Mind Map Wholesaling Real Estate

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Mind Map Wholesaling Real Estate by Mind Map: Mind Map Wholesaling Real Estate

1. Single repair sheet

2. Tools To Get Started

2.1. A simple CRM basic and Free!

2.1.1. REISimple

2.1.2. Free Podio CRM REI Automation Squad

2.2. Local Virtual phone numbers (Not your personal Cell) https://www.callrail.com/

2.2.1. google voice if on a budget

2.2.2. Driving For Dollars App amazing-- 14 day trial

2.3. Best Realestate Software Ever , MLS comps, pull list , cash buyers FREE TRIAL

2.3.1. Facebook Group to network

3. The Steps

3.1. Step 1 - Marketing

3.1.1. A. Market research Look at the most active cash buyers Listsource Find the best 5-10 zipcodes NOTE: If On a budget target one zip code for direct mail.

3.1.2. B. Marketing Campaigns Networking Visit your local REIA's Always be build your list... Call people & talk to them Two questions... Create The Most Motivated Seller you can and save %80 on marketing Dollars with a stacked List Direct Mail Lists Listsource Hack To Find hottest zip codes Sample Mail Pieces Cold Calling - Best Skip Tracing Sites What do you say? How do you call them? Keys Bandit Signs Handwritten Simple Sample Places to buy them Good examples 25+ every weekend Top Mistakes Driving for Dollars Look for vacant homes Best App For Driving for dollars hands down free trial RVM FREE 100 RVM DROPS NOTE: They all work , just have to be consistent

3.1.3. C. Marketing Plan Budget Drive for dollars Stack Your List with a List Stacker Pro Cold Calling Stacked List

3.1.4. ACTION CHECK POINT Yes I have 5 zip codes Yes I will start sending marketing right NOW

3.2. Step 2 - Talking To Sellers

3.2.1. B. Talking to sellers Answer the phone LIVE if possible Prospect or Suspect? Prospect > make appointment Suspect > make offer and follow up Initial Phone Script / Questions Appointment script Simple Script 1 Simple Script 2 Misc Questions for Live Answers Listen & ask lots of questions NOTE: Pick 4-5 questions to ask Remember - keep it simple.

3.2.2. D. Voicemail - if you can't answer live Sample voice mail script Ringless Voicemail Drop Script

3.3. Step 3 - Making Offers

3.3.1. A. Learn How To Quickly Prescreen Sellers Three Main Questions "What's your situation?" "What would you like to see happen?" "If I can make that happen, how quickly would you like to sell?" Then go into the details about the house You should know if in 3-5 minutes if they are ready to do business TODAY NOTE: I sometimes like to ask this question: "Are you calling because you need to sell the house in the next 30 days, or are you just testing the waters to see what kind of offer you will get?" While your talking you're gathering information! REMEMBER TO LISTEN

3.3.2. B. Comps (ARV) and Repairs Look at Active's as well as Solds Great Sites Zillow Redfin MLS Real Quest Express icomps Just take the average of 3-4 - or take the lowest, multiply by 75% - 80% Think about how you can make this property marketable to other investors Why would they want to buy your property / contract? Quickly Estimating Repairs $5, $10, $15 / sf

3.3.3. C. Making a cash offer Offer for nicer homes - to rehabbers 70% of ARV - Minus Repairs - Wholesaling fee (70% will change on location) ARV = Zillow / Epraisal / RealQuest, take the average Repairs = $5/SF, $10/SF, $15/SF, $20/SF

3.3.4. One Page Wholesaling Contract NOTE: Always have an attorney review your contracts before you use them Link

3.4. Step 4 - Follow Up

3.4.1. 50% - 75% of your deals will come from the follow up, not the initial call

3.4.2. Consistency is SO important

3.4.3. A. What kind of follow up can you do? Voicemail SlyBroadcast Direct Mail Sample Postcard Sample Letter Send a letter / postcard every month VERY Important Your follow up list is the BEST list you could ever have Write yourself a reminder in your CRM to do this every month Phone Calls

3.4.4. B. Manage tasks in CRM Every lead must have an open task With a due date Assigned to someone to follow up Remember Pen & Paper is fine.

