Wholesale real estate can be a gratifying path for investors, but success in this field requires more than just market knowledge. It demands discipline, consistency, and a strategic marketing approach.
This blog post provides a $1600 monthly marketing plan specifically designed for aspiring wholesalers, offering insights from an expert who has closed over 10,000 deals. From building a cash buyers list, choosing the right tools to handle rejection, and finding a mentor, these strategies can help you overcome challenges and reach your wholesaling goals.
The Discipline Needed for Wholesaling Success
Wholesaling real estate demands a disciplined approach, especially in consistently sourcing and adding new properties to your leads list. As our expert explains, “The real challenge is the discipline to go out every day, add rundown houses to your list, face rejection, and keep believing…" Consistency is crucial. Securing a deal is almost guaranteed if you stick to identifying distressed properties, reaching out to owners, and handling rejections.
"Basically, if you do those steps, you will get a deal. It is guaranteed."
Utilizing DealMachine
A key part of our expert's marketing plan is the DealMachine platform. It serves as a complete tool for Customer Relationship Management (CRM), adding properties, skip tracing, and cold calling. By having these features in one platform, users can manage their processes more smoothly.
Why DealMachine Works:
- CRM Integration: Keep track of all your leads and follow up efficiently.
- Property Addition: Easily add distressed properties to your list.
- Skip Tracing: Quickly find the owner's contact information.
- Dialer: Make calls directly from the platform.
The Motivation to Start Wholesaling
The decision to pursue wholesaling often comes from a desire for change and inspiration. Platforms like YouTube and Instagram are popular sources of motivation, showcasing success stories that encourage aspiring wholesalers to follow similar paths.
"I personally wanted to change in my life… I had been doing a lot of construction work and stuff, and I was really getting burnt out."
Getting Started: First Steps
Starting in real estate, particularly wholesaling, can be overwhelming given the variety of avenues available. From fix-and-flip to buy-and-hold strategies, it’s easy to get discouraged. However, wholesaling presents a lower barrier to entry compared to other real estate strategies.
Initial Costs:
- Mentorship: Investing in a good mentor can provide a structured path and accountability.
- Marketing: Budgeting for postcard campaigns, skip tracing, and dialing services is essential.
- Transportation: Costs associated with driving to identify properties.
Example Budget Breakdown:
- Mentorship: $500
- Postcards: $400
- Skip Tracing and Dialer: $400
- Gas: $300
Total Monthly Budget: $1600
The Importance of Mentorship
A knowledgeable mentor can be crucial in wholesaling success, offering guidance, support, and expertise.
What to Look For in a Mentor:
- Transparency and honesty.
- Experience in the field.
- Structured learning programs with actionable steps.
- A supportive community for networking and support.
Example Mentor: Zack Boothe
- Onboarding Course: Provides a detailed roadmap from building a cash buyers list to marketing properties.
- Community Support: Weekly Zoom classes for real-time support and learning.
- Action Steps: Clear, actionable steps tailored to individual needs.
Building a Cash Buyers List
A strong cash buyers list is vital for successful wholesaling, as it allows you to quickly sell properties after securing a deal.
Steps to Build a List:
- Networking: Connect with local real estate investors through meetups and online forums.
- Marketing: Use targeted marketing campaigns to attract potential buyers.
- Verification: Ensure buyers have the financial capability to close deals quickly.
Marketing and Finding Properties
Successful wholesaling depends on identifying distressed properties and reaching out to owners. DealMachine is a great tool to streamline this process.
Driving for Dollars:
- Look for signs of distress such as overgrown lawns, broken windows, or abandoned cars.
- Use the DealMachine app to add these properties to your leads list.
Marketing Strategies:
- Postcards: Send targeted postcards to property owners.
- Cold Calling: Use a dialer to make direct contact.
- Follow-ups: Consistent follow-ups are crucial for converting leads into deals.
The Reality of Rejection
Rejection is part and parcel of wholesaling. Developing a thick skin and the determination to persevere despite constant rejections is crucial.
"It's easy to wake up the next day and be like, 'dude, this isn’t for me.'... You really have to believe in what you’re doing with conviction."
Persistence Pays Off
Most successful wholesalers spend an average of $3,000 per deal. It's a process that takes time and requires consistent effort and follow-up.
Tips for Staying Persistent:
- Set Realistic Expectations: Understand that deals take time.
- Track Progress: Keep detailed records of all interactions and follow-ups.
- Stay Motivated: Remind yourself of your goals and celebrate small victories.
Conclusion
Wholesaling real estate is a journey of persistence, discipline, and continuous learning. With the right tools like DealMachine, a solid marketing budget, and the guidance of an experienced mentor, you can build a successful wholesaling business. By sticking to a $1600 monthly plan and handling rejections with resilience, you’re positioning yourself for long-term success.
Remember, wholesaling is a process that rewards consistency and dedication. Stay motivated, keep refining your approach, and the rewards will follow. Ready to take the next step? Keep following for more tips and success stories to inspire your wholesaling journey.
