Virtual Wholesaling Real Estate For Beginners – Wholesaling Houses Step By Step


hey welcome to the show a live show my
name is David Oldenburg today we’re talking about virtual real estate
investing and virtual wholesaling what is it and what skills do you need to be
successful. Hi, I’m Lori Schulz and if you haven’t already done so it’s a great time for you guys to
subscribe and hit that Bell notification we go live every single week so next
week what we’re going to be talking about is our top three favorite
youtubers for real estate investing this is gonna be a great show and it’s kind
of a theme next week will be either one or two days before Christmas when
that show airs and it’s kind of a whole giving back we needed a filler show and
so we decided to fill it by giving back and talking about three youtubers that
have made a big impact on us and not that they need our help in promoting
them and we can’t wait to share them with you because you’re totally going to
benefit from listening to them incorporate our shows and you guys will
be all set to when you hear some of the stats on a couple of these channels
they’re just mind-blowing one of the youtubers we are
going to be talking about is a guy by the name of Graham Stephan he has about 1.25
million subscribers and I figured it out the other day his
channel launched on Christmas Eve three years ago and he’s averaged about two
and a half or about he’s averaged one video every two-and-a-half days for 3
years straight yeah that sounds like one of your goals. absolutely I’m putting a ton of videos in January so hey
let’s get started here so virtual wholesaling virtual real estate
investing it is kind of a big buzz on YouTube it’s a big buzz in the real
estate investing industry it’s big on Google Trends I mean it seems a lot of
people are wanting to find out information about how to make all this
money virtually well a couple of things that I
want to say and I wrote this down which I think kind of sums it up for me
virtual sounds sexy and everybody uses virtual because it sounds like this darn
Christmas ball keeps keeps bouncing and hitting me in the head okay maybe I
shouldn’t move my head so much. so virtual sounds
sexxy you know virtual sounds like oh my gosh
it’s virtual it’s like online there’s gonna be all this money I can make all
this money but to me really virtual is just remote but it doesn’t sound cool to
say remote wholesaling or remote real estate investing right like yeah
like wait a minute maybe you shouldn’t be there yeah we’re in a remote area a
bad part of town and so uh so let’s talk about what virtual is in case you
haven’t already figured it out virtual just means that it’s just what it sounds
it’s virtual you’re buying properties that are not in your area and you’re
buying properties primarily finding them probably through the internet through
websites through maybe some marketing that you’re doing but you don’t have
what we call the classic boots on the ground you know with the type of
investing that Lori does and that I do primarily where if we’re gonna buy
something we’re gonna drive to the property and we’re gonna take a look I
mean and I did actually you know what’s really interesting I actually did help
one of my investors buy something virtual I remember that yeah and
in Texas and how did that go exactly This is a great example of how this can totally work out
for you guys um so we had she had a 10 like a what is that 1031 1031 tax
deferred exchange okay so she had a remainder balance of like a hundred and
thirty-some thousand that she had spent so we’re in California Northern
California even at that I mean it’s really hard to find something for a
hundred and thirty seven thousand but she didn’t want to pay our tax rate she
want to spend it so I did find some something in Texas
and each one was nine hundred and fifty that she was making on it so she
basically doubled doubled the revenue coming in every month by going
to a different location and didn’t even go look at him until it was
all closed and everything else and it works out great well let’s talk about
the top three reasons why you or anyone else should consider virtual real estate
investing and the first one I love this because I think this is the biggest one
that is and I hear a lot of this running the group that I run real estate investors will come
to me and they’ll say you know I was doing this for my marketing I was doing
direct mail or maybe radio and it was working I mean I was knocking it out of
the park I was getting deal after deal but over the last year so it’s kind of
dried up in other words you know and we hear this a lot with direct mail people
they’ll say well I was marketing a list and I used to get 1 or 2 percent but now
you know and then you went to a half a percent now I’m getting a quarter
percent and and so one would be that the marketing really isn’t working of the
marketing that you’re doing isn’t working but here’s the thing and this is
what’s really key you really have to evaluate and this is hard for me to say
this is gonna hit a lot of people where it hurts but sometimes it’s your
marketing sucks… in other words whenever you’re doing
marketing and you’re not getting business right you’re not getting
