All Forum Posts by: Lamar Cannon

It could be difficult to stay top of mind, but let's say you get a list of 10 wholesalers in your market.  Then you schedule a time each week or bi weekly to send them an email asking if they have any deals, do you think you'd be top of mind doing that? How long could it take, 10 min a week? You'd probably be the only person in your market doing it as well.  This effective for us as buyers and effective for buyer's who have applied this to buy wholesale deals from us. 

Let's face it, whether we like it or not, buying from wholesalers is one of the lowest cost (marketing) channels of acquiring properties.

After analyzing all of our wholesale deals, and I noticed that when I get a really hot deal I send it to my go to buyers by text or email.  I discovered that there are 5 main things that separate our 6 or 7 go to buyers from the rest of the list.  I did this so I could use these things to become the go to buyer for wholesalers in the Austin, Dallas, San Antonio, El Paso and Houston markets.

Here are my findings:

1. 1. Stay top of mind.  Email or Call the wholesaler weekly asking them if they have any deals. After a few weeks, the wholesaler will understand that you are a serious buyer and you want deals now.  The wholesaler will also realize that if they do not send you deals soon, you may think they are not good at sourcing properties. This provides them extra motivation to send you deals first.
2. 2.  Respond to every deal QUICKLY. Aim to be the first person to respond to the deal that gets sent to wholesalers list.  Also, request for them to text you or call you when they get a deal.  Responding quickly even just to say, "Awesome! At this time this deal is a little to expensive for our strategy. Thanks for thinking of me and I can't wait to see the next one!" will let the wholesaler know you are actually doing due diligence on the deal and that you work quickly.  
   
3. 3. Add Value.  Have you ever wondered why people who have training courses get so many wholesale deals? They add value. Most wholesaler's want to do what you do and are using wholesaling to get there.  Add value in any way you think you can. Examples are:
   • Meeting with them to discuss your story and how they can get there.
   • Allowing them to come check out your current projects in progress
   • Teaching them a few things about what you do or providing resources that were valuable to you
   • Connecting them to people in your network
4. 4. Offer on every deal. Offer on every property they send you that is in your target area, even if your offer is much lower than what they are asking.  If deal does not work at current price, the wholesaler will renegotiate with seller and use your offer as the reference.  "Thanks for sending this deal to me.  After, doing our research we discovered that through our strategy the most we can pay for this property is X because it needs X, Y, and Z to be a profitable deal for us.  If you are able to renegotiate with the seller and this price works for you, CALL ME ASAP. If not, I'll be on the lookout for the next one we can buy from you."
5. 5.  Perform.  When you get a deal under contract from a wholesaler, perform! Make the transaction smooth and easy.  Just like with any other business smooth transactions result in repeat business. This is probably the most powerful of the 5 and will allow you to take preference over all other buyers who have not purchased from the wholesaler.  

Doing these things will make it easier to purchase from wholesalers and assist in reducing  the amount of competition you have. You will end up with a high performing low cost channel for bringing in deals.

Anyone have other tips to add?

 1. In hot market's deposits are more common.  

The reasons for deposit are:

• They ensure buyer is serious.  The wholesaler will feel more comfortable selling to a buyer that is buying from them for the first time.  
• A deposit may deter the buyer from backing out for no reason
• It will also prevent buyer from contracting the deal before buyer has done all necessary due diligence and is certain that the property is the right fit.
• Deals may be scarce for the wholesaler, so they want to ensure that even if buyer does not perform, the wholesaler will make some amount of money allowing them to continue to market for more properties. 

2.  In my experience, serious investors pay the deposit. Our top buyers have no problem paying the deposit.  These always end up being smooth transactions.  The only time we have had issues with buyer is when buyer renegotiates deposit or we allowed them to contract the property with no deposit. 

A group of BiggerPockets members and myself have become pretty good friends over time.  We motivate ourselves by setting goals, holding each other accountable, and celebrating when we hit the goals by traveling the world.  In addition to sharing ideas to improve our businesses, we also share ways to save on flights and hotels. 

We are a group of wholesalers, landlords, fix & flip, sub2 (owner finance), and crowdfunding professionals. We share ideas, vendors, strategies, vendors, and networks. 

I love these trips because I always come back with more ways to push my Austin, San Antonio and Houston businesses to the next level.  

We also, have just a little bit of fun.  Next booked trips are Colombia & Belize.

Join us!

El Yunque Rainforest with @Baltazar Camacho, @Uriel Castro, & @Marlon Wilson

Thailand with Baltazar Camacho

Costa Rica with @Steven Biter

Abu Dhabi with Marlon

Puerto Rico With Uriel, Baltazar & Uriel

Palomino Island, PR from the ferry!

Wholesaling is awesome! :)

Our Guest speaker will provide a short presentation with powerful Real Estate tips you can take with you to explode your business!

Network with wholesalers, hard money lenders, private lenders, fix and flip investors, cash buyers, and more!!

RSVP Here

I am looking for other options for commercial list brokers. Specifically ones that allow for sorting by property type (mobile home, parks, self storage, strip centers, etc). What is everyone's favorite list broker for commercial property?

Most other places call them "snap pack mailers". I've received a few samples of them but most are printed on 24lb paper and are flimsy. I think YellowLetters uses 28lb (I'm not 100% certain) but I do know that theirs feel and look much higher quality and are about the same price as others I've seen. I've only sampled from from 3 or 4 places. 

Available wholesale deals. All offers will be considered.  Email Offers to: [email protected]. 

We also have a handful of duplexable lots with plans and permits in 78702 & 78704.

Potential rentals, buy and hold, rehabs, flips or possible scrape and build. 

105 E 52nd St - Austin TX 78751
Hyde Park Area
House: 948 sqft
Lot: 5767 sqft
Year Built: 1945
Bed/bath: 3/2

Price: $245K

1301 W North Loop - Austin TX 78756
Brentwood Neighborhood
House: 720 sqft
Lot: 5899 sqft
Year built: 1925
Bed/bath: 2/1

Price: $235K

1211 W North Loop - Austin TX 78756
Brentwood Neighborhood
House: 815 sqft
Lot: 5481 sqft
Year Built: 1940
Bed/bath: 2/1

Price: $235K

Hello All,

We are doing our monthly Austin real estate networking event this Thursday, Dec. 4.  Our party focuses on fun networking with high quality investors.  The selling of products is not allowed at our events.  There will be free food, certain cocktails will be free, and we will be giving away about $300 worth of gift cards to top class restaurants in Austin.  Come join the fun.  About 50 investors attended our last party.  

I hope to see you there!

RSVP: http://www.eventbrite.com/e/the-cash-flow-party-th...

Agenda:

6:00 - 7:00 Open networking

7:00 - 7:10 Intro

7:10 - 7:45 Featured Speaker

7:45 - 8:00 Prize give away

8:00 - Open networking 

Network with other Austin & San Antonio wholesalers, fix and flip, new development / construction, crowdfunding experts, hard money lenders, private lenders, title companies and more.

Here is the link to RSVP: http://www.eventbrite.com/e/the-cash-flow-party-th...

Lamar