Is there a top 10-20 daily tasks of a successful wholesaler?

Question

There is a number of aspects to learn when wholesaling. Itâ€™s not just about finding a house at a discount and selling and making money.

With all the information out there and an entire forum dedicated to it I am surprised nobody has asked this? If somebody can or would be gracious enough to put out a list of these are all the things you must do each day to become a successful wholesaler. No EXCUSES, No B.S.

Just maybe the steps this forum has how to do them all.

There has to be some thoughts on this everybody has been extremely helpful so far and I am sure other wholesalers could benefit from this list too. Thank you so much. Look forward to seeing what everybody says. :help:

Sean Terry · Answer

Here's my wholesaling daily tasks:

1. Post Ad on Craigs List, Back Page for buyers driving them to a squeeze page: ( I have my VA do this)

2. Post Add "For Sale Properties" on CL & BP (again VA does this)

3. Call all Seller Leads to set appointments.

4. Call all buyer leads to answer questions and sell properties.

5. Make Sure all Marketing is Set Up.

6. Make All Offers as Needed.

7. Manage Closings: (VA's Job)

This is a quick list and I think what you we're looking for.  This of course is JUST wholesaling.  Having many projects on my plate makes it difficult to do everyone of these tasks daliy but I outsource what I can.

Cheers :)

Sean

Jaremy Moritz · Answer

Lots of good info so far.  One thing I haven't seen mentioned is having a good follow up system.  Over 30% of my deals are from old leads (sometimes a year old or more) that I stayed in contact with the owner at least monthly and was ready to pounce once the timing was right for them.  A lot of sellers, even motivated sellers, are "just fishing" for info upon their initial contact.  Having a system in place, and actually using the system, can keep you fresh in the seller's mind for when they are finally ready to sell.  If there is motivation and/or equity in a deal, I work it until it is sold, either to me or to someone else.  Just because a seller says "no" doesn't mean "no" forever, just not right now.

As for a top 10-20 daily tasks, I don't work that hard so for me it's only a few.  Here's my list:

1:  Follow up on old leads scheduled for today in my database
2:  Set appointments on warm or hot leads, either from old leads or from recent leads that sellers have called back and requested an appointment
3:  Complete scheduled appointments for that day and present offers
4:  Get marketing and showing status updates from my sales assistant regarding active deals still needing buyers (I don't personally sell my wholesale deals anymore)
5:  Get status updates from title company on files with issues
6:  Analyze leads from today and call sellers back to try and set appointments
7:  Input warm and hot leads not ready for "immediate buy appointments' into my database for future follow ups
8:  Review schedule for the next day so I've got my "buy appointment files" prepared

Simple as that.  Wholesaling is not complicated, so don't try and make it complicated.

Michelle Murray · Answer

Hi Nick,

Your question in very broad, as there are many ways to go after properties to wholesale. (absentee owners, REO's, expired listings).

The best answer I can give you is that creating a list of things to do on a daily bases will help keep yourself on track as I do this with my business.

Depending on your area of focus, you will need to create a list of things to do based on what will keep leads coming through. In order to be a successful wholesaler you need be making offers on homes consistently.

Once you have tested different methods of accomplishing this continue to do that as much as you can.

Harvie Arington · Answer

Lots of great ideas so far. I found a book on Amazon.com called  Real Estate Investing Systems by James Orr. It has about 100 checklists for all aspects of real estate investing. Some are daily checklists and others are task specific. I think it's about $20

Tene Young · Answer

which database is best to keep all wholesale leads (buyers and sellers)? Is there a database that is easy to use and easy to set up? podio may work as a leads database but I need assistance getting it set up.

Nick Abbate · Answer

Again so great replies I appreciate the input. I knew it wasn't going to be easy but definately dobale. Anyhting that is worth the time is not easy. Some great posts and I will be updating everything I do weekly in my blog so stay tuned and follow the yellow brick road to it. Thanks everybody.

Curt Davis · Answer

Man,  I thought that all you had to do was say," Hey, I think I am going to just become a wholesale investor, maybe sell a few deals to build up my cash flow, though I am new and dont know anything, this must be the easiest way to make money".   If I had a nickel for everyone who comes on this site with this mentality, I could be rich.

Tyler H. · Answer

Generate Leads, Make Offers!

Nick Abbate · Answer

Thats a really good idea I like that one. I am working on a list as we speak that I will throw out there for approval in the next couple of days please look for it. I will be asking for input and approval if this is the way to be in the trenches and start making money.

Bill Gulley · Answer

Here is a little secret practice, the only kind of secrets in real estate, lol, get up early, very early when you go out to look at properties that are vacant or not advertised. This is an old trick that the esarly bird gets the worm or the deal.

If other Realtors, investors and even some neighbors see me looking at properties, the owner finds out and the price goes up! I want to be the first one at the owner's door, hit him up before he even knows I'm interested in the place. I don't want people saying, "hey there was a guy looking at byour property and he was taking notes...."
Besides, it starts your day doing something fun, have coffee on the way and get in the frame of mind of thinking about bricks and mortor. I have seen properties at sunrise, no one knows I was there. Take care too, it can be spooky in some places and might not be a good idea and, use judgment since you don't want to explain to the cops that you were not trying to break in! Never enter a building without consent.
I'm mainly talking about walking by, driving by, stop and make notes, an inspection from a distance. 
This is even better with commercial properties and vacant land for development where your first few steps in evaluating a proposed site should be on the QT!

One other thing...get organized. As pointed out above, make things you need to do as routine as possible and deligate when you can.

Get you spiel about your deal...explaining how your proposal works and what you do, get that down to a point where you say the same thing. After you do that, you know exactly what you told someone, since you tell everyone the same thing! Very important when explaining contracts and explaining disclosures. Good luck, Bill

Is there a top 10-20 daily tasks of a successful wholesaler?

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