All Forum Posts by: Ross Schneider

@Gary Josephs 

Keep your head up.  Every wholesaler has has this problem before.  If it were easy, everyone would do it.  You seem to have your basics covered (bandit signs, purchasing sellers, and mass mailing).  Are you having problems finding properties? If not, you should try to post them on property websites (postlets, myhousedeals, craigslist etc.).  That is a way to get your phone ringing.  With a 9-5 job, are you able to freely answer your phone and take calls from the bandit signs? Those require you to be able to answer your phone at anytime.  You let one hour pass, the likely hood of that person being a buyer for you rapidly diminishes.  

I mentioned some websites to post deals that you get.  Do some more research about some local websites that might be beneficial to you.  I know in DFW we have a few that are very good.  As long as the deal is good, people should be emailing/calling you left and right.  I hope this helps! Let me know if you have any other questions or need some help.  There are plenty of awesome people to help you on Bigger Pockets! 

Regards, 

Ross 

@Nick Mainella My pleasure! 

@Pavel Sakurets Keep in mind, something that worked for someone else may not work for you. Personally my partners and I get a lot of business from referrals (other investors who can't do a project will send us the sellers number). We also use probates as well as MLS. That being said, we have done a few deals by driving for dollars, or calling "For Rent" signs around the area. Sometimes landlords may be sick of dealing with the property and they just want to get out of it, rather than rent.

@Nick Mainella Other wholesalers can be very helpful in moving deals.  We have a good relationship with a few around town and they help us move our properties.  Sometimes they will tack on a few thousand for themselves, or we will break them off a bit of our profit.  If you build rapport with other wholesalers in your area, they can really be an asset when it comes to buying and selling.  

@Scott Hearne 

Real estate agents can be very useful. They can comb the MLS daily for you, to help you find properties. The problem is the competition on the MLS. There are lots of investors who have agents help them out, but there is always the chance you can get beat out by another investor. Look into wholesalers (if you feel comfortable) who can help you find off market properties as well. There is usually less competition and you can get better deals and not have to pay an agent.

@Linda Quinton my partners and I wholesale about 4-5 properties a month.  We started off working for a company in Fort Worth, Tx (I won't divulge the name).  We have built a very loyal customer base.  We don't just blast properties out to people. It is important to get to know your investors and exactly what they want (that is how we choose to approach wholesaling).  In the past few months, we have moved from doing a single house at a time, to packaged deals.  Not to long ago, I was able to sell 65 houses in Longview, Tx as a wholesale deal and my partners and I were able to make quite a bit of money, but still got our investors a great return on the properties.  There are always people who are going to be either for or against wholesaling.  Some of those against wholesaling may have had a bad experience, it happens.  That does not, by any means, wholesaling is a bad tactic.  Everyone in the real estate business is out to make money, and there is plenty of money to be made.  

@Albert Yamoah 

A lot of great points made here.  The sole reason I make my investors put down a deposit, because if for any reason they decided to back out once my option is up or at the last minute (which happens) I am covered on my end and don't end up losing my earnest money.  It's a way for a wholesaler to protect themselves.  We assume if not all, majority of the risk, since we are dealing with the seller.  Now, language can be added in special provisions or a separate addendum out lining why the deposit should be returned to the buyer.  That is something I implement to look out for my investors.  

@Joshua Carr 

@Mark Vejnar has a great point.  Driving for dollars is a very easy way to get properties.  You may get some angry phone calls, but if you keep grinding it works.  Look for houses that have the appearance of being distressed (unkept lawns, fading paint, cracks in the brink, roof issues, etc.).  Probate is another great way to find houses.  You can go to many different websites and buy these leads.  From there you can send letters to the PRs (Personal Representatives) or call the attorneys themselves.  If you search Rick Harmon on BP, he has posted some great advice on how to handle probate leads.  If you have any questions, feel free to PM.  My partners and I work out of the Fort Worth area.  

Best of luck! 

Ross Schneider 

Glad you joined! There is a website for College Station rentals that might be solid for you. http://texags.com/forums/59.  There are deals posted there quite frequently.  Let us know if we can help! Best of luck.  

Ross 

@Tanya Lee my pleasure! 

I might ask for a contract (tell him to black out the price), just to ensure he isn't trying to jerk you around.  Just let him know this is your first wholesale deal, and they should be accommodating! 

Ross

Hey Tanya, 

I might be able to give you a little insight.  The owner is probably Deutsch Bank National Trust.  The person advertising the property might have it under contract, which gives them the equitable rights to the property.  From there, they can advertise it wherever they want.  For the most part, tax records are accurate.  The person advertising may have just closed on the property, and the city has not changed them yet (another possibility).  I hope this helps! If you have any more questions, please let me know! 

Ross