3.4.5. ACTION CHECK POINT Yes I understand it's Extremely important to follow up Yes I will always have an open task with a next action step Yes I selected 1 - 2 methods of follow up Yes I will be the BEST at follow up in my market

3.5. Step 5 - Finding Cash Buyers

3.5.1. Advertise On-Line Online Places BiggerPockets Facebook Marketplace Facebook Buy / Sell / Trade Groups Zillow? - Advertise properties that you currently own How To Find Cash Buyers

3.5.2. Signs Multiple signs in the yard Bandit signs in the neighborhood "Investor Special / $30k / Cash Only / Phone" - handwritten Two Good Examples Two

3.5.3. Partner with Other Wholesalers Send it out to all the wholesalers that you know Look in Craigslist for other investors that are advertising properties Ask them if they would like to partner with you on the deal Avoid daisy chains - don't let them mark up the price

3.5.4. Call Local Realtors that represented cash buyers Find Realtors who recently sold properties in that area Ask them if they would think that their previous clients would be looking for another property You can tell them to add their commission to the price

3.5.5. Go To Your Local REIA Groups Network, network, network

3.5.6. Questions to screen the cash buyers and find out their buying criteria Location / Zipcodes Number of beds and baths Do they have money Are they ready to buy TODAY How many do they buy per month / year

3.5.7. Misc Notes Get on the phone Build relationships Start spreading the word in that market for what you're looking for properties. Build your list of wholesalers, investors, contractors, realtors, property managers, etx Send them weekly emails of what you're looking for YOU are the buyer! You will sell most of your deals with a phone call or text Always be building your buyer's list

3.5.8. ACTION CHECK POINT Yes I know where to find cash buyers Yes I will focus on the buyers criteria Yes I know how to build my buyers list Yes I will work on find buyers first

3.6. Step 6 - Closing the Deal

3.6.1. Important Find a local attorney to help you and give you advice Consider partnering with a local wholesaler on your first few deals... They have the buyers already They know the Title Companies to use They probably have the money to close if they have to Here is a JV Agreement that you can possibly use Potential Brokering Issues There are no issues or problems with assigning contracts - as long as the contract doesn't forbid it. Local real estate commissions are cracking down on wholesaling They are looking for "Intent" and "Ability" to actually close on the deal You can't advertise the house. You have to advertise the contract. You have to always give full disclosure You have to have the owner's permission to show the house

3.6.2. Two main ways to close Assigning the contract No daisy chains You want to be the only one between the seller and your buyer Assignment Agreement Double Close You buy it (A-B) You turn around and sell it immediately (B-C) You need to find a local investor friendly title company / closing attorney Ask around to your local REIA Ask other wholesalers Ask some of your cash buyers

3.6.3. Get the money Hard Money Lenders Private Money Transactional Funding

3.6.4. Start marketing the contract right away Bandit Signs Fb Groups Local Wholesalers Sphere Of Influence

3.6.5. What if you can't close... You need to make sure you have at least a 2 week inspection contigency You need to make sure you have buyers already - that can come look at the house Blame it on the Three "R's" Retail Rents Repairs Cancel the contract - OR renegotiate a lower price

4. Introduction

4.1. What is "Wholesaling" Real Estate

4.1.1. Wholesaling real estate is simply finding a property at a discounted price and getting the property under "contract" to purchase.

4.1.2. Then taking that "contract" to purchase the property to another investor and selling them that "contract" for a fee! THAT'S IT.

4.1.3. 1. You find a motivated seller and offer to buy their Property (A->B)

4.1.4. 2. You locate an investor or rehabber that is looking to buy property and you sell them the "Contract" (B->C)

4.1.5. 3. Bring the contracts to title company or closing attorney and You get Paid!

4.1.6. Example Deal ARV (After Value Repair) $100,000 Repairs needed $20,000 You want to make a $10,000 wholesaling fee. Calculated offer 70% of the ARV ($100,000) = $70,000 $70,000 - $20,000 (Repairs) = $50,000 $50,000 - $10,000 ( Wholesale Fee) = $40,000 Buy from the seller for $40,000 Sell to the buyer for $50,000 Or... you assign your contract for $10,000 (You are really selling the "Contract") You are NOT selling the Property " Check with Your local Attorney You make the $10,000 wholesale fee NOTE: 70% of the AVR will change depending on the market

4.2. The importance of mindset

4.2.1. Almost every successful person believes: the future can be better than the present.

4.2.2. Get in the right state of mind and expect success

4.2.3. Believe you can get the results you want

4.2.4. Attitude and mindset are infectious Positive Attiude Positive Mindset Gets positive RESULTS

4.2.5. Free audio Books

4.3. Speed To Income...

4.3.1. ... is directly proportional to your... Speed of Implementation