This is a continuation of “The Great Escape” interview with Eric Thiele. Eric is working with Sean Terry and Flip2Freedom.com to learn how to start up a successful wholesaling business. In this section, Sean and Eric discuss how to market for a buyer.
Sean: So when you build a relationship with them, that is crucial to overcoming hurdles. Now once you perform on this particular deal, then you perform another one. You start building that relationship and you’ll be able to do things and get things through that some other people may not – maybe a first-time homebuyer – because you performed on your stuff. That’s number one, you’ve got to call them. So, tell me about this deal.
Eric: I’m getting it at 70% under market. It’s in a community that’s several hundred miles south of Boston. It’s in McAllen, Texas.
Sean: Oh, McAllen, yeah.
Eric: It’s a three-bedroom, two-bath house. It turns out that there’s sort of a lesser-known niche bubble in the real estate market because a lot of Mexican families on the south side of the border are fleeing in droves. Those who can get visas come to the US. They’re fleeing the violence on the south side of the Rio Grande.
Eric: I don’t know if everyone’s paying attention to the news over the last several months, but there is a brutal, viscous turf war going on between the drug cartels and peace-loving people that are just trying to raise families –those who can are fleeing to the U.S.–and there is quite a demand for property in that area. Basically, the shorthand here in Austin is referring to the Valley, the Valley meaning the Rio Grande Valley. There’s quite a bump in real estate values up and down the Rio Grande, so I’m taking advantage of that.
Sean: Cool. Now, McAllen, isn’t that where a military base is, in McAllen?
Eric: I believe so. I don’t know the name of the base, though.
Sean: Okay, cool.
Eric: I haven’t looked at a map.
Sean: Okay. Perfect. Now, first thing, we’ve got to get that contract, and get that thing accepted ASAP. And then, right now, while the first call goes to the asset manager, try to get that obstacle overcome. The second thing is then start calling buyers on your buyers’ list. Now, do you have speed dial numbers of people in your phone that you could call that’s looking for potential properties?
Eric: Yeah, but they’ve all responded to my site here in Austin, so I’m going to pursue contacting each and every one of them.
Eric: I have austinwholesalehouses.com. I’ve had people registering over the last month, so I’ve got about 20 people now, and I’ll contact them and say, “Hey, it’s not Austin, but it’s still money. Are you interested?”
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