If you want to succeed in Wholesaling you have got to make some noise, rattle some cages and let the world know who you are. A Wholesaler that simply sits in his little neck of the woods holding his contracts in his hands excited as hell about the deals that he has locked up will never sell a single one if he don't network. Networking with investors and other wholesalers in your area is what is going to get your deals sold and money in your pocket. If you are not networking you are not wholesaling. It's that simple. Unless you are selling your deals and making money you are not actively wholesaling.
The first network that you want to tap into is the one right in your back yard. Find Investor Groups in your area and go to a meeting. Introduce yourself, give out business cards and even hand out info on your deals. Visit reiclub.com to locate an Investor group near you.
After you have established relationships with your local Investors you need to branch out into the rest of the world. The first thing I suggest is to join online networking groups. These groups will allow you to connect with people who share the same interest or even people from your immediate area.
facebook.com
Twitter.com
Linkedin.com
Now it is time to join the Investor Forums. These forums with both get you networking with Investors and build your knowledge of Wholesaling. Most of these groups have articles and online education available.
Biggerpockets
Realestate.com
realestateinvestor.com
realestatedealmakers.com
Thenaked-investor.com
There are hundreds more but these are the ones that I wanted to share. I would suggest that you create a profile and add your contact number in each forum. I have found many buyers in these forums and have found them to be a very valuable asset to my success as a Wholesaler and an Investor.
Go Network and make some money!!!!!
Written by Carol Stinson. All rights reserved.
Wednesday, September 23, 2009
Saturday, September 19, 2009
Harvest Time for Wholesale Deals!!
The Fall Season is about to hit the East Coast. Fall Festivals are about to take place in many of the major Counties and Cities. This is an awesome opportunity to Harvest the house deals left over from the Spring and Summer market. Even though the market will slow down as the Fall and Winter months hit there will still be an abundance of motivated sellers ready for Harvest.
Here is a proven technique that is sure to help you reap the harvest!
Fall Festivals present an opportunity to reach hundreds and sometimes thousands of people by renting a table and presenting your services. Do your research and find out where and when the Fall Festivals are going to be held in Each County. Get the contact number to the person organizing the festivals and reserve a spot.
Have a banner made up at your local Office Supply Store that simply says "WE BUY HOUSES". This will be hung on the front of your table as an advertisement.
Have 2 forms made up with questions. One for those looking to purchase a home and another for those who have a home to sell. Keep it simple! You can get more info when you contact them later. The basic form would include name, address, phone, address of property if they are sellers, asking price etc...
Have business cards made up with your contact info to give out as people walk by your table.
Have fun and Be creative! You can try this marketing technique at Flea Markets too. This presents a great opportunity for you to present your services and let the community know that you exist. You will be surprised at the effectiveness of this type of marketing.
When you get home go through the forms and research the properties. Get ARV, Taxes etc... Now call each one and get more information on their current situation. This beats cold calling because you have already made contact with the sellers or buyers when they filled out the form.
Written by Carol Stinson. All rights reserved.
View an example of a script for cold calls. This will help you further evaluate the property when you make contact with the sellers that filled out your form. Sample Phone Script.
Check out related blog posts:
How To Identify A Motivated Seller
Assigning A Property To A Buyer
Here is a proven technique that is sure to help you reap the harvest!
Fall Festivals present an opportunity to reach hundreds and sometimes thousands of people by renting a table and presenting your services. Do your research and find out where and when the Fall Festivals are going to be held in Each County. Get the contact number to the person organizing the festivals and reserve a spot.
Have a banner made up at your local Office Supply Store that simply says "WE BUY HOUSES". This will be hung on the front of your table as an advertisement.
Have 2 forms made up with questions. One for those looking to purchase a home and another for those who have a home to sell. Keep it simple! You can get more info when you contact them later. The basic form would include name, address, phone, address of property if they are sellers, asking price etc...
Have business cards made up with your contact info to give out as people walk by your table.
