My Private Toolbox
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Trial and error can be a frustrating thing, especially when you're trying to start a wholesaling business from scratch. You see so many great tools and systems, and the sales videos make all of them look amazing, but... You only have the budget for a couple of them, so you agonize over which you should buy.
I can relate to what you're going through because I struggled with the same dilemma when I started wholesaling. And believe me when I say I've tried more brand new, shiny, eye catching real estate wholesaling products than you can shake a stick at. Many people reach out to me and ask which products I personally use in my wholesaling business, so by popular demand here are my favorites, and the first purchases I think every wholesaler should make (In order of importance) |
My 1st Purchase: Investor Carrot Website
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As a wholesaler you don't typically have an office to invite your customers to so you need something to give yourself credibility. A website helps you with that by giving homeowners that you speak with a place to go check you out and read reviews from past clients or business associates. (and trust me, they do check you out!)
In addition to that credibility, a well-designed website with good content will, after time, rank well on Google and start producing leads. Personally, there's nothing better than new seller leads magically showing up in my email that didn't cost me a dime. (other than the cost of the website but that's minimal) Investor Carrot websites are the top choice of websites for myself and many other top industry professionals. So if you are serious about being a wholesaler, your very first purchase should be an investor carrot website! Note: If you're just starting out you only need the investor carrot motivated seller website. Cost $49.00 per month. |
My 2nd Purchase: Cash Buyer Data Feed
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If you've watched my YouTube videos or gone through my Wholesaling University, you know I always say build your cash buyers list first! Getting a house under contract and then scrambling to find a buyer is the recipe for failure. Remember, when you sign the contract, you typically have 30 days to find a buyer, assign them the contract, and close the deal, and 30 days goes by FAST when you're trying to find a buyer.
In addition to that, advertising your deal online exposes you to potential headaches and legal liabilities because it could be seen by a realtor/broker that thinks wholesalers are infringing on their business. Just one call to the state real estate commission by them reporting your online advertising could put you in hot water. Your advertising could also be seen by your seller or one of their relatives and trust me... Nothing will kill your deal faster than that! |
Lastly, the power of having a cash buyer database at your fingertips is huge! You can not only easily market your deals to every single investor actively buying in your area, but you can JV deals with other wholesalers by sending out their inventory to your database. Think about that for a minute... You could literally design a whole virtual wholesaling business by just sitting on your laptop marking other wholesalers properties to your database, and splitting the profits.
Listen, there are many ways to build a cash buyers list such as posting ads, going to REIA meetings, attending auctions, hanging bandits signs, and countless other ways. The problem with all of them is they're time-consuming, and you have to figure out who's an investor and who's wasting your time. Many other systems include cash buyers in their search criteria, but those systems lack the functionality of the cash buyer data feed.
I have used the cash buyer data feed since the beginning of my career because it gives me a clear advantage and helps me do more deals with less effort. The system allows me to see the active investors are in my area, how many houses they're buying, and where they're buying. The data also shows me things like property details, purchase price, purchase date, and so much more.
When I have a house to market, I go into the cash buyer data feed and find all the investors that are actively buying in that area (by city, zip code, or radius). Then within the system, I can quickly design a marketing piece on the property and mail it to all of them with just a click of the mouse! This tool has made me thousands upon thousands of dollars, and it's by far, one of the top tools in my personal toolbox!
Note: the cost of the cash buyer data feed is $49.00 per month and you have to pay for 3 months in advance when signing up.
Listen, there are many ways to build a cash buyers list such as posting ads, going to REIA meetings, attending auctions, hanging bandits signs, and countless other ways. The problem with all of them is they're time-consuming, and you have to figure out who's an investor and who's wasting your time. Many other systems include cash buyers in their search criteria, but those systems lack the functionality of the cash buyer data feed.
I have used the cash buyer data feed since the beginning of my career because it gives me a clear advantage and helps me do more deals with less effort. The system allows me to see the active investors are in my area, how many houses they're buying, and where they're buying. The data also shows me things like property details, purchase price, purchase date, and so much more.
When I have a house to market, I go into the cash buyer data feed and find all the investors that are actively buying in that area (by city, zip code, or radius). Then within the system, I can quickly design a marketing piece on the property and mail it to all of them with just a click of the mouse! This tool has made me thousands upon thousands of dollars, and it's by far, one of the top tools in my personal toolbox!
Note: the cost of the cash buyer data feed is $49.00 per month and you have to pay for 3 months in advance when signing up.
My 3rd Purchase: A Motivated Seller Lead Source
Alright, Now that you have a great looking website set up for credibility and all the cash buyers you could ever need at your fingertips, you need some motivated sellers...
Having both the investor carrot website and cash buyer data feed I suggested above will cost you $98.00 per month, and that's an extremely low monthly operating expense for any business.
If you're going to be a professional wholesaler, I believe you should always have both of them, no exceptions! But depending on your situation, it might not leave you much for marketing to motivated sellers, so let's look at a few options.
Having both the investor carrot website and cash buyer data feed I suggested above will cost you $98.00 per month, and that's an extremely low monthly operating expense for any business.
If you're going to be a professional wholesaler, I believe you should always have both of them, no exceptions! But depending on your situation, it might not leave you much for marketing to motivated sellers, so let's look at a few options.
