WHOLESALE questions

[Jesse Mundt]

Hello everyone,

I believe that experience is the best teacher, and since I don't have much yet in this industry I'm looking for responses from those that do.

I understand the best way to generate leads and put a house under contact is to find a "motivated seller", but what if your lead turned out to be a foreclosure. How would you go about putting that foreclosure 'under contract' for a wholesale deal?

step-by-step please and thank you!

[Tom Krol]

Originally posted by @Jesse Mundt:

Hello everyone,

I believe that experience is the best teacher, and since I don't have much yet in this industry I'm looking for responses from those that do.

I understand the best way to generate leads and put a house under contact is to find a "motivated seller", but what if your lead turned out to be a foreclosure. How would you go about putting that foreclosure 'under contract' for a wholesale deal?

step-by-step please and thank you!

 Jesse, In our experience homes already in a state of foreclosure are difficult to wholesale. When it comes to Wholesaling you may want to to focus on Homeowners who fit two criteria's: Equity and Motivation. 

We define motivation as an impending event, meaning "If I do not sell by X, then Y will happen." 

NJ is one of the HOTTEST markets in the Country right now, Clayton Morris is up there CRUSHING it! You might know Clayton from FOX News, he hosts Fox & Friends.

If you want to get started right away the first thing to do is to build a gigantic, salivating, responsive, active cash buyer list. Make sure you have their cell phone numbers as texting deals out is more effective then emailing them out. And include as many Agents on your list as possible as they often have the highest paying cash buyers for you!

Keep in mind that Wholesaling has nothing to do with Real Estate and is really more of a pawn shop. Work very hard not to become a Real Estate Expert or you will find it extremely difficult to scale your business (you want to avoid creating a job).

As a sidenote right now is a GREAT time of year to get started, the holidays are only "slow" for the wholesalers who stop marketing during this time of year.

Whatever you do, try to focus on revenue activities instead of complicated CRM's, cool looking business cards and setting up a LLC or S corp.

You are about to go on a Great Adventure! You will have many "GUT CHECK" moments when you start. This is when you want to shine and double down on your efforts! Watch out  for the 3 D's: Doubt, Disappointment and Distraction!!! 

Good Luck