Have fun and Be creative! You can try this marketing technique at Flea Markets too. This presents a great opportunity for you to present your services and let the community know that you exist. You will be surprised at the effectiveness of this type of marketing.
When you get home go through the forms and research the properties. Get ARV, Taxes etc... Now call each one and get more information on their current situation. This beats cold calling because you have already made contact with the sellers or buyers when they filled out the form.
Written by Carol Stinson. All rights reserved.
View an example of a script for cold calls. This will help you further evaluate the property when you make contact with the sellers that filled out your form. Sample Phone Script.
Check out related blog posts:
How To Identify A Motivated Seller
Assigning A Property To A Buyer
Tuesday, September 15, 2009
How To Wholesale Properties Listed on The MLS Using Instant Equity Exchange
The MLS is where 75% of home owners list their property if they want to sell it. The first instinct of a home owner is to call a Real Estate Agent to sell their property. The portal that that agent uses to get the property out into the buying world is the MLS.
The MLS is a gold mine for the Real Estate Wholesaler. The only thing that is stopping many wholesalers from accessing this outpouring of deals is lack of education on how to move a property listed on the MLS over to an end buyer and get paid.
The first thing that you need to do is find a Real Estate Agent. They are the key that unlocks the MLS. Without them you cannot access the MLS let alone make offers or deals. Let's say they are the "Gatekeepers" of the MLS and you need to get through the Gatekeeper to get into the promised land!
You must find and agent with an open mind willing to work with you in this process. Let them know that by working with you they will not only make a commission but you will be helping them sell allot more deals if they work with you. Many of the MLS properties that I make offers on are listings that have been on the MLS for 90 days or more. These listings would expire soon so I am essentially helping the Agent by introducing the property to my buyers list and helping the seller with a property that is not selling.
The difference between a wholesaler and a real estate agent is that we spend most of our time building a buyers list. Wholesalers (if their doing it right) build their buyers list with active buyers, investors etc... before they even begin locking up deals. The buyers list is the foundation that wholesaling is built on and every good wholesaler spends 90% of their time building that list.
In such a down market you should be able to find plenty of real estate agents willing to help you through this process. After all they currently have more properties than they have buyers so they would actually benefit by being able to introduce MLS properties to your buyers list.
Once you find a good agent visit "How to wholesale properties listed on the MLS" for the process and forms needed to complete a successful deal.
Written by Carol Stinson. All rights reserved.
The MLS is a gold mine for the Real Estate Wholesaler. The only thing that is stopping many wholesalers from accessing this outpouring of deals is lack of education on how to move a property listed on the MLS over to an end buyer and get paid.
The first thing that you need to do is find a Real Estate Agent. They are the key that unlocks the MLS. Without them you cannot access the MLS let alone make offers or deals. Let's say they are the "Gatekeepers" of the MLS and you need to get through the Gatekeeper to get into the promised land!
You must find and agent with an open mind willing to work with you in this process. Let them know that by working with you they will not only make a commission but you will be helping them sell allot more deals if they work with you. Many of the MLS properties that I make offers on are listings that have been on the MLS for 90 days or more. These listings would expire soon so I am essentially helping the Agent by introducing the property to my buyers list and helping the seller with a property that is not selling.
The difference between a wholesaler and a real estate agent is that we spend most of our time building a buyers list. Wholesalers (if their doing it right) build their buyers list with active buyers, investors etc... before they even begin locking up deals. The buyers list is the foundation that wholesaling is built on and every good wholesaler spends 90% of their time building that list.
In such a down market you should be able to find plenty of real estate agents willing to help you through this process. After all they currently have more properties than they have buyers so they would actually benefit by being able to introduce MLS properties to your buyers list.
Once you find a good agent visit "How to wholesale properties listed on the MLS" for the process and forms needed to complete a successful deal.
Written by Carol Stinson. All rights reserved.
