward on stuck?

Question

Started looking for properties to wholesale 2 weeks ago. I've read multiple blogs and listened to more than 100 gurus on you tube on how to get started wholesaling in order to build income to invest back into acquiring properties. The problem is they all have different methods and I'm having an information over load. I attempted to take something from each and form my own plan but I have some steps missing. I've been reviewing the MLS for areas with cash buyers and preparing a marketing plan. I have also been driving the neighbor hoods but I'm not sure how to go about the research. Is this the best way to find deals? What all do I need to research once I've found a potential Property?

Rick H. · Answer

The OP's question centered on what is necessary to research a property.

Kind of like asking what makes airplanes fly. But flying one requires more homework than looking at a diagram of flight dynamics.

You'll need to understand about the property value by looking at comparable sales, determine the equity by looking up the existing loans and liens, determine state of title per recorder's office, see who has legal interests in the property and decide what opportunities may exist. Just remember: PETIO.

Trying to find people? Alive or dead? Last known whereabouts? Neighbors? Friends? Church or social club? Police reports? Incarcerated? Death records?

Scott Costello · Answer

I like the approach of concentrating on one marketing strategy until you have it down and are see some results...like direct mail.  After that start doing driving for dollars or send out mailings to probate attorneys or whatever.

I don't like starting to many new things at once because then I get overwhelmed and end up with lots of half completed goals.

George Maka · Answer

@Leonard Jefferson There's a lot of information out there and it's very easy to get overwhelmed. With the amount of reading and YouTube you have under your belt, it sounds like you understand the basics of wholesaling and now just looking for a deal.

To find the deal, there is no magic formula. It's a numbers game and the more pipelines you have open, the better your chance is to find a deal. Other than driving-for-dollars, also start a direct mail campaign, bandit signs, a website, online ads, fliers and anything else that you can think of that might get the attention of the buyers.

My suggestion would be to focus on 3-4 different marketing campaigns and stay consistent with that. You may get lucky and find a deal after a week, but reality is that it's going to take some time. So, even when it seems like it's not working, just keep pushing those campaigns out.

Let me know if you have any questions.

George

Aaron Montague · Answer

Thinking about wholesaling properties?

You have a good start. My next step would be business cards with your website address on them. Grab a map and start canvasing neighborhoods. Put your card under doors with a personal touch "I love the grand front porch" or "Great location, I have people who'd like to buy this house!" Mark each place you've hit up. If you don't get any hits from the cards (they will be rare) find out who owns it and send them a note or give them a call. Your goal is to find places that are going to make other people money. Become the all knowing guru of real estate in your city. And make sure everyone knows that you are the man to find when it is time to turn over some real estate.Put your website out in every conversation you have. Hand out business cards and ask people if they are thinking of sell any property they have. If they aren't, tell them to look for any future sales they might be interested in. Put a personal note on each card, "looking for multis" or "cash for beat up homes" that is pertinent to the conversation you just had. Everyone knows someone that has something to sell, make sure they come to you with that information.Your information is your business. Make sure you know the names of every banker, broker, agent and buyer within 5 miles of your house. Then expand that to 10, 25 and 100 miles away. Go out of your way to send them cards, emails and questions.

You have a good start. My next step would be business cards with your website address on them. Grab a map and start canvasing neighborhoods. Put your card under doors with a personal touch "I love the grand front porch" or "Great location, I have people who'd like to buy this house!" Mark each place you've hit up. If you don't get any hits from the cards (they will be rare) find out who owns it and send them a note or give them a call.

Your goal is to find places that are going to make other people money. Become the all knowing guru of real estate in your city. And make sure everyone knows that you are the man to find when it is time to turn over some real estate.

Put your website out in every conversation you have. Hand out business cards and ask people if they are thinking of sell any property they have. If they aren't, tell them to look for any future sales they might be interested in. Put a personal note on each card, "looking for multis" or "cash for beat up homes" that is pertinent to the conversation you just had. Everyone knows someone that has something to sell, make sure they come to you with that information.

Your information is your business. Make sure you know the names of every banker, broker, agent and buyer within 5 miles of your house. Then expand that to 10, 25 and 100 miles away. Go out of your way to send them cards, emails and questions.