30 day Wholesaling update

[Silvio L.]

Hi all,
A month ago I started my wholesale business. This is my 30 day progress report:

Deals: 0
Leads: ~65

Marketing - ~550 yellow letters (response rate ~12%!), 25 bandit signs (created but not posted yet), catchy domain name with squeeze page (not toally happy with it so I'm reverse engineering it). Also paid a fiverr for relevant google keyword research. Posts on Craiglist and Ebay classifieds.

Bird Dogging - drive around approx 1-2 hrs per wk writing down addresses of distressed properties in neighborhoods near where I live.

Networking - connected with 3 REI friendly agents, ~4 cash buyer investors, 2 potential equity partners, 3 contractors, and 3 other wholesalers. Most importantly, I began working with Ibrahim S, a BP member/investor in my area whom I consider my mentor.

Tools - Google Voice for call screening, Excel for data and lead ogranization. Kompozer for web page design. Aweber for lead capture. Was using Property Pilot for property owner data but free trial ran out :(

Continued Education: Sean Terry's podcast, Matt Thereau's Podcast. Bigger Pockets blogs and articles, local REI club meetings, and picking Ibrahim's brain.

I've visited 7 houses and made 7 offers. I haven't been afraid to negotiate or make low offers.

While I haven't done a deal yet I've come across a few 'near misses' where the sellers just wouldn't agree to my price.

I'm not the least bit discouraged though. I know I have good systems in place and I never truly believed I'd do my first deal in my first month. Just thought I'd share so other new wholesalers don't feel discouraged. Don't worry - your first deal will come, as will mine!!

[Silvio L.]

Robert Joiner - My buyers list has come from my marketing. Because I am targeting absentee owners with equity, I come across a lot of investors. They have a different way of speaking and are generally more knowledgable about real estate. When I get the sense that I am talking to an investor ( they mention they own or have bought more than 1 property) I ask : "Have you purchased any of your properties cash?" If they say yes, I ask more about what types of properties they buy and then offer if I can contact them if I find something that meets their criteria. I also ask if they are interested in partnering on future deals. The key is - ASK QUESTIONS! It never hurts to ask, and if you don't ask, well, you don't get!