business the first thing I suggest you do is look around and see if other
people are marketing and getting business and what type of marketing they are doing. exactly well you know what
here’s what’s interesting there’s a I see well I mean I’ve given stories here
in on the podcast at different times people that I know that have done say
direct mail some that have had really good success and others that have had I
mean literally I talked about a guy a while back and spent $60,000 on direct
mail and basically you know didn’t make any money at all and and so you can see
I see you know both ends of that but um a lot
of times it’s the marketing piece for example there is a guy I spoke with
him in one of my events a couple years ago and he does direct mail and he has
more success with direct mail than anyone that I know that does it the
yellow card you know I don’t think it’s the same guy
and here’s what’s interesting though about the guy that I’m talking about he
showed me his marketing piece now know under top secret I mean a lot of people
do I’m lucky that way a lot of people show me what they do because of what I
do yeah and and they’ll be one of those things they trust me they’ll say if I’m
gonna show you my incredible marketing but you know you can’t tell anyone else
and so I asked him one day I said how come you are so successful with your
marketing more than anyone else with direct mail and he showed me his
marketing piece and it was really good but you know what’s funny
it didn’t look a whole lot better than the marketing piece of anyone else but I
really don’t know but you know it’s something about that piece he did all
this testing and people see it and it makes them want to call him so the first
thing I would say with point number one you know – when should you consider
virtual wholesaling would be if marketing is no longer working here’s
number two if you are seeking an area with less competition or you’re looking
for more deals now this brings me to a story and I actually confirmed this
story today actually called my dad in Idaho because I had forgotten part of
the story. By the way hi dad. yeah I did um and in I was thinking I’m trying to think the first
time I think I called my dad he didn’t pick up so I realized my dad is
screening my calls thanks dad really appreciate it
um so he called me back like ten minutes later after I sent him a text message so
anyway it was about 1990 let me let me says my dad my dad’s a real estate
investor also he’s a very good investor we have different strategies he chooses
buy and hold and he does buy and hold all over the United States were I tend
to do real estate flipping and real estate wholetailing locally. but we both do
well at what we do well in 1990 my dad called me up and he basically said this
there’s always a deal somewhere in other words you know it might be that right
now you know maybe Las Vegas is hot and and I’m just gonna I have no idea if I’m
right on this but let’s just say Kansas City is not hot and maybe that’s the
place that down right now where you need to be
buying you know because there they’re not as active and so my dad called me in
1990 keep in mind I was 23 years old I’m 53 now so I was 23 years old my dad
calls me up I answer the phone he’s like hey is there any way you could put
together about $10,000 I’m thinking I’m 23 unless I rob a bank you know or do a
deal or something a big deal yeah yeah put together dad I’m 23 years
old I’m living in an apartment with a cat fleas you know and anyway yeah yes
eating spam and and what’s that one the top ramen I mean basically I had no
money I’m like well dad why do I need ten thousand he says well he
said San Antonio is in a down market right now a big down market tons of
houses are being foreclosed it was 1990 right after the savings and the thrift
and savings loan crisis or something I forgot the exact name but yes kind of
like you of the 1031 but you can google it you can google
it if you wanna know all the details of what was happening in the savings and
loan crisis in the in the 80s but so bottom line is this though they were
auctioning off properties in San Antonio cheap and my dad was a my dad went there
to buy to buy a property and he ended up buying a property for $24,000 yeah in
night like a 3-bedroom 2bath regular type home and he put $10,000 down
financed $14,000 rented it out the renters paid it off for him in about
bless you the the renters painted off for him in
about five years he still owns the property to this day he’s made like four
hundred percent return on his money during that time its own free and clear
it rents for nine hundred dollars a month and he gets that every month just
constantly I think it’s the the catnip on this ball here or something but yeah
I mean so my dad what my dad would always argue he would say you know why
would you ever want to consider something virtually it’s because there’s
always a deal everywhere at the same time though because
my dad is watching this I need to point out what he said he says hey I would
never buy a property that way you know I might buy a remote but I’m gonna drive
there or fly there and he did that he went to the auction he actually looked
at the house he wouldn’t just get on a computer and buy a house you know
