My Wholesaler's Toolbox. What's in Yours?

[Zachary McDonough]

Hey BP Nation,

So I have a few rentals under my belt using the traditional method (with either conventional or FHA financing) by finding deals on the MLS. However, I really want to learn the skills of deal finding/generation (especially off-market) and negotiating. You know, pretty much two of the most important parts of real estate investing/buying. HAHAHA. *enter wholesaling*

SO... I want to "learn" wholesaling so I've been lining up my "toolbox".

Here's what I have:

1.Skip Tracing Software

2.CRM Software

3.Listing Building or D4D$ software (like Deal Machine)

4. Marketing Tactics (softwares,D4D, mailers, cold calling, and so)

This is a lot, but that's okay, because that's what it takes to do well.

But, what do you use (for 1-4)? for skip tracing? for CRM? for building lists? for marketing?

and is there something am I missing? I would really appreciate it!

Thanks in advance!!!!

[Maurice Smith]

Sure, happy to share. It's really all about setting your filters right. See the steps below:

1. Pick an area/city/zip code and filter for "Cash Buyers," which will return all the property sales transacted with cash. (Tip: If you are targeting specific cash buyer criterion, you can refine by property type, etc.)

2. Refine your sales date to the last year to get current buyers in the area you are searching. (Tip: Find the hotspots where cash sales are occurring, target the demand).

3. Examine the ownership details; you'll get one of two types, individuals or businesses (e.g., LLCs or Corporations). For the individuals, skip trace them or send them mail at the address listed. For businesses, note the owner's address, which usually indicates the state of organization filings. Search the state corporations site for the entity. You will get one of two POCs from the filings, either the members (owners) or a Registered Agent. You will have to skip trace the members, but the RA must have a physical address in the state to receive legal documents and correspondence. You might attempt contacting them to relay your desire to add the member/owners to your buyer list. Take note if the RA is a registered member of the State Bar/practicing attorney (it is easy to find their contact information; email, phone, etc.)

Note: This is just what we do... For individuals, we click on the linked properties, which shows other properties owned by the same cash buyer. If they have 3-4 or even better 5-10, they are likely more established and could be good cash buyers.

Hope that helps!