Without high equity, it’s hard to get a shot at buying wholesale properties. What are the best marketing strategies to make your chances of acquiring great deals much higher? How do you keep the cost of seller leads in check? What’s the most profitable strategy for fix and flips? Get all the details in this special strategy session with Realtor and investor, Donna Odgers.
It's important to maximize on your deals so you can spend more on marketing. -Tom Cafarella
Takeaways + Tactics
- The minimum you should make on a wholesale deal is $5,000—and that’s on a bad deal.
- Bandit signs have two negatives: they get taken down, and people aren’t really looking at them.
- When you don’t negotiate face-to-face, you’re allowing that person to shop your offer around.
At the start of the strategy session we discussed the Kansas City market and the challenges of outdoor media. Next we discussed the current state of the market when it comes to short sales, and how to cut costs on bulk mailers. Towards the end of the show, we talked about why you need to avoid gut renovations when you’re starting out.
We also discussed:
- How to use Google search to find deals
- How to determine what to offer on wholesale deals
- Why wholesale is harder than fix-and-flip
Three things work really well for investors: mailers, cold calling, and internet marketing. Mailers are the highest cost per lead, but it is possible to find a way to control the costs. Remember, the more appointments you go on, the more likely you are to get a deal. Winning with wholesale deals is all about connecting with many people, instead of presenting a deal to just one person. The most important thing is getting your system right before you start spending any more money.
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