My 1st Choice: Driving For Dollars
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Driving for Dollars is my favorite way to find motivated sellers by far! Unlike every other person teaching this method, I have a little bit different strategy. When I drive for dollars, I tape my letter to the front door instead of trying to mail it to the property owner.
This method saves me not only the time and cost involved in skip tracing every vacant house I've driven to, but it also saves me the time and expense of tracking down property owners and sending out mail to every one of them. There is also a psychological aspect involved that makes the response rate much higher than direct mail or even cold calling on the phone. |
Now some might say that if you leave a letter on the door of a vacant house, the owner won't get it... And those people would be wrong! Just because a home is vacant doesn't mean people aren't watching it. More often than not, the owner, a relative, a friend or a neighbor is keeping their eye on the property. And when you leave a letter, it will almost always make its way into the hands of the homeowner.
So, If you're looking for a great way to generate motivated seller leads, especially if you're working with little to no marketing budget... Start Driving for Dollars!!! I've laid out my entire step by step system for you, just click the button below to get started.
My 2nd Choice: Probate Leads
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If you have a little money to spend on direct probate leads would be my next choice. Marketing to probate leads is a good idea for a couple of reasons. First of all, they're highly likely to sell the property. In fact, up to 80% of houses in probate sell within 18 months of the probate filing.
Secondly, since they're very likely to sell, you can work a much smaller list and get better results than say someone that is mailing to a large absentee owner list... That alone will save you a small fortune in marketing. Wanna hear the best part? You can get probate leads for little to no cost from your local probate court. |
This is such a great niche to get into and people that market probate properties have little to no competition, although there is a right way and wrong way to do it. That's why I decided to offer my probate real estate course for only $19.00 for people that genuinely want to become the probate expert in their market.
If you have a small monthly budget for sending mail and want to increase your odds of getting deals significantly, check out my probate real estate course!
If you have a small monthly budget for sending mail and want to increase your odds of getting deals significantly, check out my probate real estate course!
My 3rd Choice: 10 Hour Wholesaler
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If you have your website and cash buyers data feed, then the 10 Hour Wholesaler Course is the only other thing you need to have a thriving virtual wholesaling business.
You see, the 10 Hour Wholesaler course teaches you how to find and network with other wholesalers. Using your buyers and their inventory, you play matchmaker and make money doing JV deals in any market across the country. This course gives you every template, resource, document and process needed for success! |
Unlike other virtual wholesaling programs the 10 Hour Wholesaler course teaches you how to put deals together with just your laptop and smartphone (no marketing budget needed)
So if you have No Cash & No Experience, But are looking for a way to get started in the business, this would be my recommendation. (I've used it for years)
So if you have No Cash & No Experience, But are looking for a way to get started in the business, this would be my recommendation. (I've used it for years)
My 4th Choice: Vacant House Data Feed
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If you've closed on a couple of wholesale deals and have some cash set aside for marketing, then its time to get the vacant house data feed. Sure other systems have vacant data, but the vacant house data feed has the most up to date vacant data than anyone else. (they go above and beyond to verify all the data from multiple sources)
You might be saying to yourself what about all the other lead types people say you should be marketing to like... Absentee, Foreclosure, Pre-Foreclosure, Auction, Blah Blah Blah... The truth is that almost every deal I've done as a wholesaler has been a vacant house, and truthfully it's all you should be focusing on as well. |
I've used this system since early in my wholesaling career, and although I've tried others (some good, some not so good), I always find myself going back to the vacant house data feed. This system lets you search vacant properties by county, zip code, city, or radius so that you can focus your marketing on a small area or large area depending on your specific need. It also has the built-in mail feature that allows you to customize your letters and postcards and sends them at the click of a button.
If you don't have money for mailing, it isn't the time to get this... start with Driving for Dollars, the 10 Hour Wholesaler, or Probate Course depending on your budget and needs. But if and when you're ready, I suggest making the vacant property data feed part of your overall marketing strategy.
Final Thoughts
Seriously, if you're just starting out, the only things you need for success are on this page (besides for contracts which you can get here).
I didn't even have business cards printed until I'd been in the business for over a year. If someone asked me for a card, I'd tell them I ran out and was having more printed, and then I'd hand them my marketing letter, which had my name and number on it.
I hope this page helps you overcome the struggle of deciding what products to start with, and my last piece of advice is this...
After you've picked your niche (vacant, probate, driving for dollars, or virtual wholesaling), stick with it until you've closed some deals before trying any other method or shiny new product.
Hopping from one method(or product) to the next before you've had some success is the surest way not to succeed at anything.
I didn't even have business cards printed until I'd been in the business for over a year. If someone asked me for a card, I'd tell them I ran out and was having more printed, and then I'd hand them my marketing letter, which had my name and number on it.
I hope this page helps you overcome the struggle of deciding what products to start with, and my last piece of advice is this...
After you've picked your niche (vacant, probate, driving for dollars, or virtual wholesaling), stick with it until you've closed some deals before trying any other method or shiny new product.
Hopping from one method(or product) to the next before you've had some success is the surest way not to succeed at anything.
Do you want to learn how to wholesale real estate? Then check out Wholesaling University (It's free, and totally awesome!)