All Forum Posts by: Eric F.

Are you just trying to get another hold? What are your exact goals? Why are you talking to someone who does flips if all you want is another hold? 

You need to decide your exact goal/goals and write it down. Then you need to figure out what you need to learn for that goal. After that, ignore everything else.

You can spay and neuter guinea pigs and birds? Well damn, I guess you do learn something new every day!

A successful investor I know signed up for Cardone University and completed a bunch of modules and he speaks highly of it. I have never used it myself but I know he likes it. 

@Brandon Turner is right, Cardone's book The 10x Rule is great. One of the better "motivation" books I have ever read because he emphasizes doing actual WORK which most of those books downplay in favor of dreaming and visualizing (also important but you have to do WORK).

His more recent book, Be Obsessed or Be Average, is not nearly as good. If you are looking to just get one Grant Cardone book get 10x Rule. Get it even if you are not looking to get a Grant Cardone book. It is on my shortlist of books I pick up reguarly and flip through. 

@Jay Hinrichs If people listen to Michael Quarles and think he doesn't know what he is doing then they should pack it up and quit right now. When I was starting there were a few posters that I read their entire post history and he was one of them. 

I have considered signing up for his coaching program even though I feel like I know what I am doing just because he is so damn good. If I was a beginner I would sign up for it no question, even though I think the price increased recently. Still, $1,4000 bucks, if you came out 15% as good as he is you'd probably be in the top 3 in your market.

@Jay Hinrichs I love your post but I have a few questions.

When you showed up with a cashier's check in their name, was that the first time you spoke with them? If so, that is insane and awesome! Or did you show up after your team had already met them, figured out what they needed to sell, etc.? 

You still did a title search and everything, right? You just didn't get title insurance since you were buying cash, is this correct? I buy straight cash (not always) but I still close at an attorney with title insurance. 

That post is a great demonstration of doing what others won't. It is a lot easier to sit in your house and click a button to send 2,000 postcards than to pick up the phone and call someone, much less drive to their house. I love it!  I remember you posts  about buying Timberland in the 80's doing the same thing. Good stuff, thanks.

@Jay Hinrichs did touch one something I should have. I skipped over what you should know.

You do need to know how to evaluate a deal, estimate repairs, figure out what you can offer, and present your offer. This is learned through reading and practice. Walk down every aisle at Lowes, google "how much to replace cabinets" and stuff like that to get a general idea, maybe create a checklist of items to look at so you don't forget (roof, HVAC, appliances, water heater, etc.). Learn how to figure out comps yourself or use an agent (but don't abuse the agent having them look up 100 properties and never give them any business.) Hell, a good exercise I just thought off. Go on your MLS, Zillow, whatever and find some houses for sale. Comp them yourself and then in 3 months look back and see what they sold for.

Jay is right to study sales techniques. Find investors doing seller calls and listen to them (Michael Quarles has a podcast of these). Listen to them DAILY. If you can record your calls once you get them and listen back to them do this too. I used to listen to every call I ever made. I still do it sometimes. It is legal in most places, not California of course. Remember, you are in the marketing and sales business more than the real estate business if you are a wholesaler.

I guess my point in my previous post was know what not to learn. I see posters on this site (and meet aspiring investors at REIA, etc) who are trying to learn virtual wholesaling, outsourcing to VAs, etc. before they have ever talked to a single seller. Every minute you spend doing that is costing you a minute to improve at what actually matters in this business. If you are picking up golf you wouldn't worry about what to serve at the Master's Champion Dinner or how to handle endorsements before you could hit a chip from 8 yards off the green.

Looking back, sometimes I wonder if I should have gotten my license. When I got into this I was working full time and did not have the time to get my license but I had a strong mentor who helped me along when I was clueless. Currently I don't see the pros outweighing the cons for getting a license. I think about it every now. Maybe as a new investor you should consider it. Do you have a full time job? 

@J.j. McGuigan

"I think also doing a double close is a way of avoiding having to put down earnest money or showing that you have funds."

If you do a double close you actually have to buy the house and then sell it to your buyer so you darn well better have the money to close (or be able to get it). You are thinking of an assignment but if you do that you still have to put down the earnest money with the original buyer because you are the one signing the contract. 

Here is a good unique selling proposition. Show the seller a few deals you have done. Most people send out mail once, never do a deal, and quit. If you can show the seller "Here are 5 deals I BOUGHT last year" with pictures of screwed up houses, then you have already separated yourself from the majority of your competition.

Here is what makes you beat other people if you all go to the same house.

A personal connection with the seller. They have to trust you. A lot of wholesalers either don't understand or believe in what they are doing and they come off dishonest or scammers. Trust is number 1!

Treat the seller with respect. Never insult their house to try to beat down the price. They know Rover peed all over the carpet and scratched up all the doors. If you call out how disgusting their house is you are calling them disgusting. Remember that. They know Rover peed on the floor, you don't need to tell them.

FOLLOW UP. Call a day or two after your appointment. ALWAYS send an offer.

These three things will help tremendously. 

To answer the original post what makes a successful wholesaler is ACTION. What does not make a successful wholesaler is spending 2 years trying to learn every investing strategy under the sun. We all do it at one point but eventually you have to send the mail, put out the signs, drive for dollars, and FIND A DEAL! 

If you can't find a deal nothing else matters. Virtual assistants don't matter, 200 person buyers lists don't matter, virtual wholesaling doesn't matter, pat live doesn't matter....without leads coming in nothing matters. Remember that. Until you have done at least 1 (I'd argue 5) deals you should not even know what any of that stuff is. Don't spend 1 second on anything with the word "virtual" in it until you are comfortable talking to sellers on the phone and in their houses. 

@Nancy Bachety I am on beenverified right now and it looks like you have to pay extra for each person you want to search for liens. I have never done it.