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…
[display_podcast]
Any comments on this audio tip? Please share your thoughts in the blog comments below.
Enjoy,
I have all these audios from the original nada guru sessions. PRICELESS info. Thanks for making them available JP!
-Taylor
@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
Excellent audio. Thanks a million.
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
@Adura – Yes, it’s available again but only for a short time. Check out https://reitips.com/products/sw
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
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!
$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.
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
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