myEmpirePROWanna learn how to start a real estate wholesaling business online in this digital age? SMART MOVE!
Unfortunately, real estate wholesaling as we knew it is already going dead and in certain cities, it’s already dead.
Traditionally, you can send a few direct mail to:
- Pre-foreclosures
- Vacant home
- High equity data
- Out of state owners
- Tire landlords
- Divorcees
- ETC
And pick up a few deals. But these days, there is a common saying among the tons upon tons of real estate wholesaling newbies coming into the business.
“I can’t find deals”
“I’ve got a list of cash buyers ready to go but I can’t find them deals.”
When I hear that, I smile with empathy because I know that they have been sold dreams that won’t yield result 99.99% of the time.
The truth is that, the competition in the traditional marketing strategies are now too high.
You letters are showing up with 25 other letters and the old school online strategies such craigslist is basically a wholesaler’s fest.
What that means is that everyone is calling each other and they all don’t have the cash, credit, the resources or intention to actually buy something.
It’s time to switch strategies because the attention of the prospects in the game has shifted to somewhere else.
That’s true even if you just knocked on their door and you are right there in front of the prospect.
They will pull out their phone, Google what their home is worth and refuse to sign it over to you at 65% of ARV so you can wholesale it for $25,000.
So if you have decided to master digital marketing and brand marketing online for your real estate wholesaling business, it is a SMART move.
QUESTION & ANSWERS
“any real estate attorneys you recommend? who do you go to? Thanks.”
You need to join your local real estate investors association on meetup.com and ask the folks at the meeting.
“Where can I get all of these contracts that I need to wholesale? At the end of the day I will be sending the contracts to an attorney to revise them.”
Join your local real estate investors association on meetup.com and ask the folks at the meeting. You don’t need to spend money with an attorney figure out contracts.
Actually, contracts should be the last thing on your mind.
You need to learn how to attract motivated sellers with marketing and build your buyers list as well… preferably with marketing. You need to learn how to fill your pipeline. That’s priority.
Marketing is the core of how you get paid in the real estate wholesaling business.
Everything else is secondary.
“Great Video! How can we accurately determine ARV? Tools, software, webpages?”
Most real estate agents are bombarded with calls from the tons of real estate wholesaling newbies to generate comps. They basically ask for comps for every property they encounter.
That’s not a realistic way to build your business. ARV is an opinion.
I suggest using an average of what you find on zillow, trulia and redfin and allow the actual buyer to do their own due diligence if the deal look attractive to them with you “amateur” comps–yet comps.
This strategy will not work well for you if you depend on the cash buyer’s list that gurus sell you. You need to learn marketing that you can use to build your buyers list perpetually…–AN EVER GROWING LIST.
ENJOY THE VIDEO
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