virtually without being able to see it know it otherwise you end up in some
some really bad situations it could be bad neighborhood oftentimes what I see
you know it running a meetup group with 2,000 people and getting lots of calls
from people that have done deals out of state whether it be real estate wholesale deals or
actual full-on flip deals the calls that I usually get are not good there are
people calling me up going Dave I’d like to talk to you I need some advice
because I got into a deal out of state and I got burned know a contractor a
realtor I got burned on the comps or the rehab or I was wholesaling and
somebody gave me really bad information and I wasn’t able to sell the property
so just because it’s a virtual and you can do it anywhere doesn’t necessarily
mean you’re going to make more money or that you should but speaking of
competition because we talked about you know you may be maybe your marketing is
not good on competition whenever somebody comes to me and they say I
matter of fact I got a phone call like this yesterday real estate investor
called me up they’ve been doing it for a little while call me up yes yesterday
and they said hey I really want to talk to you I want to get some advice I’m
really struggling I feel like the market the real estate investing market has
really dried up in Sacramento I’m just unable to get deals anymore now
you have to remember I deal with 2,000 plus investors and they call me every
time they get deals I get calls all the time so I had to give this person kind
of the bad news that no deals have not dried up as a matter of fact people are
calling me getting more deals than ever there’s so many deals and so what I had
to say to him and give him kind of a reality check is
I think the problem is not that the market is dried up I think that you’re
not doing the things that you need to do I think you need it as what’s the one
guy say check yourself before you wreck yourself you know I did give him some
tips top secret for this show but I’m gonna be talking about those
I’ll be top of that in a minute when I’m gonna be giving some of that advice
coming up um so let’s switch gears for a minute here we kind of talked about um
what did we talk about we talked kind of talked about what virtual virtual
wholesaling is here but I want to say and why you should consider a virtual
wholesaling or virtual real estate investing but I want to switch gears
here I want to talk about the skills because just because you said just a
minute ago just because there is an opportunity doesn’t mean that you should
necessarily try to take advantage of it to me it doesn’t matter even if you
found that deal how are you gonna like flip it over there are you gonna fly
over there and fix it yourself right what are you gonna do you’re gonna get a
team over there well let’s talk about the top three skills the top three
skills that you need to be good at and and I I encourage you as we go through
these so really don’t just say oh yeah I’m good at that so really think to
yourself is this really a skill that I’m good at because if you’re not good at
these three skills you’re probably not gonna make a lot of money a virtual real
estate investing a virtual wholesaling you probably better off just doing stuff
locally in in your area so number one you must have excellent phone skills you
must give good phone and you must have good writing skills how much opportunity
do you remember Lori I mean you can be catchy you gotta be on your game yeah
super personable you have to really show them like a split second that you’re
worth the conversation even if it’s a warm lead even even if let’s say you you
did a mailer to another area and someone or spa
it’s a little bit warm and and your and you finally have them on the phone so
they’re giving you a little bit of time they’re willing to hear you out for a
little bit if you’re really bad on the phone I mean you don’t you know you just
don’t have good phone skills um you know maybe you’re not maybe you’re just not a
good communicator it’s not gonna go well and you’re probably gonna lose a lot of
deals just because of that where maybe if you were face to face with people you
would do far better in your local area the other thing is writing skills
now why writing because I find that when I’m dealing with people outside of the
area I’m doing a lot of communication via email and I’m doing a lot of
communication via text messaging so it does make a difference my writing skills
and being able to draft together a really well put together well
communicated email to somebody out like you know laying out all of the terms and
the conditions and what you’re thinking and and in everything you you need to be
really really good at that everything all of your conversations because really
you’re gonna have to fall back on a lot of this I mean it’s gonna be a lot of
just what somebody says absolutely and then so you need good documentation as
well so the second thing here is you need to be you need to be excellent at
people skills now we’ve talked a little or you already mentioned a few of these
you need to be really friendly on the phone because people you’re not they’re
