If you want to build an actual business, one thing you should be obsessed with is maintaining your wholesale homes sale inventory.
So in any given month, you should have at least 10-20 homes in it that your buyers’ list can check out from time to time.
Therefore in order to do that, you must master these 4 traits that the successful ones have.
(1) Never personally drive for dollars
The keyword there is “personally”.
Sure you can have others whose time is not necessarily as valuable doing that but if you can get a regular job for $10 per hour,
Driving for dollars as primarily a data collection method is probably not worth your time.
(2) Bulk Data Collection & Analysis → Fast & Profitable Wholesale Homes Sale Inventory
Collecting data of distressed property addressed and their owners is the very first step in the business of wholesale real estate and maintaining a healthy wholesale homes sale inventory.
So it’s not surprising that there are many gimmicky methods that are always being prescribed by gurus when rookies complain about lack of funds.
Therefore you have to be sure that you are not working against leverage in your business.
Data is extremely cheap and for as low as $5 and below per day, you will have access to all the data you need to start your marketing and talking to people.
So this part of the business should be done in bulk and batches to get you close to the money faster.
(3) Be a Pipeline Builder
If you are doing things right, you will be in constant contact with lots of prospects.
More importantly to this point, you will have prospects waiting in your pipeline to be served and…
That is to say you should have too much time to be spending with non-motivated sellers.
(4) Don’t be a Pointless Investigator
In this business nowadays, we have access to so much data about properties and their owners and the liens against them.
So it’s very important that you don’t fall into the fallacy of becoming an investigator.
These tools are designed to help move faster through 100 prospects in 1 minutes
And not to start spending 100 minutes on one piece of property investigating through every link you find.
Success loves speed.
As long as you are talking to a motivated seller with an admitted problem you can solve, get the contract and figure things out as you go.
Below is a question for us to address with this lesson...
“So I went driving for dollars and I found a vacant property in the area.
When I put the information in DealMachine, I was able to get the owner's name and number to call, see what’s the status and if they were willing to sell.
When I called, they said they didn’t own or have any recollection of buying it.
It was purchased last year
And even when I checked the tax assessor, their names popped up again!
Have you had this issue?”
Enjoy the video.
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Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
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