Newbie wholesaler in greater Boston MA area

[James E.]

Hey everyone,

I've been a buy and hold investor with 2 rental units for just over a year now, and am expanding to wholesaling in order to build up capital / additional sources of income. 

 I just received my first batch of yellow letters from Jerry Puckett (feels like Christmas!) and will be starting my first marketing campaign this week. Targeting high equity / absentee owners in Beverly, Salem, Peabody, and Danvers (all towns in north east Massachusetts). 

Some things I have done to prepare:

- Set up google voice number

- Start building a webpage

- Contact Jerry and read through the supporting documents he provided (call scripts, lead trackers etc..)

- Listened to 102 total BP podcasts (slowly working my way through them all)

- Read UBG to wholesaling and several other forum threads / blog posts (Jerry / Michael Quarles are favorite two resources so far)

Things I still need to do:

- Send out first batch of letters

- Finish website

- As deals come in, find ways to automate / streamline lead sourcing and tracking

- Improve ability to estimate rehab costs (my two rental properties were bought out of REO and cash flow nicely but needed <$5k of rehab each, so have not experience a major reno yet)

- Practice call script, objection handling etc.. to be better prepared for speaking with potential sellers

I would greatly appreciate any insights from the seasoned vets out there. If anyone has any advice for me, specifically on additions to the list above and around MA regulations / challenges that make the wholesaling process different here than the process outlined in most of the BP forums / podcasts, please let me know!

Thanks in advance and I'll be sure to post updates as things progress.

[Robbie Reutzel]

Hi James,

Sounds like you're doing everything you can to get ready.  Congratulations on taking action!

I would suggest you buy J. Scott's book on Flipping Houses because, while it's a great read on its own, it also comes with the Estimating Rehab Costs book.  That is very good.  You can also probably find the Fortune Builders rehab cost checklist as well as a myriad of other online sources.

Also, if you find a really great deal and are able to accurately estimate rehab costs on it you will also give yourself the opportunity to partner with someone to flip it or flip it yourself.  

It's always nice to have multiple exit strategies.

Good luck!

Rob