All Forum Posts by: Ramandeep Sidhu

It is not a bad idea to work on having potential buyers for properties you plan to wholesale... but do not get tied up in finding buyers, it is the easier part of wholesaling.  Too many people get caught in spending time on other tasks related to wholesaling but do not spend enough time finding deals.  

So yes finding buyers is good, but spend most of your time finding properties to lock up. 

This is what I did.  Worked for a wholesaler for 10 months then went to wholesaling on my own.  I tried wholesaling on my own before working under someone and I had some opportunities but no deals.  

After working under someone, I truely learned the in's and out of wholesaling and sales.  Would not trade that for anything.

My EMD is typically $500 or $1000. I rarely go higher. If the seller trust you they rarely question it.

If the seller is asking for a higher EMD you need to answer that rebuttal, here are a few ways I approach it:

"Hey Mr/Mrs Seller, $500 is the amount I put down for every house we purchase, which is 5-10 a month"

"It would not make for me to tie up such a large amount in EMD, especially when I am buying all cash and closing in less than 30 days. I know you are confident that we will be closing on time, so let's get this wrapped up... open escrow and put the $___ in you pocket come closing day."

"I would love to raise the EMD but my team buys 5-10 homes a month and if we raised the EMD on all our properties we would have too much money tied up and it would restrict us from purchasing the amount of houses we do. My finance guy is a real stickler and I will get a lot of **** for this, he definitely wont let me tie up $3K... but I also want you to be comfortable working with us. I can get the EMD pushed to $1,000, let me change it on our agreement and we can wrap this up."

Good luck, get this deal locked up!

Hey Lewis, 

What facts and features MUST be included in the email with property details?

-Wholesale Price, Repairs, Asking Price, Bedroom / Baths, Sq Ft, Lot Size, Little about the neighborhood, Link to photos, A couple Comps, a number to reach you

In regards to photos / presentation of the email, what have you found works well and gets a lot of responses?

-I upload all the photos to a google drive and link it

Do you include any call to action button?

-I use my phone number (a specific buyers number) and a reply email as a call to action

How do you follow up with buyers?

-If someone has interest I would follow up with them daily and push them to take action.  You can also send another email blast with more info or updated pics a few days after the initial email

When do you decide to re market or do a price reduction?

-From the day we lock up the property to the day we assign it we are marketing it.  I usually have an A Buyer List, then reach out to my B Buyer and finally my C Buyers.  Price Reduction should happen when you feel like you are getting no bites from your sellers.  You can send a new email with a lower price.

What platforms do you post the properties?

-I mainly market it to buyer I have relationships or post in FB groups I am in.  

Best of luck!  Keep Grinding!

I have a few partners/colleagues that wholesale and have a CA RE license.  We tell home sellers we buy properties cash as investors or we can list the property if they are looking to get market value.

You have to be honest with yourself and them.  If someone wants a quick sell, house needs lots of work or they are in some kind of scramble wholesaling would be a great option for you and them.  If someone has all their ducks in a row and has a house that would do best on the market, that would make a good listing.

We have not had any "legal" issues having a license and wholesaling.

A easy first start to finding buyers is joining local REI FB groups. An advance way of finding buyers is using a platform like https://if.investorlift.com/.

Joining a FB group and sharing your deal or browsing the group and finding people who have mentioned they buy wholesale deals in your area would get you at least a few hundred potential buyers.  

@Hans Banatte I’ve seen far more success with SMS, then ring less VM. SMS however has had a huge crackdown and now requires more opt-in then ever.

With Ringless VM, your call back rate will be low but should have a lower cost.

My biggest advice would be learn the process and get started.

By process: I would learn what you will be doing to find leads -> how you will approach them -> how you will get them under contract -> how you plan to assign that contract -> what legalities you need in place (purchase agreement, title company, assignment contract, etc).  I would also explore financial cost of starting and growing.

Biggest thing will be to do your HW, but also get started.  Find some leads and make some calls.

I have been wholesaling for 2 years

Hey @Noah Dexter Leslie. There is nothing I can recommended more than getting on the phones. When I started, I tried it all and now being a full time wholesale I wouldn't recommended any better way of getting started. This might suck to hear, but you will need to invest some cash into your operations (Leads, Systems, Dialers, Cold Callers(VA's).

Closing is pretty straight forward, but can be intimidating.  Once you have a property under contract, you will open escrow.  I wholesale in CA and FL so we use title companies but in MI you will go through an attorney.  You will need to find a buyer for you deal, then you will do an assignment with the buyer and proceed to close on the property.  You will be paid through your assignment fee.  

Get out there and Grind!  Don't stop!