All Forum Posts by: Triminh Phan

Hello @Triminh Phan! 

I hope my answers help guide you some! 

1) How do I know I have exhausted my marketing strategy, I think it’s called a campaign, on my list before I drop my current list and move onto a different list. Of course, I will follow up with the ones that do respond until they stop responding and turn into ghost leads. And for the ones that do not respond at all to all my attempts (7 times), I'll just drop them. Should I reskip them or just move to a different list and don't look back lol.

I will keep this one open for folks that are more experienced in this area to answer.

2) How do I balance out calling the new people on my list while following up on previous prospects if I only have 2-4 hrs to cold call? Right now my conception of cold calling is that people Cold Call every hour of the day. This makes me think about which are the right times of calling new prospects and follow-ups. And not switching up the times often when I feel like it's not working.

How I do it is I call all the new leads (within past 24 hours) first as they are (as I call them) level 1 leads. Once I get through the level 1 leads, I move on to level 2 leads. These are leads that I’ve received a response back either via email, messenger, text but I haven’t had the chance to actually talk to them on the phone yet. Typically these leads are 2-3 days old. After this are my level 3 leads which are leads that I’ve not received a response back from yet in any way after. I do 3 attempts at contact and if I don’t have a reply after 3 times (this can be whatever number you see fit), I close out their file. It’s a fluid system so a level 3 can turn into a level 2 if I hear back from them on a 3rd day.

3) Don’t you guys feel anxious that when you aren’t cold calling there are people out there taking your prospects on your list?

I choose to view the world in an abundance mindset. There are opportunities for everyone. Focus on making the calls and once you start getting sales, optimize your flow. But only after you’re closing contracts. The better you get, the more leads will come and the more conversions you’ll have. Practice those scripts on people, learn what objections are the most common and learn how to overcome them.

4) How would you guys plan your daily tasks? For example. Call part of a list from time A to time B. Stop work. And tomorrow call from Time A and Time B. And repeat until you exhausted your list. I want to have time spend time with my family but I feel like if I'm not working on cold calling, then I'm losing potential revenue which negatively affects my mindset.

I can only speak as to what works for me. I do calls/tasks in the morning and meetings/conference calls in the afternoon. Setting exact time limits doesn't work for me, especially if I’m doing it everyday. I am a fan of Google Calendar though. I used a paper planner for years and switched over in March of this year. Complete game changer right there.

You mentioned that you only have 2-4 hours a day to call, what time of the day are you working with? Morning/afternoon or evening?

5) What is a pipeline in wholesaling and how does it play a role long-term in wholesaling?

Think of a pipeline as a conveyor belt full of chocolates. After each one gets covered in a coating of caramel drizzle, it is stuffed into a wrapper and falls into a box to be shipped out. Leads are your chocolates.

How many chocolates do you have waiting in line to be wrapped up and shipped out?

Best of luck my friend and reach out anytime!

Quote from @Tennita Funmaker:

I haven't done any wholesaling yet.  I'm just starting to gather information.  My question is when you find a deal you want to wholesale how do you determine your own profit?  Do you start backwards with what rehabbers would want (30%ish margin or so?) and then determine your cut?  Or do you start with your margin goal and leave the rest for the rehabber?

Great question!! Personally I start with getting the house as cheap as I possibly can. I use every ounce of leverage that I have to negotiate the seller down to the lowest possible amount they would take. And then I look at the numbers once I have them at their lowest amount and determine how much room is leftover for me to make a fee. Sometimes, if the seller doesnt have much equity and therefore not as much negotiation room, I have to take a smaller fee as a result because there just isnt much room. Other times there is room for a substantial fee ($25,000+) and still leave more than enough margin on the deal to make it attractive for an investor. Dont undersell yourself, I meet a lot of wholesalers who somehow think they should only be making 5K on every deal which to me is ridiculous. The whole reason we leave our W2 jobs and get into real estate instead is to have no ceiling on the amount of money we can make, our skills and abilities determine how many zeros are in the bank account instead of some manager, CEO or HR dept. But also, dont go in trying to make 50K on every deal. I see a lot of wholesalers make that mistake too. They are so nervous they will never get another deal so they try to get as much as possible from a single deal. Which, ironically end up not working out and they dont make anything because they asked too much and no one wanted to buy the deal. 

Quote from @Nathan Cross:

Anyone here use prop stream to generate leads? Or can share how to filter more efficiently? Thanks in advance.

 I have Propstream and I use it to generate a good portion of my leads. I created my own library of training videos showing how to use the different features of Propstream. Happy to share them with you if you're interested.