How a 6-Figure-A-Month Wholesaler Would Start All Over Again

So what if…

What if you took a very successful real estate wholesaler (let’s say, someone earning 6 figures a month or better) you plucked him out of his “home turf”, took away all his backing, cash, contacts, etc…

…then plopped him right down in the middle of anywhere’s-ville (any place he knows little-to-nothing about) with nothing more than his accumulated knowledge and wisdom to start with.

What would this guy — let’s call him “Bob” — EXACTLY what would “Bob” do in order to make it all back again as fast as humanly possible, and once again become a dominant wholesaling force in the local real estate landscape?

That’s exactly what was asked of my friend Bob (yes, his real name) in a private conversation — one of the closed-door Saturday Workshop bonus sessions.

Bob has, in fact, been crankin’ 6-figures-a-month as as a “full service wholesaler” in one of the nation’s worst real estate markets (Detroit) for a while now.  And frankly, I think he’s got one of the most fascinating and successful business models I’ve ever seen.

He’s also got this uncanny ability to predict local and national trends that’ll be effecting the real estate investing game…and then adjusting himself strategically in advance to be able to take advantage of them.

For example, he’s just recently started capitalizing BIG on a niche’ “FHA Flipping” model.  And he’s KILLING IT!

Hang a burlap robe on him, and I’d call him a prophet.

Anyways, let me tell you, Bob’s answer to the above question about starting all over again in a new market is PURE, POLISHED GOLD!

Some of what we talked about:

  • Exactly how he’d quickly locate the “major players” in the area
  • How he’d approach them – what he’d say,
  • Shortcuts that’ll help you get a read on the local market fast – rents, values, good areas, bad areas, farm areas, etc. – and find your “sweet spot” to focus on.
  • Why being the “real estate cupid” in your area is so important (and how to do it)
  • Which comes first – wholesale deals or a wholesale buyers list?
  • A whole bunch more.

I suggest you make time to listen to it (around 20-ish minutes) and take notes…


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Any comments on this audio tip?  Please share your thoughts in the blog comments below.

And if you want to hear more from this interview (or any of the Saturday Workshop sessions) you can get details on that right here (for a limited time…and opens in new window)

Enjoy,

About 

JP Moses is a roughly-hewn man-child who first got into REI after reading Rich Dad, Poor Dad back in Y2K and went full time in 2002. He's tinkered in everything from landlording to short sales to rehabs to Realtoring to REOs to notes to owner financing, blah, blah, blah...Till he finally stuck his flag deep into wholesaling and has since flipped somewhere north of a couple hundred deals.

JP's not a “guru” but also doesn't think it's a bad word. Among his core values are authenticity, creativity, big honkin' value, general fun-ness and being unshaven. He's super proud to be chief blogger guy at REItips.com and host of the free REIology podcast. He also thoroughly enjoys sharing his 53 best real estate investing forms with anyone who wants them. You should totally check that out. 🙂

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Scott Taylor Reply

I have all these audios from the original nada guru sessions. PRICELESS info. Thanks for making them available JP!

-Taylor

JP Moses Reply

@Scott Taylor – Yes, they were pretty darn awesome. I’ve had many requests for them on a regular basis, and I’m glad to be able to put them out here again for a short time.

…jp

Christine Reply

Excellent audio. Thanks a million.

Adura Reply

Hey JP great audio. would you happen to have the dan doran door-knocking audio from way back when?? If so can i pleeease get that? lol

JP Moses Reply

@Adura – Yes, it’s available again but only for a short time. Check out http://REItips.com/products/sw

Cashflow Cindy Reply

Thanks for the awesome audio of Bob Norton on Wholesaling. How do I get the other audio’s?

Cashflow Cindy´s last blog post..Real Estate Investing – Goal Setting Critical for Success 2009

Ramon Reply

Great posts JP! I have all of Bob’s audios from the FH forum and listen to them regularly to inspire me. Bob says to have all cash buyers. Would he do that in a $220K average ARV market like mine? If not, what? Hard to get a HML for that kind of dough? Is it necessary?

Thanks!

Jake Reply

$17,000 houses?
That wouldn’t even cover the down payment where I live.
In Los Angeles/Ventura County $300,00 is the price of a discounted property, needing work.
Matchmaking is a good way to approach it.
Thank you for that.

Josianbe Reply

Hey JP. Thank you for been so generous with your knowledge. Question: How long do you do an Option Contract for? What is reasonable and fair to both the Seller and me. When is closing scheduled? Thank you, jb

Josianbe Reply

One more question, how do you address the difference between what you offer to a seller and what they owe. Lets say the owner owes $100K and I offer $50. How does that conversation goes? Thank you, jb

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