All Forum Posts by: Stephen Fryer

@eric mul

Hi guys. This is a really interesting thread about a possible liability in wholesaling. I am just trying to get my head around all the different players. Who is the Division of Real Estate and Regulations? Is it Federal (HUD) or is the State (FL)?

Stephen

Perhaps I am mistaken, but your question seems to be asking how do you generate leads if REOs dry up. I have noticed that the banks seem to be less interested in selling at a discount in my market, so I have been marketing directly to sellers with postcards. I think that it's a good idea to use multiple strategies simultaneously. You can still search Fannie Mae, Freddie Mac and HUD for foreclosures, while conducting a direct mail campaign, driving for dollars or using bandit signs. Just make certain to measure the results so that you can focus your efforts most effectively in the future.

Stephen 

@Sami Elmansoury I really like the idea of connecting with the agent monthly via a short concise email. Keeps you in mind, but doesn't harass.

@Hasan Hamdan Consistency and persistance in marketing is key. When I first started wholesaling I made the mistake of shifting gears from looking for seller leads to buyer leads when I got my first property under contract. My seller leads dried up and I had to start all over again priming the pump. Keep it going.

@Christopher Williams you have lots of good advice in this thread to keep you going for a while. Keep us all posted on your progress.

Stephen

HI Christopher.

I have found that banks are are less and less interested in selling at a discount in my market. I have been using direct mail to generate leads and it has produced well. You can also leverage a relationship with an agent or broker, but I have found that you have to educate them about what motivated really means. They seem to think that an owner willing to sell a house with an ARV of 100K at 80K is a deal.

While I am sure that it fees that way to the seller, it won't help you very much in your wholesaling business.

Feel free to connect with me if you have any questions about where to start.

Stephen

HI Christopher.

This has been a really interesting thread. I really appreciate the input from everyone. Please keep us updated on your progress.

Stephen

HI Tim.

I haven't used either of their systems, but have a suggestion. Have you gone to the top of this page and typed HUD into the search bar. I'm pretty certain that there will be a whole host of info available on how to buy and wholesale HUD properties. If you can't find what you need, then go ahead and investigate a course.

Please don't take this the wrong way. I am not trying to be preachy. I have taken a lot of courses as well, but have found that a lot of the same information could have  been found for free right here. 

Stephen

HI William. 

Always nice to see fellow Canadians on the site. Look forward to connecting with you.

Stephen 

HI Nicholas.

How do you plan to find your properties? I ask because if you plan to market directly to sellers, then you may want to develop a relationship with a local wholesaler. You can refer them the leads that you don't use for your buy and hold for a fee or percentage of the sale if they close. Wholesalers are always looking for warm leads.

Stephen

HI Jonathan.

Great to see you setting targets. Now you have to create a plan to get you there. There's a great chapter in Think and Grow Rich by Napolean Hill that talks about setting and realizing goals. Feel free to connect with me and I'll share what I've learned.

Stephen

@Tom Noir , @Hattie Dizmond.

Wow! What she said. don't think that I could ad anything more to that.

Is it possible that the lawyer you were dealing with got caught up in the detail of the activities in the subsections?