All Forum Posts by: Brian L.

Verbal agreement on price for 2nd property. However, running into a snag as my seller has tenants and doesn't want to agree to showings. Thoughts?

Search this forum for scripts. There's a plethora of scripts that have been offered for use.

Check this thread out:
http://www.biggerpockets.com/forums/87/topics/61286-scripts-for-calling-on-sellers

Personally, I don't use a script anymore. It helped me as a guide on my 1st 20 calls though. The problem with scripts is that they sound like scripts. Sellers can tell if you use them.

Instead of reading them, memorize them and make them your own. It will sound much more natural.

Thanks gents. Trying to get a contract on it.

@ankit, it's in linden FYI.

Currently talking to a seller of a 4 family in NJ. She's motivated. The house ARV is 480k. Rent roll is $5600/month. The property is in very good condition and had updated kitchens and baths 4 years ago. It needs paint, carpet and a little sprucing up. Lets assume 20k in repairs. She has been offered 345k already (71% ARV).

What should this deal be worth to a landlord buyer? Obviously, a rehabber wouldn't buy it. Are landlords generally paying 85% ARV?

A lot of people use VA's from the Philippines. I latched on to my mentor's VA's from there. He had a good experience with them, but frankly I wasn't impressed. A couple callers told me that they sounded unprofessional. I'm sure many are good, but thought that the training and management of them undermined the reason for getting them. Sure, they are cheap, but they are the first contact with your sellers. You only get one chance to make a first impression. My mentor converts 1 deal in maybe 100-150 leads, which seems to be worse than many others. That seems a little low to me. Perhaps it is the training of them, the mgmt of them or a variety of other reasons. Who knows?

For me, I'm going to bring in PatLive. Sure, they are more expensive, but will end up being $150-300/month. If this brings in 1 more deal a year than using VA's in the Philippines, then it is worth it. For me, EVERY call will be answered by a native English speaker and I'll get a transcript of every single call the next morning in excel format. I can then upload this into my CRM and sift through which ones I want to call back.

Well, I did tell you to stay tuned: 1st property under contract!

Probably not going to get rich off this deal, even if I didn't have a 50/50 split with my mentor. All my energy will be focused on getting this one sold.

Thanks gents. Stay tuned. :)

My advice:
1. Read as many posts as possible here.

2. Make the decision that you want this badly. Wholesaling is a job. A potentially lucrative job, but I will guarantee that if you dont have the resolve to get back up after getting kicked in the ribs repeatedly for many months, then you shouldn't proceed to #3. Do not think that wholesaling is easy. It's hard. Most newbie wholesalers that do a deal take about 6 months. The vast majority do not do a deal and give up.

3. Join your local REIA and meet people. Take established investors for lunch. Find someone that will teach you the ropes. Build your team.

4. Determine your method of marketing and target audience. While there are many ways, focus on one. It is much easier with some budget, but then it is not what I would consider easy. If you have budget, I would highly recommend outsourcing yl's or postcards to someone like Jerry Puckett or Michael Quarles.

5. Market. Get your phone ringing. You will never learn how to talk to sellers by reading. Get on the phone. If you screw up, there will be someone else that will call you, assuming that you have a sustained marketing effort.

6. Do not waste money on courses. Spend that money instead on marketing.

7. Don't waste time getting a buyers list. Focus on getting sellers.

Jerry Puckett asked that I update, so here's where I am....

Still looking for my first deal. Have come VERY close twice. One time, I botched it by scaring the seller off. I misspoke and am kicking myself for it.

The second time, I wasn't quick enough on the draw. I hesitated and didn't get it under contract. I stupidly thought I should line up the moon and the stars before getting it under contract. Another investor swooped in and got it under contract. I subsequently saw them post about it on a FB group I belong. Screwed myself out of 12k.

Not surprisingly, the vast majority of callers aren't motivated. Very few are. I cannot stress how important building rapport is. It's easy to tell motivation now. I was very nervous in the beginning and now, not at all. Been called many insulting names. I had one guy today tell me that he receives 4-6 letters a month and mine stuck out because it was personalized and struck a cord with him. Each letter builds on each other. Told me that he saved my letters and tossed the rest. Think it was the 3rd (or maybe even second?) letter in the rotation ....ask @jerry Puckett for more info. I cannot stress how much positive feedback (and great response rates!) I have gotten from his letters. Anyways, I had a great conversation with him and who knows if it leads anywhere.

I need to improve on my lead capture and VA phone system. Unfortunately for my wholesaling biz, my day job has taken off. May be in London for a month either in late August or September. It has made it much tougher to make calls. I'm looking to upgrade my VA. Currently, they only get the house details. I need to find someone who can better gauge motivation and then pass me the leads. I cannot stress how important it was for me to handle as many calls as possible initially. You cannot run a wholsaling business without being on your A-game on the phone. You can't learn phone skills without being on the phone. That said, I'm now ready to improve my VA support. Any tips for training a VA or better yet, a great VA recommendation would be much appreciated. :)

Where does this leave me? Hungrier than ever. I want a deal. I want it badly. I spend every waking moment working. I don't watch a lick of TV anymore and barely go out. I spend as much time as possible on the phone. When I'm in the car, I listen to a RE or business audiobook. I read articles on negotiation. I study phone calls that my mentor has recorded for me. I listen to podcasts. E-myth revisited? Yep. The magic of thinking big? Yep. The 4 hour work week? Yep. BP Podcasts? Check. My fun will come in the form of a check. Hopefully sooner rather than later.

Thanks Jason Brooks. I'm working with a mentor and not so worried about repair costs at this point. Once I have a truly motivated seller, he will help me figure out repair costs.

Brian Wall-- my advice, and take it with a grain of salt as I am new, is to take as many calls as possible as you can. I spoke to Jerry Puckett yesterday about this. I spent 3-4 months preparing to wholesale. After those 3-4 months, I sent my first DM campaign. I learned more in the 2 weeks after the DM campaign started than the 3-4 months prior. Unfortunately, I was taking so many calls at my day job that I got my hand slapped twice. If I had a choice, I would still pick up every call for now. I pick up as many as I can, but not every.

So, here's what I do: I have a vm that explains exactly what I am trying to do and essentially that I can close quickly for less than market value. If they leave a vm, i either call or pass to my VA.

my VA has been trained to ask a bunch of pertinent questions about the house and how to gauge motivation. My mentor has trained them well. I wouldn't have a VA do the work until you knew it down cold.