Monday, September 7, 2009
Tips on Negotiating With The Seller
Negotiations are the focus point of any wholesale deal. This is the part that makes the new found property a deal. This is also the part where many new wholesalers get cold feet. Negotiating the price and terms of the new found property with the seller is where the the whole deal gets packaged up and ready for the next level... the sale.
When you are about to negotiate the price and terms of the property with the seller remember...
1. Always stay in control of the deal.
you have already run the numbers to get the MAO (Maximum Allowable Offer) and therefore you know what price you are willing to pay for the property. Explain why you are offering such a low price for the property to the seller. (repairs needed, current market conditions, ARV etc...) Stick to the price that you know will move the deal from you to an end buyer. Remember if you are not embarrassed by your offer than you offered to much.
2. Do not get emotional when meeting with the seller!
As a Wholesaler you will come in contact with many sellers that are in desperate situations, are dealing with a job loss or health issue or even some that are very intimidating and come off very arogant about what they are expecting to get out of the deal. Leave your emotions at home when dealing with sellers. If you get to involved in the Drama you might agree to pay more than your MAO and this will leave you holding a wholesale deal that you cannot move to an end buyer.
3. He who bids first loses!
Never be the first to name a price for a property. Always get the seller to name the first figure. You might say "If I offer you all cash and close in 30 days what is the least you will take". They may ask you to name the price you will pay but always figure out a way to turn it back around to the seller. Why? Because you might give a price that is actually higher than what the seller had in mind. Now who just lost?
4. Always be upfront about your intentions!
If you plan on wholesaling the property let the seller know that you are going to present the contract to your "Network Buyers". Let them know that you may not be the one they are going to settlement with. I believe in being honest. I have seen to many wholesalers get to the settlement table only to walk away with no cash because the seller walked out feeling deceived. Remember everything gets exposed at settlement.
5. A Deal Should Be a win, win, win!
Let the seller know that you are there to help them not cheat them out of their home. Answer any of the questions that they may have. If you don't know the answer than tell them you will find it for them. This goes for the buyer as well. Wholesaling a property should be a win, win, win for the seller, the wholesaler and the buyer. Your reputation as a Wholesaler depends on it.
Written by Carol Stinson. All rights reserved.
For the next wholesaling step check out Assigning A Property To Another Buyer
When you are about to negotiate the price and terms of the property with the seller remember...
1. Always stay in control of the deal.
you have already run the numbers to get the MAO (Maximum Allowable Offer) and therefore you know what price you are willing to pay for the property. Explain why you are offering such a low price for the property to the seller. (repairs needed, current market conditions, ARV etc...) Stick to the price that you know will move the deal from you to an end buyer. Remember if you are not embarrassed by your offer than you offered to much.
2. Do not get emotional when meeting with the seller!
As a Wholesaler you will come in contact with many sellers that are in desperate situations, are dealing with a job loss or health issue or even some that are very intimidating and come off very arogant about what they are expecting to get out of the deal. Leave your emotions at home when dealing with sellers. If you get to involved in the Drama you might agree to pay more than your MAO and this will leave you holding a wholesale deal that you cannot move to an end buyer.
3. He who bids first loses!
Never be the first to name a price for a property. Always get the seller to name the first figure. You might say "If I offer you all cash and close in 30 days what is the least you will take". They may ask you to name the price you will pay but always figure out a way to turn it back around to the seller. Why? Because you might give a price that is actually higher than what the seller had in mind. Now who just lost?
4. Always be upfront about your intentions!
If you plan on wholesaling the property let the seller know that you are going to present the contract to your "Network Buyers". Let them know that you may not be the one they are going to settlement with. I believe in being honest. I have seen to many wholesalers get to the settlement table only to walk away with no cash because the seller walked out feeling deceived. Remember everything gets exposed at settlement.
5. A Deal Should Be a win, win, win!
Let the seller know that you are there to help them not cheat them out of their home. Answer any of the questions that they may have. If you don't know the answer than tell them you will find it for them. This goes for the buyer as well. Wholesaling a property should be a win, win, win for the seller, the wholesaler and the buyer. Your reputation as a Wholesaler depends on it.
