Podcasts

Episode 78: How to Take Your First Step in Wholesaling (and Close a Deal)

If you have never done a Wholesaling deal before and you want to get into Wholesaling, this episode will give you a lot of the courage, strength, motivation, and inspiration you need to take massive action.

Damon Dumas has only been Wholesaling since January 2017, and in that time he’s already done four deals for a total of $65,000. It wasn’t easy, but he’s going to dive deep into his very first deal and explain how it’s rolled over into multiple deals.

The Deal: From First Step to Close

Damon found a tax delinquent list from ReboGateway.

He mailed 1,848 handwritten postcards to the property owners on his list.
After 7-10 days, he started receiving callbacks with ~1% response rate. Most of them were not motivated, or actively antagonistic.
One individual called Damon, listening to his voicemail response, and then hung up. Damon uses CallFire, so it captured the caller ID and other information about the call.
Damon calls everyone back, so he called and went through our script with the potential seller.
The potential seller offered his house for the price of $85k, and this indicated to Damon that he was motivated because that was a low price for that property. After asking the next question in the script – Is that the best you can do? – he came down another $10k.
Damon made an appointment for the very next day.
Damon spent time talking to the seller about his interests – like a human being – and built up a good rapport. “I think that rapport was so key,” and he was able to get the property under contract for $67k. Remember: people do business with people they trust.
Damon sent messages to his cash buyers and the FB group for his Real Estate Investors Association (REIA).
The contract was bid on by a number of buyers until, ultimately, someone offered to purchase it for $90,000, which gave Damon a total profit of $23,000!

“I guarantee you, if you keep going and you get over that fear and you get over the idea of counting yourself out, I 110% guarantee you it will pay off in the end… if you just keep going.”

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