Posted on: November 09, 2017

Today’s Rockstar Rhino just finished his first deal – and it was a good one! Sean Hebert shares how he got started, some mistakes he made along the way, and the details of his first deal.

 

Tips for New Wholesalers

  • Network in your local real estate community (like real estate investment association meetings).
  • You have to make yourself uncomfortable if you want to change something.
  • Start with action. You don’t need to do it perfectly, you just need to take a step.
  • Seek instruction over education, and don’t overthink it – there are people who have already made mistakes and established systems that work. Pick one, follow it, and persist.

 

The Deal

  • Sean didn’t have a very big marketing budget. He started by securing his county’s tax delinquent list, which cost $50 for 64,000 items (after some filtering, it was about 7,000 addresses)
  • Sean doesn’t love Excel, so he hired someone cheap off of Fiverr to help.
  • Sean mailed out all 7,000 mailers over the course of a month, using the Tribe’s typical postcard.
  • Sean received about 65 calls. He works a full-time job, so they went to voicemail and he called them back. His job gave him some freedom, but he wasn’t always able to call them back immediately.
  • Sean made the mistake of hesitating too long for some of the calls, a week or two, and they had already sold the properties. Since then, Sean has learned the critical importance of the follow-up!
  • Sean received one call from a couple that had 100% equity in their house, and they quickly built up good rapport.
  • Sean made an offer that the owners didn’t immediately accept, but wanted to think about. A week later, Sean followed up, but they were a lot harder to get ahold of.
  • It took a MONTH of follow-ups before Sean got back in touch – but they accepted his offer.
  • They put it under contract for $130k, but he couldn’t find any buyers. He made a call about cancelling the contract, and they did. Then, the next day, Sean was contacted by a buyer who was interested in the property, but for around $120k.
  • Sean went back to the sellers and offered $115k. They were initially apprehensive, but ultimately accepted $118k. They signed a new contract and Sean received a $3,000 commission.

 

RESOURCES:

 

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