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More than MOTIVATED New wholesaler in need of creating structure
How can I assist you....? While learning myself. Have time on my hands finally to fully engulf myself into wholesaling. Ive done the podcasts and youtube rabbit for a few weeks now. But I could definitely use some structure. I live in Fort Lauderdale, FL. Not exactly sure which market to dive into. Should I go out of county, out of state, stay local??
Should I be sending out a bunch of texts, voicemails and postcards to potential leads yet, or should I do more driving for dollars in my area first?
I'd appreciate any help.. Like I said I'm super driven a former college athlete and I want to be the best. I've attended multiple meetups which were great and i will continue to. If i can be an asset to you in any way let me know. Don't want to mooch but I gotta get this thing ROLLING!
Thanks
Jacob
@Jacob Younger Welcome to BP! It sounds like you have the drive and passion to get moving on this quickly. Regarding what area you want to do, what do you want to do? Most areas are viable if you're securing off-market deals. Personally, I focus on the town I live in. Once I "exhaust" my list in that nothing "new" appears off-market, I'll move to the neighboring towns and so on. I'm a huge fan of driving for dollars which came after watching Anson Young's videos. By doing that, you are creating YOUR list that no one else has. Yes, some of the same properties will be available through ListSource but the list truly is yours.
Once you have your prospects, do a tax search for the owner online for free through the local town's tax payment site, and then market to them how you wish whether it be yellow letters, postcards, etc. Like they say, just be persistent and consistent. Plan to be in it for the long term and success will come.
Really appreciate you taking the time out of your day to reach out and drop some veteran knowledge on me. I will definitely put this into play tomorrow.
The other thing is I live in Fort Lauderdale, FL and I've heard wholesaler's in this area say it's better to go out of state to find deals because here in South Florida there's just too much competition. And I know that just because one person says it, doesn't necessarily mean it's true, it could just be true for them... But I wanted to get your take if I may, on the chances of finding leads/deals in South Florida.
I could drive for dollars in my area and continue to use propstream and other tools to look for markets out of state. Just sucks because I'm still learning how to find "hot" markets out of state (currently looking in PA). As of late I've been selecting areas best I can, skiptracing numbers and cold calling them. Hoping to get in cahoots with some agents in areas that I can't get up and drive to as well.
I'm killing you sry lol but I've also been researching the cash-buyer's and trying to see what kind of deals fit their criteria, in order to have a target audience of properties.
When someone says the market is too hot and it is too difficult to find deals, they simply mean it is too difficult for them. It is a numbers game and with drive, determination, and the right systems set up, you can certainly succeed in finding deals in any market.
For motivated home seller leads, you should really invest in a good website with proper SEO so your buyers can also come to you. The more nets you cast, the better your odds of landing deals.
@Jacob Younger all your questions are valid as a new investor. It really comes down to picking a strategy and just going all in on it. Every marketing strategy works you just have to choose which one will work best for you in your current situation. The first wholesale deal I closed on was in Broward County where you are from. I am sure you have heard many others say be consistent and that is the key to getting your first deal. I would suggest you spend 99% of your time marketing or talking to sellers. Finding buyers is the easy part if you have a good deal.
Hi BP Family
Good point Will, But as someone who doesn't have an website with the proper SEO. Are all or most SEO websites builders the same?
IMO the most important thing you can do is go to local real estate networking events and get to know people who have been successful in real estate.
Beware that these types of events vary in quality, and not all networking events are the same. Some are great, some are total pitch-fests trying to get you to buy whatever expensive coaching program they're selling that day.
Go with the goal of meeting successful investors and attend consistently over time.
Originally posted by @Will Barnard:
When someone says the market is too hot and it is too difficult to find deals, they simply mean it is too difficult for them. It is a numbers game and with drive, determination, and the right systems set up, you can certainly succeed in finding deals in any market.
For motivated home seller leads, you should really invest in a good website with proper SEO so your buyers can also come to you. The more nets you cast, the better your odds of landing deals.
This is a fact. Saturated markets have their pros and cons. Cons are that as mentioned it's very competitive. You have to really set your self apart and establish credibility even if you have never done a deal. This includes ordering branded polos, hats, knowing how to talk real estate, and being very professional. The pros of a "saturated" market is that this is where you will find the best buyers including hedge funds and the like. Your spreads will be a lot higher while doing the same amount of work.
Originally posted by @Vernon Watts:
Hi BP Family
Good point Will, But as someone who doesn't have an website with the proper SEO. Are all or most SEO websites builders the same?
NO, they are not created equal. I have run into many who promise the world and deliver hardly anything. You really need to scope at a good one and sometimes, that means trial and error.
What's up Jacob! That's awesome man. I'm still newer myself, so you and I are in the same bucket. I've done 1 deal locally in my market, Houston, and 8 or 9 deals in 2 virtual markets.
