Any recent wholesale success stories?

Question

Are there any out there that started wholesaling with no experience and had a decent amount of success after a year or so?  I'm dying to try it, as I have a lot of time, and can commit to a decent marketing budget.  I've read the "truth about wholesaling" thread, and I understand it.  The problem is that it became a "dont be a bad wholesaler" thread.  Theres so much negativity surrounding it, and so few stories of success that I thought I'd ask.  I'd like to have the option to rehab as well, and possibly buy and hold, but with the lack of inventory, it seems like I'm going to have to do some marketing anyway.  We're looking at buying an apartment complex as an option too, which could take a year to find, and wholesaling would be a great thing since it would affect my financing with the apartment lender.
If I do it, Im going to have Jerry Puckett run the campaign to make sure its done right.  I'm just having a hard time getting over how few people seem to make a go out of it. 
Any beginner success stories would be appreciated!

Jerry Puckett · Answer

Well, I did pretty good Tom. Took a little over a year to hit my groove, but I did 15 deals the second year and haven't looked back.

I feel I learned enough that if I were to start all over with what I know now it would likely only take 6 months to get established and running smoothly. I like to pay it forward by sharing what I know here on BP, and with the folks who use my marketing.

Tim Gordon seems to be enjoying quite a bit of success too....

Anson Young · Answer

You grind hard at the beginning, then get set in a decent routine once you know what you are doing.  My day is now blocked into segments (offers, marketing, upkeep, etc) and unless a call comes in with a hot lead and I need to drop everything, my days are 60% predictable.

I bought a house in KCKS, and found a buyer on craigslist.  Close in 1 week, spread is $13k.  I'm an MLS whore (MLS access in 7 markets) who is transitioning partway to private marketing.   You find your grove and keep working it every day.

Wayne Woodson · Answer

I agree with this and I will add that you have to keep going back every now and then and streamline. you know hire and fire people and manage your leads better. Faster response time for callbacks etc, etc.

Ceasar Blackman · Answer

Sam Craven what was your initial response rate with your direct mail if you know off hand ? Did you use postcards or letters ? Sorry dont mean to thread jack

Sam Craven · Answer

it was more hectic in a "i have no idea whats going on" kinda way.  We scaled our marketing up fairly gradual but did both direct mail and newspaper marketing.  We visited just about every house that called to gain experience.  Landed a wholesale, a rental rehab and pre-hab with those first 3.  Even as we are buying 3 a month we aren't responding to leads constantly, just a steady stream of good leads.

Tom Lafferty · Answer

Sam Craven, three in the first six months sounds pretty good!  If you don't mind me asking, how busy were you in order to land those first three deals?  Were you responding to leads constantly, or was it less hectic than that?  I know everyone asks this, but its great to hear different accounts.

Sam Craven · Answer

Tom, Using this board and listening to people like Jerry Puckett my partner and I were able to hit a groove after 6mo.  The first 6mo we only purchased 3 houses.  From 6mo forward we are averaging 3 houses a month under contract and have expanded our marketing to hopefully grow that to 5.  Half of them straight wholesales and the other half are pre-hab or retail ready rehab.

I even found a mentee locally that i am teaching to wholesale.  He has not only epxanded my understanding but we are making money together!

Bigger pockets and its people are a great resource, USE IT!  This week we start marketing for apartments!

Tom Lafferty · Answer

Thanks for the input guys.

Tom Lafferty · Answer

Nice to hear it Tim G., sounds pretty nice!  Would you mind giving a quick idea of what you mean by non stop grinding?  I think if Im really honest, my biggest fear is what the day to day will be like.  I don't mind hard work, and I'm fine with no results for a while, but I want my expectations to be in check.  I don't need any income right now, I'm looking to replace my income in about 4 years or so.  The problem is that if I'm going to have to work 60 hrs per wk to make one or two $5000 assignment fees per month, I'm better off continuing my current job.  I cant imagine that would be the case, but I've heard some horror stories...
I still like the idea of doing my own marketing, since I can pick and choose the best to keep and rehab or rent, I just don't know enough to set expectations.

Tim G. · Answer

I'm honored to be mentioned!

Took me a year of non stop grinding, trial and lots of error to get my first check. It was for $1250 and I would have taken $1 to close a deal.

Then it sort of took off, it's a business and not a hobby anymore. I average $19,500 per deal and close at least one a month. It's hard work but I love it.

Any recent wholesale success stories?

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