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Finding Motivated Sellers as a Wholesaler

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on Friday, 16 June 2017
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Motivated sellers make or break your career as a wholesaler. Without a seller ready to give you a contract, you're pretty much dead in the water.

Finding motivated sellers isn't always easy. There are plenty of traditional ways to go about finding these sellers, such as bandit signs, auctions and real estate meetings. However putting this into a plan you can actually use is quite different.

Before you start looking for the right sellers for your wholesaling business, you need to understand why they are so important. Without these sellers willing to sell you their discounted property, you don't have much to make money from. You need these off-market properties to create success as a wholesaler.

Motivated sellers bring you a property they are ready to sell, usually due to a life-changing event. Maybe they need cash fast because of an illness, a divorce, or because they inherited the property. No matter the reason, they are ready to sell and they want to get the deal done fast.

There are several ways to find motivated sellers with properties they want to sell fast. Here are just a few of the top choices.

Direct mail. When you sent out postcards through the mail, it only takes one deal to cover your expenses for about an entire year using this marketing method, maybe longer. You have to figure out your target market first and get a list of the address/names for that market. The good news is that it is very scalable, and can bring in quite a few deals. It's pretty easy to spend a few thousand dollars on direct mail marketing and come out of it with multiple deals.

Driving for dollars. It's hard work and a bit like pounding the pavement, but driving for dollars is a great way to find motivated sellers, especially when you're on a tight budget. If you don't have much to spend on marketing, this is one of the least expensive ways to find your next deal Look for properties with high grass, boarded windows and those properties that simply look ugly. Then, write down the address and find out who owns the property from your local tax assessor's website. You can easily find the owner's contact information with skip-trace software and give them a call about the property.

It's free, and some of your best deals may come from looking on Craigslist. People put up properties they want to sell there all the time. Not only can you search for these properties for free, but you can also put up your own ads on Craigslist.

There are many ways to find motivated sellers. Sometimes, you have to think outside the box, but you don't have to reinvent the wheel. When things are moving slowly, get to work and start marketing your wholesaling business for your next deal.

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Setting & Achieving Your Wholesaling Goals

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on Wednesday, 24 May 2017
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Real estate wholesaling isn't a hobby. If you treat it as such, you'll probably never achieve your real goals. However, when you treat wholesaling as a business and you set solid goals, you'll have the ability to achieve them.

When you're new to wholesaling, you have to set proper goals to keep you moving forward. Wholesaling is all about finding deals, but there's more to it. Here's a breakdown for setting your wholesaling goals.

Your First Month

As a newbie to wholesaling, it's best to get your feet wet right from the beginning. Find one to three neighborhoods you want to target and start finding some buyers. You don't have to have a list of hundreds or thousands of buyers in your first month. Just find 5-10 quality buyers and you will be well on your way.

Goals for your first month include:

Choose 1-3 neighborhoods to target

Find 5-10 potential buyers

Get the phone number and email for each potential buyer

Your Second Month

You've set the foundation and it's time to start reaching out to motivated sellers. This month, you will start marketing and finding deals.

Goals for your second month include:

Do market analysis and choose your target area

Pull lists from online sources or go driving for dollars to find potential sellers

Choose your marketing methods (direct mail, bandit signs, internet, etc.)

Set up all the necessary details for your marketing

Send out your first mailer, place your first bandit signs and start marketing online

Reaching $100,000 Per Year

If you’re not making this much yet, a good goal for a new wholesaler is to reach $100K per year in income. Then just 10x that to hit your $1M mark. Start with the first two months above and once you have your marketing in order and you're building a buyer's list, you can move on to an actual income goal.

The best way to set your income goal is to figure out the average you will make from a wholesale deal. Then, figure out how many deals you need to do. For example, if you average $10K per month, you only need to do 10 deals to reach $100K.

Once you know how many deals are necessary, it's just a numbers game. Figure out your marketing conversion rate and how many leads turn into deals. Then, just market enough to get the 10 deals you need to make $100K.

Many new wholesalers make it harder than it needs to be. Set up your foundation in the first two months by getting your marketing going and creating your buyer's list. Then, as the deals start to come in, keep track of the numbers. This will allow you to set and achieve your income goals as a new wholesaler.

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.

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Tap This Controversial Real Estate Niche For More Motivated Sellers

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on Thursday, 24 March 2016
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Looking for more motivated seller, and buyer leads?

Check out this underserved niche, and provide much needed help, while stacking up your real estate deal pipeline…

46,523 New Real Estate Leads Per Week

Think there aren’t enough motivated real estate leads out there? Check these stats…

Every week over 46,000 people get divorced

That’s almost 100,000 individuals motivated to fix their housing situation

That’s 6,646 cases per day

277 per hour

That’s on top of the even larger pool of separations and breakups of unmarried couples.

What happens when couples split? One or both of the individuals need to find somewhere else to live. In most cases the best scenario is for the home to be sold. Even if this couple doesn’t own it, the landlord is quickly going to be distressed when the rent stops coming in.

Motivated Sellers

When couples that own homes spilt, it is normally cleanest to sell the home as fast as possible. This sheds debt, makes housing payments affordable, and eases the stress of negotiating settlements. Speed is the most important factor here. Without a fast closing the debt will build up.

