All Forum Posts by: Joe Gonzalez

That is going to depend on what market (city) you're wholesaling in.

The key with the tile company you choose is to make sure that they are 'investor friendly'  you'd be surprised at how many title companies struggle with doing an assignment the correct way. So not all title companies are created equal.

Hope that helps!

Quote from @Alicia Marks:

@Jerryll Noorden we are definitely on the same page with that. The layperson doesn't know what to look for, so a virtual walkthrough would be absolutely necessary. I have a walkthrough checklist I use, so that would make it a breeze to navigate a homeowner.

 If you ask the right questions you will get the right answers. 

If there is a crack in the foundation simply ask for a description - Please don't let anyone make this more complicated, specially if they are selling you something.

Remember, it doesn't matter if an offer was sight unseen, done with a virtual video walkthrough or walked in person, any diligent buyer will still have a due diligence period in their contract. I can assure you that even the investors who walk the property in person before making an offer NEVER remove all of their out clauses. Is that considered dishonest? I mean after all, there is already an agreement in place? Why have a contingency if you've already seen the property? The answer: It's not. Sight unseen offers done correctly simply follow the same principle.  

People want speed and convenience. Some people are just too busy and dont want any hassles (why do you think they are selling to you?) others might not be too technologically savvy - I have some sellers who even struggle with docusign. In the same amount of time that this guy is done explaining what a virtual tour is and how it works, I've already submitted my offer, made progressive talk about the next steps and locked up the deal. 

This exact business model has brought us in millions in wholesaling revenue. It's a proven system, period.

Just my two cents! :)

Hey Nathan,

Some states are "Title company states" and some are "Attorney states" - the first thing you should research is which one your state uses. 

I'm in Texas so we use a title company. I personally enjoy using a title company since I've gotten to build strong relationships, have access to their monthly events (more networking) and my sellers love the feel of an elegant office at closing (I like to provide a great experience).

Best of luck. 

Your conversion rate is based on many factors:

- Your salesmanship skills

- Your marketing message

- Your speed to contact the seller

- Etc.

Another thing is your perspective. For instance, we look at the cost per lead / cost per contract as a whole, instead of looking at how many people we have to reach out to in order to get a deal. 

You also have to look at your results on a yearly basis, for example: In March of this year someone called me from a postcard I sent back in August 2021, we closed that deal with a $25k assignment. This increased my ROI for that campaign significantly, many people will keep your marketing message and reach out when they are ready. So you can't look at your results for any marketing campaign on a monthly or even quarterly basis.

A good website is also critical, I strongly believe that understanding your outbound marketing and having a great inbound lead site is the recipe to succeed in this business. 

Sure thing, send me over the numbers and I'll provide feedback 

If you have MLS access one of the best ways to find buyers is to look for investors who bought properties (in the last year) around that specific area. This way you go straight to the cash buyers who are active near the subject property.

If you choose to market on bigger platforms don't forget that you are NOT marketing a house you are marketing to sell your 'equitable interest' in a deal you put together.

Whats going on Christian, 

When I first started I pretty much marketed my deals to anyone who was an investor in the area - this allowed me to open the door to conversations and build my buyers list with true buyers.

Fast forward a few years later and I now only work with 15-20 exclusive buyers that I know are active and can close in a moments notice. In the long run you want to work with a select number of serious buyers and eliminate the lookie loos and tire kickers, in the mean time focus on getting eyes on your deals and building your list.

Hey Eric,

I would always advise to start in your own market. Real estate can be very location specific, so you already have an advantage in understanding where the better areas/neighborhoods are, the questionable or bad parts of town, you can also visit a property (no plane needed) if the seller insists on signing in person, etc.

The only reason to initially consider out of state wholesaling is if you live in a megacity such as Los Angeles or New York City where wholesaling is a lot more complicated.

I started off in my own backyard and have since moved into different cities within my state (Texas). I advise that once you have your systems / network in place (in your market) you can look into other markets. 

After doing 100+ deals I have concluded that most of the "competition" has no clue what they are doing. 

If you listen to a sellers concerns, educate them properly and make reasonable offers backed by data then you are already ahead of the game.

Quote from @Alicia Marks:

Quote from @Joe Gonzalez:

I never visit properties anymore, I close all of my deals over the phone (it's a lot more efficient). When talking numbers I'll share the comps with my potential sellers to help them understand the market better.

They are fully aware that their property needs work and that an investor needs incentive to purchase, the comparables are usually market ready examples. 

A good wholesaler is a good educator, if you can properly educate your prospect then you will do incredibly well in this business. 

Curious how you determine condition. Is it a video walkthrough?

I actually get a very accurate description from the homeowner, the key is to ask specific questions about the important components such as roof, foundation, HVAC, remodeling etc. 
Homeowners tend to be truthful specially since we disclose that we do a final walkthrough before closing.