Top Income Producing Actions For Wholesalers

[Lawrence Bacon]

For wholesalers consistently closing at least 1 to 2 deals per month what are your top income producing actions?

[Jeff Stephens]

Lawrence,

I'm interpreting your question to mean (paraphrased), "what are the top few most important things you do to make deals happen?"  I hope that's an accurate interpretation; here's my answer:

1) Get to know values in your market, like the back of your hand.  Get a list of sold comps, drive by them, study the figures and burn them into your mind.  Average prices, prices per square foot, average sizes, etc.  You want to get to the point where you can estimate value very intuitively.  This may not seem like "income producing" activity at the moment, but it's critical for putting yourself in a position to generate revenue.

2) Get to know the buyers in your area.  As you drive around town, stop every time you see a porta-potty at a significant job site.  Look up the owner of the property, and (unless it appears to be a homeowner), reach out to that owner and introduce yourself.  Take these people to coffee or lunch, talk on the phone, etc and get to know their business as well as you can.  That way, you'll know exactly what they are looking for, how they evaluate deals, etc.  

3) Lastly, do some respectable marketing. I'm a fan of simple--but thoughtful--physical USPS letters. I don't recommend "yellow letters," postcards and all the other mass marketing. I simply recommend writing a nice, sincere, non-threatening letter and getting it out to the homes in your market you feel would be a fit for wholesaling.  You can create your list through visual identification, and/or through getting lists from your title company.  I personally avoid all the "fast-close, all cash" messaging that's in most letters, and instead I simply introduce myself and ask them politely to please contact me if they would consider discussing a sale to me.

Good luck!

JWS, The Thoughtful Real Estate Entrepreneur