Written by Carol Stinson. All rights reserved.
For the next wholesaling step check out Assigning A Property To Another Buyer
Tuesday, September 1, 2009
Expired listings are a GOLD MINE for Wholesalers!
I don't know about you but as a kid I always got stuck with the "Hand Me Downs". I was the youngest child in the family and would always get the clothes that everyone else already wore. I would get the jeans that were already worn out, the shirts that had the color washed out etc...
I never really appreciated the concept of "Hand Me Downs" as a child. I mean who wants something that someone else has already worn out? Something that someone has already had in their possession for about 4 months before they decide it is of no use to them anymore.
You know where I am going with this right?
Exactly!!! Expired listings are the real estate version of Hand Me Downs. Check this out... A Realtor lists a property and puts it on the MLS. This is where it gets worn out, washed through and picked apart. Then one day the listing runs out and the property is available for the picking. Just like an old shirt or an old pair of jeans. If it fits wear it!
The best thing is that these are sellers that have been trying to sell their house for whatever reason and are now more motivated than they were when they first listed their property. They may have fallen behind in their mortgage and tried to sell their house to prevent foreclosure. If this is the case than you now become a new hope to them and you get a chance to help someone out while making a profit. These are my favorite kind of Hand Me Downs because I can offer these sellers another chance to relieve their burden.
If you have a Realtor on your team have them send you all of the expired listings in a particular area that you have buyers in. Now go through the listings and pull out the ones that say "Motivated seller", "Handy man", "Bring Offers" etc... Research the owners of these properties using the resources that I have provided in the side bar. Contact them and see if the property is still for sale. If it is then go through the sample phone script that I have added as a resource for you. Now schedule a time to see the property. Remember to do as much research as possible on the property before you get there. This will help in your negotiations.
I now have a new respect for Hand Me Downs. I am now standing with my trash bag open shouting "Put Em in Here!".
Now go make some money!
Written by Carol Stinson. All rights reserved.
Check out these related blog posts
How To Identify A Motivated Seller
Where To Find The Best Properties To Wholesale
Tips To Help You Build Your Buyers List
I never really appreciated the concept of "Hand Me Downs" as a child. I mean who wants something that someone else has already worn out? Something that someone has already had in their possession for about 4 months before they decide it is of no use to them anymore.
You know where I am going with this right?
Exactly!!! Expired listings are the real estate version of Hand Me Downs. Check this out... A Realtor lists a property and puts it on the MLS. This is where it gets worn out, washed through and picked apart. Then one day the listing runs out and the property is available for the picking. Just like an old shirt or an old pair of jeans. If it fits wear it!
The best thing is that these are sellers that have been trying to sell their house for whatever reason and are now more motivated than they were when they first listed their property. They may have fallen behind in their mortgage and tried to sell their house to prevent foreclosure. If this is the case than you now become a new hope to them and you get a chance to help someone out while making a profit. These are my favorite kind of Hand Me Downs because I can offer these sellers another chance to relieve their burden.
If you have a Realtor on your team have them send you all of the expired listings in a particular area that you have buyers in. Now go through the listings and pull out the ones that say "Motivated seller", "Handy man", "Bring Offers" etc... Research the owners of these properties using the resources that I have provided in the side bar. Contact them and see if the property is still for sale. If it is then go through the sample phone script that I have added as a resource for you. Now schedule a time to see the property. Remember to do as much research as possible on the property before you get there. This will help in your negotiations.
I now have a new respect for Hand Me Downs. I am now standing with my trash bag open shouting "Put Em in Here!".
Now go make some money!
Written by Carol Stinson. All rights reserved.
Check out these related blog posts
How To Identify A Motivated Seller
Where To Find The Best Properties To Wholesale
Tips To Help You Build Your Buyers List
Subscribe to:
Posts (Atom)
Posts