people can’t see your body language you need to be friendly on the phone this
next point is is key you need to be a good listener a lot of people there in
sales mode and they just want to get on the phone and they want to sale they
want to say let me tell you why I want to buy your property let me tell you how
much I’m gonna pay and let me tell you about all my experience so let me tell you. That person really just wants to convey to you why
they’re selling what’s going on remember every one of these real estate flips every one of
these wholesale deals they have a story they’re not gonna be able to be a
problem-solver if you’re not a good listener so you need to really be paying
attention to this person’s needs do they need to get out fast
are they maybe it’s gonna be one of those deals where you can work together
with them like yes you know so I mean you really do have to pay attention
and also be thinking about what it is that you can do because remember you’re
the professional you’re the one who has these solutions there are homeowner in
trouble and and if you’re not sure about solutions I think it was last week the
week before we talked about kind of how to talk to people about different
solutions you know about going in there and giving them different options and
speaking that’s a good time for me to plug something I want you to imagine
I’m gonna set the stage here for a second imagine investing five thousand
dollars and then two weeks or three weeks later later making $40,000 you
know basically an 800 percent return imagine investing twenty thousand
dollars and we’ll say sixty days later picking up a $100,000 check and making a
five hundred percent return on that is very typical for a strategy called joint
venturing and two things Lori and I are going to be doing one or two shows in
January on joint venturing with sellers and with other flippers and wholesalers
but more importantly on January 7th coming up January 7th , 2020 6:30
p.m. in Northern California at the Rockland Event Center I am taking the
stage and I’m gonna be speaking to about a hundred and fifty real estate
investors live and it is free and it’s going to be on that topic so if you are
in Northern California the link is in the description to RSVP or find out
about that event or and we do have people there actually coming from Nevada
and Oregon that kind of thing as well you meet a lot of great people and write
every single thing you’re gonna need yes list that you’re hopefully working on
and everything else you have everything you need you could literally build your
business from the foundation up with all of all the players that you need all the
capital that you need all the deals that you need literally just by coming to one
of these meetings they are crazy yes and if you’re buying this area definitely
call Lori and and do some real estate deals there so the third thing so we’ve
talked about number one you need to be excellent on the phone number two you
need to have people skills and number three you need
to be able to embrace technology now we’re gonna lose a lot of people right
there I get it um I said earlier I’m 53 years old I mean you got to see what
it’s like around us we have tech everywhere surrounded I mean I’m like I can barely
move there’s so many you know different
things around me that you can’t even see you know just all the different mics
that are around us right now where we’re live on Facebook we’re live on YouTube
right now we’ve got multiple cameras on us there if you could see we have a
power cord down here and it’s like remember remember uh always the one with
Chevy Chase the Christmas vacation or whatever it is or whatever it is
remember he’s got you know the outlet was like 10,000 things plugged into it
well we have that right here next next to me and and it’s scary I don’t even
have a fire extinguisher nearby so it’s really bad but um anyway you need to be
able to embrace technology you need to be because if you doing everything
virtual you’re gonna be doing a lot of business online you’re gonna be using
phone apps for some of these things you’re gonna be using website apps and
websites to do a lot of the work I mean most of what’s going to be done is gonna
be done virtually and you’re not gonna have the luxury of you know kind of sum
of all the paper things that you might might have when you’re doing a deal you
know maybe right down the street so and that’s another thing so if you have any
questions about that please put the questions down below because I mean
there are different programs that we can suggest for you guys to use in order to
find those values and everything else and those are all programs that you can
download onto your you know smartphone or wherever you you know wherever you
whatever you use it could be your computer tablet whatever but you do have
to be able to get onto these sites well the show today was designed to be a
short show it was designed to be kind of an introduction to virtual wholesaling and virtual real estate investing kind
of what it is what skills do you need and here’s why because in January
January 1st I am starting on this channel which is another reason why you
want to subscribe on this channel I’m starting a 30-day
real estate wholesaling course where I haven’t quite figured out if I’m