- Competition - That can be a real thing! But of course there is two sides to that coin right. In my limited experience I would say that if you go virtual in a different market (say a smaller city with lower priced homes) you'll generate more leads, but you may struggle with disposition as there is less Investor activity from your potential end buyers (Small,Med, and Large Flippers, Institutional/Hedge Fund Buyers, Turnkey Operators..etc) On the flip side if you stay in the more competitive market it will be a grind to get those first few leads and to secure a contract but your odds of not being able to dispo it should drastically decrease (Assuming you have a discounted deal in the right area) and that check should be NICE.
- Structure - I would pick a marketing method that you can consistently afford for the next 3-6 months, basically until your first couple of deals, and just stick to that marketing channel. Texting, D4$, Cold Calling, Bandit Signs, Door Knocking are among the cheapest when first starting off and will for sure land you your first deal if you consistently execute. I would pull a list from Batch Leads or Propstream, skip trace it, and get your feet wet talking with sellers.
Lastly, I would talk to a lot of end buyers. Find out who's actually buying deals. Also look to squad up with a reputable wholesaler in your area who is doing deals. They will drop major knowledge and be a game changer.
Best of luck man!
Originally posted by @Grant Sylvester:
What's up Jacob! That's awesome man. I'm still newer myself, so you and I are in the same bucket. I've done 1 deal locally in my market, Houston, and 8 or 9 deals in 2 virtual markets.
- Competition - That can be a real thing! But of course there is two sides to that coin right. In my limited experience I would say that if you go virtual in a different market (say a smaller city with lower priced homes) you'll generate more leads, but you may struggle with disposition as there is less Investor activity from your potential end buyers (Small,Med, and Large Flippers, Institutional/Hedge Fund Buyers, Turnkey Operators..etc) On the flip side if you stay in the more competitive market it will be a grind to get those first few leads and to secure a contract but your odds of not being able to dispo it should drastically decrease (Assuming you have a discounted deal in the right area) and that check should be NICE.
- Structure - I would pick a marketing method that you can consistently afford for the next 3-6 months, basically until your first couple of deals, and just stick to that marketing channel. Texting, D4$, Cold Calling, Bandit Signs, Door Knocking are among the cheapest when first starting off and will for sure land you your first deal if you consistently execute. I would pull a list from Batch Leads or Propstream, skip trace it, and get your feet wet talking with sellers.
Lastly, I would talk to a lot of end buyers. Find out who's actually buying deals. Also look to squad up with a reputable wholesaler in your area who is doing deals. They will drop major knowledge and be a game changer.
Best of luck man!
Man, that was PERFECT! Truly appreciate you taking your time to enlighten me. I will 100% put it into practice. Jumping into some cold calling now off of a list I created on propstream. Wish you continued success and with giving like this, you'll definitely continue to receive (reap what you sow)!
Originally posted by @Jacob Younger:
Originally posted by @Grant Sylvester:
What's up Jacob! That's awesome man. I'm still newer myself, so you and I are in the same bucket. I've done 1 deal locally in my market, Houston, and 8 or 9 deals in 2 virtual markets.
- Competition - That can be a real thing! But of course there is two sides to that coin right. In my limited experience I would say that if you go virtual in a different market (say a smaller city with lower priced homes) you'll generate more leads, but you may struggle with disposition as there is less Investor activity from your potential end buyers (Small,Med, and Large Flippers, Institutional/Hedge Fund Buyers, Turnkey Operators..etc) On the flip side if you stay in the more competitive market it will be a grind to get those first few leads and to secure a contract but your odds of not being able to dispo it should drastically decrease (Assuming you have a discounted deal in the right area) and that check should be NICE.
- Structure - I would pick a marketing method that you can consistently afford for the next 3-6 months, basically until your first couple of deals, and just stick to that marketing channel. Texting, D4$, Cold Calling, Bandit Signs, Door Knocking are among the cheapest when first starting off and will for sure land you your first deal if you consistently execute. I would pull a list from Batch Leads or Propstream, skip trace it, and get your feet wet talking with sellers.
Lastly, I would talk to a lot of end buyers. Find out who's actually buying deals. Also look to squad up with a reputable wholesaler in your area who is doing deals. They will drop major knowledge and be a game changer.
Best of luck man!
Man, that was PERFECT! Truly appreciate you taking your time to enlighten me. I will 100% put it into practice. Jumping into some cold calling now off of a list I created on propstream. Wish you continued success and with giving like this, you'll definitely continue to receive (reap what you sow)!
Thanks man! Likewise on your end man. I'm not sure if BP has a DM feature, but shoot me an email (it's in my bio) and we can set up a time to talk over the phone! Any way I can help I'm down.
