All Forum Posts by: Wayne Woodson

Jeffrey D. I Wholesale here in Nashville and I have done both double closing and assignments. I have even had people just buy my contracts outright. I sometimes go to the REIN meetings but I am not a member. I am too busy doing the business to learn about it. PM me and I can tell you about the different title companies and what else to do locally.

Hi Jeffrey, what exactly are you looking for help with?

I use a basic purchase and sales agreement. The one in that link is waaay to complicated. The basic things to have in your contracts are as follows.

a) it's need to have the words "and or assigns" in the contract next to your name.
b) needs to have an inspection contingency.
c) you need to mention in the contract that your are buying the property "as is".

I also use in my contract that the seller agrees not to negotiate with prospects that I send to the property and that I may market the property on different media outlets including the MLS.

click2mail is a automated mailing system. You upload a template then upload your lists and click send. There is some designing the auto fill fields but this is just an overview of the process.

The postcards on the site are a lot cheaper than the letters. The letters cost like 60 cents a piece or something like that. I think it's faster and cheap than buying paper, ink and stamps and doing it yourself.

You are correct in that the cost of stamps now are around 50 cents. I use click2mail so thats why I put 46 cents. I get sort of a discount by using them. Really it's more like 44 including tax. I must also admit that I don't send too many letters but only yellow letter postcards.

I have a landing page and I am on the first page of google in my market. I can say that leads to trickle in but not as much as the postcards and bandit signs.

I have found it to be 1 out of every 20 calls is a deal. I could have a higher conversion if I did subject to and short-sales but I don't do anything but wholesale for right now.

Your right Michael. Starting out it's hard to run accurate numbers. I had interview other wholesalers to get their numbers when I first got started. This is what seems to be the average in my market and admittedly I haven't adjusted the formula in awhile so it may be lower now. I was one of your students at one time. That was back in 2010 or 2011 I can't remember.

I got this ideal from another bigger pockets thread so I can't take too much credit for it but here it is. I have an excel spreadsheet where I use the following formula..

85.2 Calls / .05 = 4.3 deals a 0.025% response rate from direct mail = 3,409 letters * 0.44 cents per letter = $1,400 The .05 is the amount of offers that should* get accepted. I found this number to be very accurate in my business.

so in this case $1,500 = 3,409 letters at .44 a letter. This should get a response rate around .025% or 1 deal per 25 calls. In this case it would be 4.3 deals. But keep in mind this is not exact but it does average out to be this in my case and a lot of other cases.

I use Chris Chico's yellow letter template and I mail to both Probate and Absentee Owner's. I mostly sort through the calls until someone excepts my "low call" offer and then send them a contract. I then wholesale the property but I suppose you could rehabb the house or just buy it and throw it up on the MLS. I recommend you wholesale it though.

I hope this helps.

The two things that will give you the biggest bang for your buck will be either a good yellow letter campaign or bandit signs. I do about 70% yellow letter and 30% bandit signs. You can build a website for $10 at wix.com. I prefer to build my own but of course you can hire someone else to do it.

$1,500 should get you about 4.3 deals. Ask me how I know?

I was referring to cold calling obituaries.

I don't know why you would want to cold call people who where laid off and then have to qualify them. I think a better strategy would be to just post an ad on Craigslist such as "Out of Work and Need Cash, Sell Your House To Me".

Most people who are out of work go to craigslist anyway to look for and apply for jobs.

I have heard this from every seller ever! To make a long story short ALL houses need repairs. Especially if they have been lived in. The real question is how much repair and what cost.

I have done it before, I usually wait 3-6 months and I never call I just send a letter.