All Forum Posts by: Eric Medemar

Here's the thing.....

You could either wait to find a deal then start looking for buyers, just hoping and praying that you can find one in time.....

Or you could use my HUD hound strategy and Reverse MLS strategy (posted somewhere here at biggerpockets) and have your buyers list up and running in 10 Days....Then find deals.

Then instead of appearing like a desperate panic stricken newbie who is begging for a buyers, you'll just make a few phone calls and send a few emails to an already established list of people.

It works as sure as 2+2=4. I've done it and countless others have done it....

You've got two types of leverage in real estate. Money leverage, like putting 5% down on property and financing the rest or you've got relationship leverage.

Relationship leverage is what wholesaling is all about. Great deals come and go, but solid buyer relationships pay the bills.

Why wait for a deal to market, you'll wreak of desperation, you'll end up sounding like the pushy car salesman who needs to reach his quota or be fired.

A couple of rules that I go by:

1. Remember that you have 2 ears and 1 mouth for a good reason, you should be listening twice as much as you talk.

2. Don't be a know it all...Even if someone doesn't have a clue what they are talking about don't jump in and correct them.

3. Get experienced investors too open up and talk about their biz. People love to talk about themselves.

4. Look for the person in the room that others seem to graviatate toward and get to know that person. If other see that he/she is chatting with you then you are one step ahead.

Before deciding where you should go, you have to know where you are.

You need to get realistic on what you can do with the resources currently at your disposal.

If you don't have cash, but have lots of great deals on property then wholesaling might be the way to go. Another option might be doing some mixed strategy investing such as wholesaling/lease options lease option/flipping.

1. Look at your resources
2. Decide where your resources will make you money.
3. go to work.

good luck

To ad to all of this...

Make sure that the agent has his/her ducks in a row...

Many times agents screw up these short sales and you as a buyer won't even know it.

In many cases the agent will be taking a hit sometimes as low as 1.5%....

It is possible to negotiate commissions down with just about any agent....If you present your idea BEFORE looking at the property or the house. You want to get to them before they have taken a mental ownership of their commission. Sounds strange, but it works like magic

Maybe i'm biased but I kinda like Eric's work too....

Not to brag or anything but I think I'm the only "guru" who can bench press 420 lbs.....Okay, maybe i'm a bit too proud of my new personal bench press record that I set this week...but, I gotta tell someone.

Heres the thing with me, I don't sell my investing products "for the money", I sell them to have what I enjoy doing (teaching) make sense on some level.....Having people pay me money is part of the give and take of it all. My goal is to offer more value than any other person out their and I'm pretty sure I do that.

When someone buy's my stuff, their not buying a 300+ pages of guides and 12 CD's of audio....There buying and getting a short cut, condensed, lesson of my experience buying and selling over $11,000,000 worth of real estate and 120+ homes....

That means, they don't need to make the same mistakes I did, they don't need to reinvent the wheel, they basically have an exact map of everything I've done to succeed. After I finished putting together my course I looked at it and thought "Dam% I wish I would have met me and bought this 8 years ago"...That's the honest to god truth....I would be alot wealthier today, had I known then what I do now....

Okay, i'll get off my pulpit so Mr. Dorkin doesn't axe me for spamming the boards...LOL

If you are making a list of how to find a buyer before you make a list of properties for sale how do you get on the list of buyers?

Use the HUD method that I have posted here already, use the reverse MLS method. Use craigslist offering a free list of homes....That should keep you busy for a while.

Finding value in an ever changing marketplace is the exact same regardless of whether or not you have buyers. Criteria remains the same as well. When I am gather criteria from my buyers it's most often about:

1. Degree of difficulty for the rehab
2. Max and Min Price
3. School districts
4. $ spent/ $ profit

All of those criteria will be the same regardless of what the market is doiing.

Honestly I've got to give up on the rest of your questions because I can't understand a word of it....Did you type this on a cell phone LOL

I would start doing business first and worry about a business card later.

One thing I would strongly suggest is getting a website so that you can have that on your card when you do get them.

Websites are a great way for people to have a low resistance way of finding out about you and getting in touch with you.

They also carry a certain amount of built in credibility as strange as that may sound....

But, if I were you, i would just start doing deals like right now!

This method is completely backward from my experience because:

#1 If you don't have a buyers list in place and your market is sizeable in the least, a first time wholesaler won't have a clue where to start.....By having a buyers list in place a first time wholesaler will at least have some direction to their efforts.

#2 By not having a buyers list in place an investor sets themselves up to make far less profit on a deal because they are beggars instead of choosers.

#3 Wholesaling is not a house business, it's a relationship business. 1 good house get's you paid once 1 good buyer gets you paid over and over. I have personally had 1 buyer pay me over $85,000 in fees.

I agree that a great way to get buyers is to have deals to give them. But after training hundreds of newbies from across America it just isn't realistic because of the confusion that "Just looking for a deal creates"....I have seen that method fail time and time again.

Just my 2 cents.
Eric Medemar

A quick tip that I thought up when I used to do a ton of direct mail marketing for my Realtor list is to hand write out labels onto the sticky label sheets.

Then when you go to send out mailings to your list, make a color copy of your handwritten label sheets.

This method works for lists that you plan to hit numerous times. My response rate climbed anywhere between 38-55% on mailings where I used this method.

Good luck