All Forum Posts by: Daniel Paloscio

Yes, 100%. First you need great data, preferably data that can only be pulled manually that would indicate high levels of motivation. This could be probate records, divorce, code violation, etc. Depending on your county, that information can be easy or tough to get. The tougher the data to get, the better the leads will be. Next you need an effective mail piece. 

As a national transactional funder we fund tons of on-market deals for wholesalers. The key is to be buying the property at a discount and to be offering the property to your buyers for less than what the property is listed for on the MLS. Most investors hate seeing a property offered to them that is on the MLS but if their buy price is less than the list price and the numbers are great any real investor will be happy to buy.

Meetups are great, you can find lots of investors on biggerpockets in your local markets and realtors can be great connectors to investors or can help you move inventory. 

If you have a deal currently under contract, a great way to find buyers would be to put up "handyman special" type bandit signs on main roads near your property. You will get blown up with calls. *be sure to check with your local municipality on wether this is legal and what the consequences might be if you do it and get caught. Some people really hate bandit signs. 

If you have a deal under contract you can also list it on craigslist and zillow or post and ad on craigslist in the property for sale section that you have investment properties and are looking for cash buyers. People will reach out to you. 

You want to cast as wide a net as possible on highly targeted lists, then pick out the deals that work from your responses. @Larry Turowski is right, you will waste a tremendous amount of time driving around checking out addresses, and the response rate is so low on direct mail that it may take you years to get a deal doing it that way. Direct mail is a numbers game and it's a very scalable marketing method. Get on targeted lists, send out tons of mail, learn your kpi's then spend more money on direct mail.

Congrats on getting started Brandon!

My suggestion to you before you spend a lot of money on a program would be just to read up on the type of real estate that you are interested in. When I was wholesaling years ago I learned everything about wholesaling from this forum and the BP podcast. I also connected with @Jerry Puckett who helped me dial in my probate direct mail and get on some great deals. 

I would be a bit wary of expensive real estate courses, at least until you have a basic understanding of how the business of real estate works and who the quality educators/mentors/gurus are. Real estate has become very popular over the last few years so  a lot of new investors have entered the space and unfortunately there are a lot of people selling overpriced regurgitated information to uninformed new investors. 

Spend some time on the forums and grab some of the books out of the biggerpockets book store to start. You could also try reaching out to a successful wholesalers in your market and offer to help them for free. I'm sure that there are tons of experienced wholesalers in your market that would love to trade your time for their experience. 

Good luck!

@Patti Robertson is correct. We fund quite a few closings for wholesalers in VA where the wholesaler needs to double close. If you have your own contract you can write in assignment terms. If you are using the standard contract that has a clause prohibiting an assignment you can still wholesale but you will need to utilize a double closing.

@Ben M. You’re welcome!

@Ben M. That is really going to depend on what your contract states. Some wholesalers will offer a property as “net to seller”, which means that the seller walks with whatever amount is agreed to on the contract. If the contract says the deal is net to seller, or that the buyer pays all closing costs then you would be paying more in fees than in a traditional closing.

If the contract does not specifically say that you have to pay seller closing costs, then you do not have to and you will pay traditional closing costs  

I would review your contract to see what it says about closing costs. If you are already in contract you can also ask the title company for clarification.

Hey @Demarco Brown, on all of the transactional deals we fund, we cover 100% of the borrowers cash to close, including all closing costs and fees. The borrower in all cases will never have to bring any money to closing as they are all wrapped up in the loan. 

Best of luck on the deal!

Hey @Angel Moreno,

As a nationwide transactional lender we work with closing attorney's and title companies all over the country. I would be happy to connect you with someone that we work with that does double closings and assignments. Feel free to shoot me a PM.