@Adrian Tillman It's important to realize up front that wholesaling is not easy, nor is it quick. Some people haven't closed a deal in 6, 12 or 18 months or even 2 years. But they haven't quit. Some have given up, but others haven't.
After just 2 months it's too early to tell, but soon you should be getting responses from people regarding your direct mail marketing, if you're doing that, to measure its effectiveness.
- What are you sending?
- How are you contacting property owners?
With regard to why you're not getting any responses from sellers, I think you have to look back an evaluate the type of properties that you have targeted.
- How often have you sent direct mail to them?
You also should look at the types of properties you have already contacted. Are they delinquent on their taxes? Are they in foreclosure? Are they going through probate? Are they out of state landlords? Are they going through a divorce? Have they inherited the property and live out of state and just don't want it? How are you finding those properties? Which one are you focusing on as a newbie?
- Probate
- Tax delinquent
- Divorce
- Pre-foreclosure, foreclosure
- Job relocation
- Absentee-owners
I've heard on quite a few podcasts that as a wholesaler, focus on 1 marketing strategy, master that strategy until you close a deal and then you'll be able to close more by scaling that aspect of your business to become even more effective and profitable.
In many podcasts about real estate investing, there is often a mention of a book or two, or three that has had a great impact on their experience getting started with investing in real estate.
- What books have you read in the past 2 months about real estate investing, to help give you an understanding about investing in real estate?
With so many people in the BP community, many have heard about a podcast, or heard about a book about real estate investing that inspired them to learn more.
Listening to the BP podcasts have a tremendous amount of information to learn from so many different people and their experiences that often give encouragement to those just getting started and for experienced investors too.
- Are you listening to any podcasts about real estate investing?
- How bad is the appearance of those properties?
- How many of them have you found that you are sending direct mail to?
- Have you attended a REIA group meeting, or a real estate investing meetup group in your local area?
REIA group meeting and meetup's are great opportunities to network and establish relationships with other investors.
There is a lot more information that is needed for anyone to give any type of assessment that would be helpful to you. After just 2 months, it's a little too early to tell.
But one thing you need to know is that your phone isn't going to ring constantly after 2, 3, or 6 months and if you haven't sent out much in terms of direct mail.
Questions to help you develop a clearer picture of your wholesaling business.
- What type of properties are you targeting to wholesale?
- How can you help those property owners?
- How will you execute helping them?
- Which title company, or real estate attorney will assist in the closing transaction for you?
- How many cash buyers do you have to contact, to close that deal, if it's a deal that fits for them?
Do you need business cards? Yes and no, but probably something simple with just your name, phone number and email address.
Do you need a website? I think the better question to ask yourself is, "Is it necessary for my business right now?" Does that make sense?
I hope that helps. Don't give up. Stay focused. Don't quit on your goals.
