All Forum Posts by: Glenn Bravy

My favorite method is one that Jonathan C touched on briefly -- find agents who work with investors. This is far and away the best method for me and especially for new investors.

You become the person who is essentially creating pocket listings for the agent's clients. This makes you increasingly valuable to them and they'll be happy to pull endless comps for you, knowing that you won't be using them to purchase properties. So be honest and they'll understand that it's worth helping you. And how do they make money? They bring your deals to their investors. When those investors finish rehabbing, they list with that realtor who brought them the deal!

I have a great realtor who drives to the properties with me and lays out the numbers for where I need to be to purchase the property and make my fee. The entire process of wholesaling to an investor is done for me. I take calls from my marketing and pass it along to him. He does just about everything else.

Like most new wholesalers, I put rehabs on my first property at only $5k. I now have a better idea of what it'll run for, having walked through several properties with my agent.

I would recommend NOT creating surveys for investors to fill out. What I've found is that they basically want a deal that is either:

a) 70% - rehab
b) All rehab and costs included and minimum $20k or $30k profit (better for a $150k property, not a $400k property)
c) Minimum 12% cash on cash (best when showing cash vs hard money and both being above 12%)

I don't like asking them questions anymore without a deal. I present a deal and they tell me why they like it or they don't. Essentially, if they buy it, they like it. If they don't buy it (and it's a legit deal) then I ask why and they tell me.

And you'll find more flippers in some areas, more cash flow investors in others. In Seattle, cash flow investing isn't so great but flipping is awesome. I like cash flow buyers because they have fewer fees so it's easier to find a deal if it's tight.

By the way, DO NOT bring MLS deals unless they're MUCH cheaper than listed. Your reputation matters a lot! Your value proposition as a wholesaler is bringing them off-market deals they can't find anywhere else.

@Jean Bolger 

Right. I was wondering about fiduciary responsibility. It seems that everything is being disclosed properly.

He's creating an intermediate position between me and the buyer so that he makes his fee.

I have a wholesale deal (my first) and I have a realtor who found the buyer for me. This is his first wholesale also. The realtor marked it up a few thousand and contracted his clients. In this case, he is not charging a commission and is not charging me. Is it okay for him to do it this way?

@Stephen Brown Thanks for the great info Stephen! With wholetailing, what I don't understand is why you're retailing it vs wholesaling it to a rehabber. Are these wholetail properties those with very little work needed? And are you getting more on the MLS than any rehabber will pay you?

If it were a wholesale deal, would you have had to have gone deeper to make a good spread to wholesale it to a rehabber?

What's the ARV and the repairs needed?

One good strategy I've found is that since many off-market properties come as a result of the marketing, simply refer them over to a realtor. Some will pay you for every lead that results in a listing. $200 recoups your costs.

Anyone else with feedback from using the product? I'm getting a 2% response rate. The calls can be batched into two buckets: occupied properties and non-occupied land.

Obviously the land is non-occupied because it's undeveloped. But the properties I've found are occupied...

Steve: Yes, Wade Cook coined the term but he meant it very differently applied to investments.

He used the meter drop to buy and sell stocks to make 10% or so at a clip. "Singles and doubles in the stock market" as he said. He started in real estate and bought, rehabbed, and flipped. Never talked about selling leads.

With the Meter Drop Method program, it's about selling leads. Same taxi meter drop, different real estate meter drop.

August 2011 talking about the Meter Drop. http://www.blackhatteam.com/f108/req-meter-drop-method-79355.html

A few points here.

First of all, the cab driver may or may not exist, but the point of it all was to tell a story. If he pitches you, you can say no. But if he tells a story and you like the story, you just got the whole sales pitch without ever having a chance to say no.

Second, especially after hearing from Lily, do you really think this is new info? Stacy never heard about it? And his attorney never did either? Really??? Sounds like hype more than education.

Third, as alluded to by others, he started as an investor and now he's an internet marketer. He has lists, marketing know how, and friends. They all help each other sell various programs.

And here's the kicker!!! Is anyone from Austin, TX? That's where I started investing in real estate. There's a local guru (who actually does deals day in-day out) named Phill Grove. He and his wife Shenoah have been in RE for years and are very successful. His angle is that he puts on very good, solid RE courses for not much money. More than the money, he educates people on how to find and structure deals. They need money. Phill is an expert with money. He's getting highly trained bird dogs and building a strong local community of investors.

It gets better. If you're familiar with his Mortgage Assignment (MAPS) program, you'll see that for the program to work best, it calls for a heavy amount of buyers and sellers being input from various investors in the area. To match those buyers and sellers he built the REI matcher program. His initial thought was to take a portion of every deal that was done. After a while, he changed it to a monthly charge.

IT'S NOT ABOUT THE METER DROP METHOD! That's the gimme product that's super cheap, but it's about getting people enrolled into the $97/month REI Matcher. It's a fantastic service if you use it. The two even work well together. But the goal from the beginning, as far as I see it, is to enroll people into the REI Matcher and make it lucrative for them to do so.