This is a continuation of “The Great Escape” audio podcast reality show with Eric Thiele. Eric has been given assignments each week to help him get his wholesaling business started. In this episode, Eric catches us up on the challenges he has faced and the successes he has achieved over the last few months.
Eric: But here is why I’ve raised my whiney hand saying, “Well, I just haven’t had the time to do that because of my job.”
Eric: Well, guess what? You know, come Friday well I give it a…
Sean: Come Tuesday. Give yourself until Tuesday.
Eric: Yeah. After the holiday I’m going after it because the money is out there. The demand is out there. It’s my fault for not having properties at the right price. And the other thing is it’s definitely conditions. The properties I’ve been contracting, it’s almost like there must be this one family that’s going around. I’m almost thinking that maybe there should be a licensing requirement, before you become a homeowner, you have to pass this test. Do you allow your cat or dog into the house to pee and poop all over the carpeting?
You know? It’s like all of these houses that I’ve… well it’s not like it’s a massive number, but… I’ve gotten under contract so far. Every single one of them, beige carpeting and multiple spots all over the carpeting in all the rooms.
Sean: Welcome to real estate.
Eric: Yeah, the people that I’m trying to wholesale to, I mean I should have taken a picture of this one woman’s face. Talk about wrinkling up her nose. “Oh, I don’t want to deal with this.” It’s like, “Well.” You know, there’s money in that reaction.
Sean: Oh yeah. Now let me ask you another question. It sounds like you’re dealing with a lot of retail buyers. You have an FHA buyer, some other retail buyers and stuff like that. Now, no one wrinkles their face up at me, at my properties because typically I’m selling to seasoned investors, or hedge funds, or stuff like that, that are typically buying at the auction. They put up $10,000, they close in 24 hours, and they just get what they’re going to get. Actually, the HUD homes that we do, even some of the motivated seller stuff, is in better condition than some of the stuff that goes to the auction. So, my question becomes, where are you sourcing your buyers?”
Eric: Sourcing my buyers?
Sean: Sourcing, where are you finding them? Is it bandit signs? Is it you’re posting on Craigslist? Are you…
Eric: The real hard knuckles have been off of Craigslist. I mean I’ve been marketing direct mail, names from cash buyer lists from some of the folks out on the internet that are selling cash buyer lists.
I’ve subscribed to that. And, I’ve gotten some polite responses, they’re definitely good lists in terms of I do get responses, but then I get the reaction of, “Well, you’re asking about twice what I’m willing to pay,” which could be a marketing tactic. Of course, whatever price you’re asking is always going to be too high.
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