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00:00:00 – 00:24:41
The video provides a comprehensive guide to achieving success in virtual wholesaling real estate within 14 days. Virtual wholesaling is defined as putting properties under contract and selling them to cash buyers, such as house flippers or landlords, for a profit, all conducted entirely online. The speaker highlights the scalability and profitability of virtual wholesaling due to the larger number of available properties nationwide, compared to traditional local methods.
Key distinctions between traditional and virtual wholesaling are discussed, emphasizing phone communications and the necessity of selecting the right title company. Ideal markets are identified based on population and median home prices, with counties having populations over 100,000 and median home prices below $450,000 to $500,000 being targeted. Strategies for finding suitable markets include using government lists such as code violations, probates, tax delinquencies, and others, which are less competitive and free, and paid lists available via services like listri.com and exactday.com.
The speaker advises using platforms like Zillow for sale by owners and "driving for dollars" virtually through Google Street View or by partnering with locals. Effective marketing channels highlighted include cold calling, SMS text blasting, and direct mail, with the MCTP script (Motivation, Condition, Time frame, Price) for seller communications. The process of closing deals involves calculating the Maximum Allowable Offer (MAO), conditioning the seller for a definitive decision, and using negotiation tactics like the good cop bad cop approach.
The importance of staying on the phone with the seller until the contract is signed is emphasized to ensure immediate resolution of any objections, followed by instructing a team member to inspect the property. Methods for finding cash buyers include using Facebook groups and other paid services, and the role of a "boots on the ground" partner to take property photos.
The speaker concludes by promoting virtual wholesaling as a lucrative opportunity that can generate significant income with dedication and hard work, and introduces a virtual wholesaling guide for 2023 available on freeholding.com.
00:00:00
In this segment, the video discusses how to achieve your first virtual wholesaling real estate deal in under 14 days, offering a comprehensive, free, step-by-step guide. It explains that virtual wholesaling involves putting properties under contract and selling the contract to a cash buyer, such as a house flipper or rich landlord, for a profit. The process is conducted entirely online, allowing participants to work from anywhere. The speaker highlights the scalability of virtual wholesaling, noting that it has allowed them to make more money than traditional wholesaling in their local market due to the greater number of available properties nationwide. Despite the lack of in-person interaction with sellers, which may reduce profit per deal, the increased volume of deals makes virtual wholesaling highly profitable overall.
00:03:00
In this segment of the video, the speaker explains the key distinctions between traditional wholesaling and virtual wholesaling in real estate. The main change is that virtual wholesaling is conducted entirely online, involving phone communication with sellers and a different process for cash buyers. The speaker emphasizes the importance of selecting the right title company and notes that the rest of the process remains similar to in-person wholesaling.
The speaker then discusses how to identify the best virtual wholesaling markets, focusing on two main criteria: population and median home price. For a market to be deemed good, the population of the county should be above 100,000 people, and the median home price should be below $450,000 to $500,000. He gives an example using Harris County in Texas, explaining that checking these parameters can easily be done through online searches. The goal is to find areas with a high population and lower median home prices as these are ideal for virtual wholesaling.
00:06:00
In this part of the video, the speaker explains how to identify suitable virtual wholesale markets by checking median home prices, suggesting they should be below $400,000-$500,000. This is because homeowners of higher-value properties are less likely to agree to significant discounts. The speaker emphasizes the importance of targeting lower-value homes to successfully negotiate discounts, which is a crucial aspect of wholesaling real estate.
The discussion transitions to the best lists for virtual wholesaling, particularly for those with limited funds. The speaker advocates for using government lists which are free and less competitive. Important examples of such lists include code violations, probates, water shutoffs, fire-damaged properties, tax delinquencies, liens, and arrest records. The speaker recommends utilizing their free real estate wholesaling course to learn how to pull these lists effectively. These government lists are preferred because many people are unaware of them, reducing competition.
