Your typical day as wholesaler?

Question

Hey just curious as to what your typical day involves as a wholesaler? I am looking for the ones who typically do 1-2 deals a month either part time or full time...

Are you guys writing letters every day or sending out direct mail?

Are you working full time as well and do this part time, or is this your full time job?

I would love to hear stories of how you started and where you got to now and what your typical day is and how many hours you spend finding motivated sellers/?

thanks

Aaron Mazzrillo · Answer

The only consistent thing about my day is that it is consistently inconsistent. If I had to make a schedule and time block everything, this is about how it would look: I get out of bed around 8..ish. I leave for my office, which is in a 2,300 sq/ft house. (Hopefully, we will get one with a pool soon!) I go online and check my emails, messages, things like that so I can put out any fires first thing. I have an automated software system that handles our mail. We built in in house. It has an interface that shows me which leads need to be followed up on for the day. I spend time doing my title research & comping out the properties. Follow up calls after 10AM. I like to call potential sellers from about 10 until 2ish. I also take lunch during that time. The afternoons are spent working on copy, dealing with rental portfolio, etc. I am out the door at 5PM. Today, we started at 10AM at Starbucks. Went to do post a 3 day on a lame tenant and then do a walk through on a rental that is finish up on the rehab. You can check out the video I just posted on my Youtube channel; IEInvestor. It is 1PM and I just got back into the office. I have 9 sellers to follow up with and a few that I need to enter into the database that called our toll free info line. Out of the 9, one is a short sale on the same street as one of my other rentals that I made an offer on. I want to keep it as a rental as well, but I don't know where the BPO will come in at.

Account Closed · Answer

awesome yes, everything helps thanks. I think my plan will be is to focus on the direct mailing fully instead of trying to focus on every aspect of getting leads. Seems like I have too many ideas but then if nothing works I will give up and go back to relying on work which is what I don't want to do.

Kobus De Villiers · Answer

You could look at what Danny Johnson is doing in the "Starting Out" forums. He is quite detialed in giving a view of his week and going into the analysis that he is doing. It is more focused on rehabbing but I find it valuable as well. My focus is currently on wholesaling while working fulltime so I don't have the time during the day to do everything that I would like. Typically I set some goals that I try to achieve each week and track my progress that way. Weekly goals are 1. 50 direct mailings - absentee, probate, vacant houses, etc 2. Bandit signs - drive route once a week and replace any that was removed (50 signs) 3. Phone leads on daily basis and sort into trash/referral/keep warm/immediate action 4. Court house visit - once a week to do research (leads for direct mailing/phone) 5. Follow up with contacts/agents/service providers to keep my name on their list Hope this helps.

Account Closed · Answer

yes that is why I don't want to do REO's until I am more experienced and have a godo buyers list. I am going to focus on the absentee owner's list, I bought cris chico's program and it seems to have it all laid out where i don't need to do much work. It is expensive for all the parts but I will test it out

Demetrus Gibson · Answer

Hey, I am as inexperienced as they come.. but, Sean Terry's Flip 2 Freedom: "Strategic Goal Setting" podcast give you a sense of the numbers of letters and signs that are needed to produce X number of leads and a x amount for a salary. check it out, hope it helps!

Justin Herrema · Answer

I do many types of RE investing full time. On the wholesale side I don't send out letters. I have many great sources to get great REO deals. The only downside is most wholesalers don't want to fund a deal they tie up. If you are dealing with REOs you have to be prepared to close before you have a buyer or you will get blacklisted by the banks quickly....plus loose your EMD. A large part of my day is marketing and finding more cash buyers. If you have that network established then in my opinion the rest is easy.

Sierrah Fanth · Answer

I hear over and over again that working and doing RE can be done, as long as your efforts are focused. Best advice I ever got was Keep it super simple, spend most of your time finding buyers and sellers and connecting the 2.

Sierrah Fanth · Answer

I am a wholesaler. Whats important is that you are finding opportunities (great deals) and resources (buyers) and connecting them every.single.day. And also in addition to resources, you're managing your human capital such as your contractors and agents. I know a resource that you would find very helpful Google Tyrone Taylor Flip, he specializes in FSBO, and has many, many videos on youtube. Also Google Steph Davis Flip this wholesaler, although she primarily wholesales REOs she has many helpful videos as well. There are many, many details, don't get caught up in them.

Account Closed · Answer

awesome thanks Aaron, so you typically have all your direct mail through the PC right? You basically outsource everything like having a VA handle all your calls and you just sort through who you want to deal with the truly motivated. I would love to get to your level. Typically how many letters/postcards you send out a month? Also, how many deals have you done this year? am curious as to how long it can take me to get to level like yourself