gonna do 30 actual videos where it’s a video every day for 30 days which of my
schedule would be intense or if I’m just gonna do 30 days with maybe 15 videos
and do a new video every other day I’ve written out 30 different videos that I
want to do but maybe able to condense some of those into two it doesn’t really
matter the number whether I do 15 videos 20 20 to 30 the point is the month of
January is going to be an awesome opportunity for you to learn everything
from the absolute beginning of wholesaling all the way to the stuff
that is pretty advanced and in that series I’m going to be doing a couple
two or three shows on virtual wholesaling and I’m gonna even cover how do i estimate value and Rehab costs when I am NOT in the area that’s
powerful how do I build a virtual real estate team in another area and number
three how to avoid this is the most important so I get most of my calls how
do I avoid getting burned when I’m doing a virtual real estate deal or a virtual
wholesale deal when I’m dealing with people and areas that I am not familiar
with we are able to help you so we can be your out-of-state virtual investors
over here I mean think about absolutely if you’re not in California and you’re
looking for a place to go or whatever I mean we could maybe help you out with
something like that – so yeah I mean it is it’s not you know as you’re gonna
find out as you go through the 30 day course in January wholesaling real
estate is not difficult I mean anybody can do it just like anybody can flip
houses or anybody can do buy-and-hold unless they changed a lot yes but so
it’s not really it’s not that difficult it’s just you know one of the things I
always tell people when I talk about why I run my real estate
investing group that I launched five years ago why I’m doing this YouTube
channel why we’re doing all the things that we’re doing
you know all of its done for free you know the YouTube channel is done here
for free the podcasts and the videos the events that I do I put on for free at my
own cost why do I do these things well it really is one of those things where I
feel that when I got into the industry it was all you know school of hard
knocks in other words everything that I learned I had to learn the difficult way nobody helped me nobody gave me any
advice I remember my first job with a mortgage company they hired me they
handed me a hundred business cards like white plain business cards with the name
of the company and my name and my phone number and said go out there and get
business I mean no training no nothing and so I spent gosh the first five
to ten years being in the mortgage real estate and investing industry just
beating my head against a wall and having a lot of success but oh my gosh
it took me twice as long if I went back to being 23 years old today with the
knowledge I have now I mean I’d have 10 times the money in success that I have
right now so my goal is that instead of it taking you 25 or 30 years to get to
where I am my goal with all of this is I can get you to a point where maybe you
start watching the channel you start watching videos you start coming to
events and maybe shorten that down so you can really get it down in one maybe
one year or two years max and we have a lot of people in the group that have
done that I mean there’s a guy called me a couple days ago
he’s in my investing group he came to his very first meeting about two and a
half years ago he had he was young he had never done a deal in real estate he
had no experience whatsoever he was not a licensed agent he was working and he
was working a dead-end job was making almost no money fast forward he called
me the other day he’s already cleared five hundred thousand dollars this year
and he thinks he thinks he may double that in 2020 he may hit seven figures in
2020 and yes and he actually was trying to get into and everything else and he
heard me talking about it I’m a radio show right called in I gave him the
information he came to the meeting now he holds his own meetings up there yes
right that’s right I forgot about him yes he’s holding his own he came
down saw what I’m doing and said man I could duplicate this in another area and
he’s doing that now and I’m sure doing really well that’s a that’s a great
market yes well we’re gonna wrap things up again my name is David Oldenburg well first off
thank you so much for watching and we do have some amazing shows for you coming
up and twenty twenty is gonna start off with a bang with the shows we’re doing
the series we’re doing the live events it’s gonna be huge
my name is David Oldenburg my links and a little bit of information about me are
in the description on this YouTube if you happen to be watching on Facebook
and you’re thinking to yourself well how do I even get there it’s FlippingAcademy.com so just go to FlippingAcademy.com and it’ll take you to our
youtube channel and you can subscribe and hit the bell notification there and
thank you very much again my name is Lori Schultz and yes please do go
there and subscribe and you won’t miss anything you’re gonna be notified and
hopefully you meet us sometime in person at one of those meetings.

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