All Forum Posts by: Account Closed

I recommend looking at videos of agents cold calling expireds/FSBOs on Youtube. Very similar process and objections.

Please don't search for a "sly" method. The last thing you want to do is deceive people. If by that you just meant regular cold calling methods to handle objections, then that's a different story.

They're faced with a binary choice - whether they want to sell or not. That's the easy part.

What you need to figure out for yourself is how to handle objections like "I don't know", "Maybe for the right price", "I'd have to see what it's worth now", "My uncle is a real estate agent I'll ask him what he thinks".. etc

Your goal should be to set up an appointment to see the property, and establish rapport with them. That's not sly or deceptive, that's just how real estate marketing is done.

Depends what your objectives are. Wholesaling is mostly a gimmick and to be successful at it you must go through a lot of the same steps as being an agent (ie marketing, negotiating prices down, building a list of buyers etc).

Might as well become an agent, build your network, learn the real estate industry from an insider's perspective and grow your new business that way.

Just imo.

Hi Braden,

I'm genuinely happy you're doing so well.

I do have a question though. Are you actually saying that your agents would spend $7,000 in ads and only get 1 transaction done? Come on. We both know that's nonsense. There's a ton of leads that make fine listings but would never qualify for a wholesale deal due to not enough equity.

You being a top producing wholesaler has no bearing on what the average agent would accomplish, statistically, with $7,000 in marketing and countless hours of farming.

I appreciate your persistence but if you had spent that much time working this as a licensed agent, you would have had a lot more than $12,000 and you'd currently have several properties in the pipeline.

That wholesaling pipe dream. Never ceases to make me smile. I just can't get the lengths to which people will go to play would-be RE agent without spending the little investment needed to become licensed.

You can't call MLS properties leftovers, as it's the default place to buy/sell properties. Off market transactions are much rarer and as you mentioned, they usually sell for less than their true market value.

One of the biggest factor to consider is time vs money. Depending on your market, if you want to sell something really fast on the MLS, you will have to discount it a lot especially if the property is in as-is foreclosure condition. If you're not willing (or financially able) to wait 3-6 months for the house to sell, then it sometimes can be an ok idea to sell to an investor, keeping in mind that you're giving a big discount.

Usually when people call me about their property I tell them that if their house is in average to good condition, we should list it and try to find a retail buyer.

Bill, you have a lot of experience and thank you for sharing it, but do agree that you tend to portray the worst case scenario as being the most common scenario.

The idea I try to convey on Bigger Pockets, whether it's with notes, rentals, stocks, whatever investment people make - if you do your due diligence and you're cautious in your approach, it's almost impossible to "lose your shirt" as you put it.

The best analogy is poker. If you have $100 and you bet $100 then yes, you might lose your shirt. If you play for nickles and you've done your homework, you understand how the system works, your expected value is higher than what you put in. You're going to lose some hands, but over time you should come out ahead.

Please note that I'm not claiming to be a note guru here. I'm still fairly new, but these conclusions are based on very basic concepts that are applicable with anything related to managing money and estimating expected value.

Are we still talking about notes?

The complexity with notes is a bit overrated and mostly based on the fear of the unknown, which we all have when starting out.

Notes are backed by real assets, that have a real value. It takes a lot of severe mistakes to lose all your money. Obviously you don't want to risk all your money in the riskiest notes but they are also the cheapest.

I'm pretty sure 99.99% of people reading this could get wiped on a $2,000 delinquent note, be sad, but not be financially crippled. So just do it and learn.

PS: Like others I have to vouch for Dave's course. Not only do they teach you about what to do but they also help you with your specific case when it's a tricky situation.

Pretty funny. You forgot to mention that the responses would almost certainly make the original poster feel like he's heading straight to jail for missing this or that, because of that one case in so-and-so state :)

On a more serious note, pun not intended, please be sure to double check with the attorney. The fact that the person doing the deal doesn't have existing boilerplate documents done implies that it's new to them. Nothing wrong with that but make sure it's done right.

MLS has most of the 1-4 units but very few of the 5+ multis.

Loopnet is the opposite, they don't have many duplexes and stuff like that but they have the bigger properties.

What do you mean by "wasting your money"? There is very little incentive for you to subscribe. Contact a commercial RE agent.