All Forum Posts by: Shannon McLeod

@Brandon Sturgill

Not every deal meets these requirements. Your conversion rate will suck if you’re just looking for seller finance deals.

Someone said wholesalers just don’t know how to structure deals. Completely not true. Wholesaling IS a way to structure deals, but it’s just one tool in the tool belt. Learn subject 2 and seller financing to have on your belt as well.

@Merritt S.

Completely agree with your perspective. I’d ratchet up my complaints too. I mean, you know, she only has a child now, and you know how unreasonable a new mother can be, right?

It sounds like she’s sick of complaining about the inadequate heating, has a child now, and it’s become all the more important to have good heat.

What I'm getting at, is what do you tell someone to set the expectation that you are not buying at full retail. Do you explain it in a logical way that makes sense to them?

@Lydia R. The fact that we are not buying at full retail, at an ARV of 65-70% (or lower) minus repairs and our expected profit as wholesalers.

Fellow wholesalers,

I'm looking for creative ideas on how you explain the discount to sellers while talking on the phone. How do you explain the discount where it makes sense to the seller? 

As of now, I explain it by saying because it's an investment, the end buyers (investors) need to have a discount to offeset the inherent risk associated with buying a property. 

Any suggestions/ideas are welcome!

I'd like to get your guys' opinion on some techniques to keep sellers baited on the hook once you've lined up an appointment. I'm new, so part of the problem may be my qualifying skills. I had one lady who sounded pretty motivated to get out of her house and needed more space. She did balk at moving out within the next 30-60 days so I was iffy on her timeline for selling, so I thought I would get a better feel for her at the appointment we set up. She in fact seemed pretty insistent that I come look at it vs ask a bunch of questions on the phone. So I thought, being my first appointment, it was worth it. It got to be the day of the appointment and I called her to confirm we were still on for that night, and she said they had some stuff to do that afternoon and she would call me back in a couple of hours. She never called back and won't answer when I call. Ha! I got ghosted! 

I had another guy on the phone today and I thought I had finally got a truly motivated seller. He answered all of the questions regarding motivation and it was very clear he had something going on and needed to get out of the property. He had only had it since the fall. He tells me he will call me back within a couple hours. He did call, however I did not catch it when he did, and I have tried to call him once early in the afternoon and once this evening. Ugh. Frustrating. 

Do you guys have any tips on how to keep these sellers on the hook? What do you say if someone says, "hey can I call you back in a couple of hours?"

@Matthew Hernandez Are you into wholesaling with your real estate investing, or are you looking to flip this house? It kinds of sounds like you are trying to wholesale it? 

I am a wholesaler here in Des Moines. Let me know what you are looking for and in general what areas and PM me. 

@Matt Fisher As I understand it, if they are a public entity, they are subject to the Freedom of Information Act and must provide it. 

@Matt Fisher

• I'm just not sure this is true. This is quite contrary to every book, every video, every instruction I have learned about. I'm told most title companies have no idea and often think that the wholesaler processes are illegal. 

2. Lots of realtors here are investor friendly. They want to know you have the ability to close, a new wholesaler is probably not at the top of their list for handing off good pocket deals.

• I'm curious how they would "hand off" their deal to me? I can understand their mindset about wholesalers, but I intend to be an amazing wholesaler. My work and deals will speak for themselves, and I already have a legit buyer that will take any good deals I send their way. I'm NOT going to be one of those daisy chaining wholesalers, or one who gets a deal and doesn't have anyone to buy it....talk about a nightmare right there!

3. Call an attorney and have them draft a really sound one, with modifications for your basic contingencies/scenarios. How can you know if what some Joe on BP provides even covers Iowa law or worse yet puts you in position of liability.

• I'm looking more for responses from wholesalers in the DM area that already have this set up. However, I think you are right, the best course of action is to have an attorney go over it. 

4. I can't help you there, I've yet to meet one. The trouble is that this market is saturated with investors and the demand is very high. I'm not saying you won't find deals, but you'd be crazy to let them go. DM is a tough row to hoe. Good luck!

• This is another statement I'm skeptical on, but still processing and trying to digest. The people I'm trying to work with do not make it seem like Des Moines is a hard market for wholesaling. 

I don't want to sound like a jerk, but I've yet to see great wholesale deals coming from new wholesalers-they seldom know the numbers, the repairs needed or how it all works-makes it difficult to buy from them and they're soon forgotten. 

• Good point, but isn't this true about quite a few professions? I would be willing to bet that Real Estate agents are pretty much the same as wholesalers in terms of being "good" at their job. I intend to set myself apart. I am not like the other people who get into this business and exit right away. I've already gone through the effort to find myself a mentor and partner who is not having any trouble at all wholesaling. Why did I do that? Because I'm a different kind of wholesaler, and I get stuff done.