All Forum Posts by: Account Closed

Hey,

Ok here is a very basic outline to my business plan to get started in wholesaling. I am thinking of either adding an additional phone 9.99$ month or setting up a google voice for my direct mail and how they can contact me. I would use the separate phone to have a voicemail describing how I can help them instead of all these calls coming to my personal line.

Other than that here we go

I will spend about 150$ a week (600$) month on direct mail to get started. This will be my investment to get used to talking to sellers and maybe even land 1 deal but not counting on it. I will send out yellow letters weekly and I plan on a 100 a week. The cost to mail that is 44.00 and ink and envelopes so I would say 60. I am also going to send out postcards for the rest of the money. I will use click2mail and that can be done easily with a few clicks. The pain will be writing these envelopes for the yellow letters out but I will have to dedicate a couple hours a day to go to that. I plan to outsource that sometime but I will just do it now. The yellow letters will be printed out except the name and address and I will handwrite that so less time on my part thank god! I plan to have my calls come in and I will begin talking to sellers, my trick is to do this every week. I plan to buy a list of 1500 names of absentee owners with 60-100% equity. I also think I am better off starting in the cities around me for the names instead of the whole county because the houses are cheaper for the cash buyers and i am still new to everything.

Thanks steve so for example I have my rental business called j&w property management with a business account now to start a wholesaling business I need an Ein number where should I get that? Should I start off with a Dba again or just go straight for the Ein number. Also I would need a name right I am thinking something along the lines of helping ppl or a solution.. Thanks for the great advice

Ok awesome you also establish a personal relationship in the phone and they probably think since you got this far with them they may take your offer. On the phone if all you care about is price you tend to look like you arnt really helping them but if you build rappot talk to them etc then price is the last thing they may feel like you are actually helping them. That is an excellent point. So whether you decide to go out to a property or not is on motivation right? Would you say the motivated ones want you to come out right away because they need to sell?

ok guys here i should have been more clearer orginally. My rental property is on a seperate business card and I have filed the tax forms and my attorney is setting up my LLC now for that. I have been putting all my marketing so far on that business card, should I set up another debit business card and put a couple thousand on that card and use that for wholesaling things? Stamps, I need a PC, Printer for letters, etc. also all my bills for google voice and things like that. But don't combine that with my rental right?

no part time until I can make this my full time job. I know my attorney said i can put them under the same until i make over 125k or something like that then it is seperate/

Awesome I will set that up so I can have my callers hear a message at least about what i do if i am unable to get to my phone. Now i have no voicemail at all and i think i need something but obviously can't have my main line talking about how i can help them out of houses if it was a friend calling lol

I bought my first free and clear rental in my own state CT which is expensive for 45k for a duplex. I do plan on doing a cash out refiance but only for 60% of the purchase price was appraised at 60k, so i would only get 27 back but i have read rich dad books he loves leverage i prefer to keep nice equity in my rentals and hold small mortgages just my way of looking at it.

hey guys so i have a detachated garage on my rental and the neighbor wants to use it. DO i need a lease for that or how do i go about renting out my garage same way as rentals with your lease?

hey i need advice from a cpa. I plan to start marketing for my wholesaling business and will also need printer pc etc. How do i go about doing that I have one rental now which i conduct all my rental related costs under. Should I just put all the wholesaling marketing things under that as well. also my computer, printer all start up equipment or should i keep it seperate from the rental business (just 1 house) lol

Ok awesome thanks Bill, I definitely see how to work this approach now the only thing I really need to do is get out there and practice it. This involved trying to get sellers to call me on a daily basis. One issue that I will have is with my FUll time job and taking calls. Do you recommend me getting another cell phone or some kind of voicemail that they can leave their information on or is this somethign where if they are motivated they will leave a message on my cell no matter what?