Getting Started in the Wholesaling world

[Ryan Whitcher]

Hi All!

This is one of my first posts so bear with me...

I currently live in Newport Beach, CA but am relocating back to Charlotte, NC here shortly in the next ~ 2 months for various reasons. I have been listening intently to the BiggerPockets podcasts for the past 6 months now and have narrowed my focus to wholesaling in the past month. I'm currently reading books regarding estimating rehab costs, negotiation tactics, etc.. I am VERY eager to get started as soon as possible. As said before, I won't be in my more permanent location (where I want to invest) for a few months now so I was wondering if anyone had any advice on ways to get started now instead of waiting until I get to Charlotte. 

For example, would it be smart to start a direct marketing campaign around $600-700/month or connect with a good closing agent in NC before I start direct mail marketing? I do have access to "boots on the ground" in this area (friends that would be willing to help) if I did find a good lead before moving out there. 

Looking forward to what you all have to say, thank you for you time!

Ryan

[Ray Lai]

@Ryan Whitcher

Charlotte is a great market from all the statistics I've been following and all the tech/research going on out there. The awesome part is that it's a lot more affordable than SoCal and easier to start since new investors don't have tons of cash laying around.

If you can answer Yes to all these questions, then you should start. If not, you may want to prep a bit more:

1) Do you have enough money saved up for a sustained campaign of at least 200 addresses and can mail them at least once every 3-4 weeks, for at least 6 mailings?

2) Do you have the system built in place for your funnel: ready to answer that number without letting it go to voicemail, have a website landing page to capture the lead if you include a link in your DM. 

3) Do you want to maximize your response rate? Get a area code that is familiar to the people you're mailing to if you want to increase their comfort

4) Are you familiar with the questions to ask a seller to see if they are distressed or not?

5) Do you have buyers ready in that area for when you close a deal?

6) Do you have someone in person that that isn't just boots on the ground, but understands rehab costs so they can get a proper rehab estimate so you know whether it's a deal or not?

7) Do you have access to MLS or comps to know the ARV of the property you're buying?

Those are just a couple of things to get ready prior to starting your campaign. I'd highly recommend getting a real estate license once you're out there. Charlotte is a great growing market right now that's still very affordable.