I’ve gotten a lot of comments and questions about Virtual Wholesaling lately… specifically about the inner workings of the system.
So I thought I would lay out the system for everyone
The simple explanation
- Choose your market (I always recommend staying local in the beginning to keep things simple)
- Go online and find motivated buyers and sellers via (Listsource and Realquest)
- Sift and sort the lists you got to eliminate duplicates (and corporations from sellers list).
- Go to Click2mail.com and upload the the list of buyers and sellers (separately of course).
- Get a 24 hour recorded message hotline and record a buyer and seller message (I give you these in Virtual Wholesaling.)
- Re-create my postcard in Click2mail (I give you one of my postcards in Virtual Wholesaling )
- Send out your postcards (I would only do no more than 1,000 the first time since you may get inundated with calls)
- Speak to the sellers that left messages to find the good deals.
- Agree with sellers on price and terms and put under contract with inspection period the good deals.
- Mark up the price of the property so that you can make an assignment fee (the assignment fee depends on the value of the property and how much of a good deal you are getting)
- Post your deal on your buyer’s website and then send direct mail campaign to the buyers via click2mail. (The postcard directs the buyers to both the website and your toll free 24 hour recorded message)
- Agree with buyer on price high enough for you to make a profit (and then you’ll get them to fill out an “assignment of contract”)
- Follow up with all parties and make sure the deal closes.
Note: Don’t sign up with either Listsource or Realquest on their website or by calling their 1-800 number. You ARE NOT going to get the best deal. You MUST contact them via my rep there (info is in Virtual Wholesaling
Now if you are not able to sell the property, you’ll simply cancel the contract with the seller
I can’t go over the entire system in a blog post like this.
But I think having this simple checklist will give you a good idea of all the moving pieces.
You’ll learn all of the above in great detail in my Virtual Wholesaling, which is a complete video based training to do the entire marketing PLUS additional training on speaking with buyers and sellers and closing deals.
The system has been proven by many of my students to work BUT you have to take the time to implement it.
The great thing is that once you have all the pieces in place then you can run it with very little work. In fact, once you have it down you can train a Virtual Assistant to do most of the work for you.
But for most people it will take 2-4 weeks to get all of the pieces in place and be ready to start doing marketing.
WHAT’S THE SECRET TO MY SUCCESSFUL STUDENTS?
I can tell you that there is definitely no magic pill here.
#1 – They Work Hard
To be successful in real estate investing, you don’t need a university degree, or even a resume.
But if you’re starting out , you do need to be prepared to work really, really hard.
It can be rewarding, but it is hard work.
The fact is that many people buy real estate courses all the time and never make any money.
They never follow through …. most people don’t realize that there is hard work and so they just give up.
I do have students that appear to work very little and make tons of money … but this is only after putting in the work up front to achieve that.
#2 – They persevere through hardship
Most successful real estate investors have failed several times.
Instead of allowing failure to discourage them, they use it as a learning experience.
The knowledge they gain is valuable, and their ability to persevere through hardship allows them to continue working toward the success they eventually achieve.
#3 – They take action despite not having all the facts.
As a successful entrepreneur and real estate investor you need to be able to work within a framework of ambiguity.
Most people are paralyzed because they are looking to make sure that they have everything 100% covered (to avoid making mistakes)
This is absolutely the worst thing you can do.
You have to be diligent to make sure you do the best possible job of eliminating mistakes and making sure that you are doing things right.
But at some point you have to be willing to pull the trigger and accept that there is likely something that you missed and you’ll just have to deal with correcting it as you go along.
Give me your thoughts or comments here below…I’d love to have a conversation about this post
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Note: I wrote this post without checking it for spelling errors…. so if there are any then please ignore them