00:09:00
In this segment of the video, the discussion centers around different types of lists used in wholesaling real estate, particularly government lists and paid lists. Government lists, although less saturated and valuable, are harder to obtain. The speaker encourages those without money to invest their time in pulling these lists, recommending a free course for guidance.
Paid lists are easier to obtain through services but are not from government sources. Examples include vacant properties, high equity, pre-probates, and zombie properties. The speaker mentions services like listri.com and exactday.com for acquiring these lists. They also compare the efficiency of obtaining deals through government versus paid lists, emphasizing the value of government lists despite the difficulty in acquiring them.
Finally, the segment touches on using Zillow for sale by owners, particularly those properties listed for over 100 days, as another valuable source of leads.
00:12:00
In this part of the video, the speaker discusses various strategies for virtual real estate wholesaling. Key points include lowballing offers significantly below the listing price to find willing sellers and building rapport. The speaker advises utilizing free resources like Zillow for sale by owners to find potential deals without needing skip tracing. They emphasize the ease and quick potential profits for beginners.
Additionally, the speaker introduces the concept of “driving for dollars” virtually, suggesting tools like dmzac.com for Google Street View to identify properties or partnering with someone local who can physically drive. They provide an example of collaborating with someone in a different region, splitting tasks and profits.
The speaker also highlights the importance of effective marketing channels, comparing them to using a good rod and bait for fishing. The recommended channels for virtual wholesaling include cold calling, SMS text blasting, and creating driving for dollars lists, all supported with relevant scripts and tools for success.
00:15:00
In this part of the video, the speaker emphasizes different strategies for wholesaling real estate. They recommend starting with cold calling and SMS texting, suggesting these methods as the best initial steps due to their cost-effectiveness. The speaker also touches on direct mail, noting it as a viable option once you have a bit more capital.
For gathering contact information, the speaker explains skip tracing, highlighting free options like truepeoplesearch.com and paid services like listri.com for more efficient and accurate results.
The segment then transitions to virtual wholesaling acquisitions, where the speaker outlines the MCTP (Motivation, Condition, Time frame, Price) script for talking to sellers. The suggested approach includes gathering detailed property information and setting up a follow-up to gauge the property’s value before making any decisions.
00:18:00
In this part of the video, the speaker explains how to close virtual wholesaling deals without physically visiting the property. Key actions include calculating the Maximum Allowable Offer (MAO) using formulas provided on feralson.com, estimating repair costs quickly with a handy chart, and determining the probable cash buyer price. The speaker emphasizes the importance of conditioning the seller to make a definitive yes or no decision to avoid the deal falling into indecisive limbo. A negotiation tactic, involving a good cop bad cop approach, is detailed to handle the seller’s price objections effectively. The process concludes with locking in a deal price while staying on the phone with the seller, ensuring the contract is agreed upon immediately.
00:21:00
In this part of the video, the speaker emphasizes the importance of staying on the phone with the seller until the agreement is signed to address any objections immediately. This increases the likelihood of closing the deal by about 75%. After the agreement is signed, the speaker advises informing the seller that a team member will visit the property for inspection, which does not affect the offer price. Then, they discuss the process of finding cash buyers through various methods like Facebook groups and paid services, and the role of a “boots on the ground” partner in taking property photos. Key steps include sending the signed contract to the title company and ensuring good communication with cash buyers and title companies, particularly through recommendations from Facebook groups and other wholesalers.
00:24:00
In this part of the video, the speaker discusses virtual wholesaling real estate as a lucrative side hustle or full-time business that can potentially earn hundreds of thousands to millions of dollars annually, regardless of age or experience level. They emphasize that success in this field requires time, effort, and dedication. The speaker also introduces their virtual wholesaling guide for 2023, highlighting that the real estate game has evolved but remains profitable for those willing to work hard. Finally, the speaker encourages viewers to like and subscribe, and to visit freeholding.com for more information.