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Welcome To The Business Of Wholesaling Newsletter!

Every week, we’ll be sending you strategies, tactics, and tools used by successful wholesalers and we’ll cover any important market insights and news in the industry.

Here’s what we got for you today:

• Patience Equals Profits With These Buyers

• Shorten Your Range

• Double Your Business with One Simple Question

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Patience Equals Profits With These Buyers

Certain buyers out there will overpay for your property.

That’s right. Overpay. It’s not a myth or something too good to be true.

Of course, there are downsides. These buyers take longer. They may spend much more time on due diligence. Most of the time, they need an inspection. 

I’m talking about hedge funds.

When it comes to hedge funds, patience is key. The reality is, these guys don’t need the deal. They’re not chomping at the bit. They just have a lot of funds they’re sitting on and on the search for assets to allocate those funds. 

I’m sure you’ve come across a property that you didn’t think was a good deal. Well, it might be a good deal for a hedge fund. 

Also, properties in less competitive markets may be better buys for the hedge funds. That’s also a huge plus. 

Beware, these guys typically don’t like properties that need a lot of work. Sometimes they may have a threshold for assignment fees. 

But once you have that relationship built, hedge funds are extremely reliable and profitable buyers to keep in your rolodex. 

Also, don’t be surprised if all of your deals are done through emails with these guys. 

So how do you go about identifying the hedge fund buyers in your market?

Ideally, you want to find a hedge fund that buys off the cap rate. You can dig for that info as you start having conversations.

But Google can be your friend here. It can be as easy as googling hedge funds in your area. Pick up your phone and try to get in contact. 

You can also use Propstream. If you filter only people who paid cash last year and also own 1000+ properties, that’s most likely a hedge fund. 

Another tip is to google the mailing addresses of buyers that are listed as LLCs. The LLC may be the buying entity, but not necessarily the actual company.

Googling the mailing address will usually return the real buyer and you can contact them from there. 

Make sure to be professional about it. Don’t go about spamming these guys.

Shorten Your Range

Sometimes deals get lost when the wholesaler presents too big of a range when talking numbers.

Sometimes wholesalers do this because they’re afraid of losing the seller while they’re on the hook. 

But you’re better off making your intentions clear from the get-go. 

For example, if Zillow values a specific property at $240K, but the number you’re aiming for is closer to $150K… 

DO NOT give a range of $150K-$200K. I’m being somewhat facetious, but some guys have made this mistake. 

If you want to be closer to $150K, your range should be around $150K-$160K. 

Because what happens when you give a high end of $200K? What is the seller going to hear? $200K. 

Let’s not get their hopes up and then drive down the price with repairs and other things. 

Be a straight shooter. Tell them where you’re at and get them to reveal what they’re thinking.

Don’t be afraid of rejection. If you’re not willing to go up to $200K in the first place, don’t even mention it. Even if it’s based on similar homes in the neighborhood.  

Double Your Business with One Simple Question

We all know that closing a deal isn’t a walk in the park.

Building trust, developing relationships, and delivering value to put a deal under contract takes time, resources, and a lot of effort.

And while getting paid is always great, the thought of having to go out and spend more time and money generating new business can be daunting…

But what if, instead of always starting from scratch, you could leverage the success of one deal and potentially double your business?

The secret lies in one simple question:

“Do you know anyone else who may be interested in selling their property?"

Think about it.

You’ve just closed a deal. The client is happy, maybe even thrilled with the outcome.

They’ve seen your commitment, experienced your expertise, benefited from your service, and are likely to be more than willing to refer you to others in their network.

Referrals are powerful.

They come with a level of trust and credibility that cold leads simply don’t have.

When a satisfied client recommends you to their friends or family, you’re already starting on solid ground.

This reduces the time and effort needed to establish trust and speeds up the process of closing the next deal.

But asking for referrals isn’t just about the timing; it’s also about how you ask.

Be direct and sincere.

After successfully closing a deal, you could say something like, "It’s been a pleasure working with you. If you know anyone else who could benefit from my services, I’d be grateful if you could put us in touch."

This approach not only shows your confidence but also demonstrates that you value their network.

And the beauty of referrals is that they can create a snowball effect.

One successful deal leads to another, and before you know it, you have a steady stream of business coming from trusted sources.

Incorporating this question into your routine can transform your business.

It allows you to capitalize on the goodwill you’ve built with your clients and turns each closed deal into a stepping stone for future success.

You’ll spend less time chasing cold leads and more time closing warm ones, making your efforts more efficient and your business more profitable.

Thanks for reading this week’s issue of the Business of Wholesaling. 

We’ll be back next week with more marketing & sales strategies, market insights, and other advice you can use to grow your wholesaling business. 

See you next week.

Team Business of Wholesaling