All Forum Posts by: Ryan Wilkinson

Cash is KING, now more than ever. If you are wholesaling on any kind of scale you will quickly realize that increasing your volume is how you make your money. The "velocity of money" is the focus, meaning the faster you are in and out of a deal and back into another one the more profit potential you have.
Financing on any level requires third party approval, more opinions on whether the deal is "good", appraisal reviews etc...Time is money and you cannot effectively wholesale if you are dependent on banks or third parties because a lot of times they say no. If a cash buyer says yes...get that emd and get it closed. By the way where is anyone getting bank loans to buy investment properties? I haven't seen bank financing in Detroit since 2008. LOL

Wow Ryan Webber...I have to say I love your outlook. I wholesale in the Metro Detroit area and feel the same way you do. Anything is possible, its just a question of how hard you are willing to work to find the solution to the problem. I enjoyed the back and forth with you & Bill. Wholesaling is definitely effected by local market conditions, how could it not be, but that is just another obstacle to overcome. Every market has them and the most successful people are the ones who find a way to overcome them.

I have a T-shirt that says "Detroit Hustles Harder" I love it because that is what wholesaling is all about. Consistency, persistence, aggressive relentless pursuit. I'm sure Amarillo & Springfield each have their challenges but come to the D and do it dodging bullets!! LOL, just kidding. Great topic.

Good luck on the first one! But, "luck's got nothing to do with it!" Reality is, the seller likely doesn't know what to expect either so don't worry about what's "proper" just make it "your" meeting. Treat them respectfully and be pleasant.

Keep it simple, bring the contract with you. I would fill out the contract for time sake but I don't think it really matters. You can build rapport by filling it out with the seller so they feel engaged in the process.
Generally upon signing a PA, a licensed agent is required to also give a set of disclosure statements; sellers disclosure, lead-based paint, and a licensing disclosure. If you aren't an agent though, don't worry about it. Two "Principals" in a deal can make any deal they want. For a valid contract you just need an offer (signed by buyer) , acceptance (signed by seller) & consideration (earnest money...whatever amount you agree on).
If you have any additional information about the home, yourself or company, it is always good to have.

Is this a first meeting? Have you already negotiated a deal? If you are there to get a PA then just get the contract signed. Anything else you need you can get at a later time (in case you forget something)

Things the seller will need from you:
They may ask for an earnest money deposit - certified funds or cash commonly $1,000
Perhaps they will ask for a proof of funds letter verifying you actually have the money to buy their property; bank statement, 401k statement etc. wherever the money is coming from to fund the deal.
Anything else they would want or will need to produce you wont need on your first meeting and likely you wont need any of these things right off the bat. Each deal is different and will require different things to be verified so once you see what the deal is tell them you will get back to them in a day or two with the information you need from them.

The most important thing is for you to be confident with yourself. The other guy doesn't know your experience level so have a game plan of how you want the meeting to go and stick to it. If something comes up that you don't know how to handle, tell them you will get back to them on it. Don't give answers for the sake of giving answers. No shame in not knowing everything.

Welcome to the business!! I wish you success!!

Websites are important to selling but not crucial when starting out. I like the ideas given here to give you some presence on the internet which absolutely helps, but the name of the game is visibility. The internet allows other people to have access to your information. That's it. Likely, if you're just starting out you don't have 20 houses to sell so don't need to attract buyers by the 100's...nice as that would be. Wholesaling is a PEOPLE business. You can compensate for a lack of internet presence by increasing your own personal profile. If people know you and what you are selling you've achieved the objective. Do more direct mailings, flyering, call for sale ads to find investors who may buy from you. Go to community events, tell everyone what you do. You just have to raise your profile the old fashioned way. Yeah, crazy as it sounds, that stuff actually worked before the internet and it still will. BUT, when you have the money to get a website, DO IT, and make it great. Technology is the future. period.

ALL RIGHT!! Buying properties with no money...I love it! This is going to be tricky but certainly possible, it simply requires more creativity & ingenuity which is what makes it so FUN!
Experienced investors are not going to talk to you if you don't have an emd (ernest money deposit) but don't assume everyone is experienced...you would be surprised. Talk to them and try to make the deal. IF they require an emd, deal with it at that point. Worst case you've lost some time but got some experience negotiating. The investor may not appreciate spending their time talking but you wont be the first or last person that wastes their time. Besides, they will get to improve their "BS meter", a necessary skill in this business!!. LOL
You could likely start with private sellers. Call on for sale by owner leads, craig's list ads, put up signs on the road (if its legal where you are) etc.
Believe it or not, not everyone will require you to put down an emd so focus on people who may not be as knowlegable about the "traditional process." Find information gaps to allow yourself to manuever within the deal.
If you cant generate any momentum this way, you will have to partner with someone who has money but no time. You do the work, they invest the money and you decide on a split of the profits. Be creative! Anything is possible, you just have to find a way to make it work, or someone to make it work for you.
Last ditch effort?....Get a job and save $1000.00. Start with one deal and see it through. Reality is, If you cant find a way to come up with a "G", this isn't the business for you!! Hope it helps.

George, I don't think there are any shortcuts to creating a sustainable wholesale business (I'm not implying that you did). "There is no substitute for hard work and experience." Networking is the key. These networks are best built by getting into the game and seeing who the players are...or identifying who wants to be a player. I built my buyer list by placing adds in the local newspaper about houses for sale then captured info on whom ever called. I passed out flyers in the neighborhoods marketing my homes for sale, use direct mail, call for sale adds...likely you'll run into some investors who may want to buy from you or sell for you, any type of community event where you can make people aware of what you are doing should allow you to find interested people. Use social medias like facebook, twitter, my space etc..to let people know what you do. Wholesaling is a PEOPLE business. The more people who know who you are and know you have great deals, the more people you will attract and the stronger relationships you will build.

I like the thought as well Sharon. While the process of listening to the story can be tedious at times, investors need to realize that is the best time to gain valuable information about what the clients hot buttons are. Put the client's needs first and solve their problem and they will let you guide them down the path you want them to take. The only way to know how to solve someones problem is by learning what it REALLY is, not neccessarily what they tell you it is.
The other great point you made is, know when to walk away. Follow up with them down the road and they will be impressed with you (nobody follows up) it shows you are thinking about them. Everyone likes to be thought of!