Buyers & Renters

One or both of the pair will need new housing, even if they don’t sell the old home immediately. Some may be walking away with multi-million dollar settlements to purchase another property as a cash buyer fast. Others may need to rent for a little while before purchasing. Think lease options and rent to own deals. All of this group are incredibly motivated to move fast.

Where to Find the Leads

New and older divorce records online and in the paper

Leads from moving companies

Realtors and mortgage brokers

Divorce and family law attorneys

Facebook

Help & Win

No one wants to take advantage of anyone in a tight and stressful spot. Most know it can be quirky to get in the middle of someone else’ business. However, these people really, desperately need help. They need a roof over their heads and for their kids, today. They need to stop the bleed on homes they can no longer afford, or don’t want to be liable for. Help them. And if you really serve them well, you can dominate this niche, and find thousands of real estate leads each month.

 

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.

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Smarter Strategy for Signing More Estate Property Wholesale Deals

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on Thursday, 26 February 2015
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How can real estate wholesalers secure more probate and estate property deals?

As the market changes and there are fewer foreclosures, auction properties, and short sales available many real estate wholesalers are hunting for deals in new niches. Probate property and estate sales are often promoted as one of the options for sourcing motivated sellers. However, few wholesalers take the time to adjust their marketing to really connect with these sellers.

So what is it that those with inherited property really want and need? What will help them take the leap and lead to more offers being accepted?

As with many sellers in the market today there can be substantial disparity in perceived property value. Some may underestimate what their inherited homes may be worth, while others may seriously overestimate the value. Many may turn to easy to access online home value tools which can be wildly inaccurate. It can be worth the time for serious wholesalers to take a look at the most popular of these in order to be prepared, and be equipped to overcome objections. Many owners of these properties may also not be aware of the quirks of selling beyond what they see local comps selling for. For example; villas in hot senior areas like sunny Southern Florida may be in communities which come with five and six figure membership fees on top of the purchase price, or may be in older golf communities which aren’t as fashionable as they once were.

In many cases speed is vital. It is often more motivating for owners of inherited property than price. Family members often can’t afford extended time out of work, and high travel costs going to and from a property in another state for showings, etc. So can you pay cash, or use transactional funding to close in just a few days?

In addition to offering more value through clarity and simplifying the process of selling an inherited property, speed is important and a highly motivating factor due to ongoing holding costs, and the potential for devaluation. If there is a mortgage in place, past due property taxes, or condo and association dues a property can fall into foreclosure, or at least see net proceeds drop dramatically within just a matter of weeks.

Even more important than price and speed, can be connecting owners with help for sorting and dealing with personal items left in a property. Most don’t have the time to sort or get items ready for storage or have the bandwidth to ship a houseful of old items to charities. How can you help them by connecting them to these services?

Finally, when marketing to owners of inherited property consider the messaging differences which may be required. Will they be put off by promises of lots of money fast, and be drawn more towards those that offer respectful assistance in a difficult time, that doesn’t make them feel they or you are yet another vulture trying to pick the estate clean out of greed?

This can all be accomplished via direct mail, online, or via printed materials passed on through other professionals they might be coming into contact with.

 

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.

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6 Top Reasons To Be A Real Estate Wholesaler In 2014

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on Thursday, 03 April 2014
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2014 is an incredible year to be wholesaling properties. There may be other ways to earn a buck, but when you dig in, there is nothing quite like wholesaling…

Sure you could get a day job, maybe a night job to make ends meet too. You could try your hand at being a DIY landlord or even being a Realtor. Yet, few of these options can deliver the benefits of flipping houses as a property wholesaler. Here’s why…

1. Easy Money

Some real estate investing gurus may make flipping houses sound a little too easy sometimes. However, wholesaling is really as simple as it gets, not only in terms of real estate, but work in general. If you’ve ever taken a gig in a fast food restaurant there are far more rules and precision required to flip burgers. Why wear your fingers to the bone 18 hours a day when you don’t have to?

2. Big Paydays

One of the greatest benefits of wholesaling, even above all other forms of real estate investing is the big lump sum paydays it can provide. For most individuals, even if they have a terrible month financially just one wholesale deal can turn everything around.

3. Scheduling Flexibility

Sadly even most of the best paying jobs and most sought after job titles today come with extreme hours, and working holidays and weekends. Time is the most precious thing we have. Wholesaling allows investors to take important days off, make it to those baseball games without fail and without bankruptcy, and makes for a far more enjoyable way to live.

4. The Opportunity to Help Others

Wholesaling houses is also a great opportunity to provide tangible help to others. Scooping up deals on distressed houses isn’t just about finding opportunistic profits and pay days. It provides a much needed service to motivated sellers and done right can be a very welcome and valuable service.

5. Helping the Economy

Each home flipped also helps to improve the blight in local neighborhoods, helps to create jobs and revenues and boosts the overall economy which helps everyone.

6. Low Risk

While the U.S. and global real estate market may be rebounding well few have the stomach for risk today, even wealth investors. Wholesaling, especially when using leverage from BestTransactionFunding.com is about as low risk as could ever be hoped for, with incredible upside profit potential. Why even consider anything else?
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