Tyson Smith breaks down a five-step wholesaling system: find distressed properties using BatchLeads, contact owners with skip-tracing and cold calls, offer roughly 70% of after-repair value minus repairs, assign contracts to cash buyers through investor networks, and collect assignment fees. He claims the process generates over $100,000 monthly.
In this video, I'm going to show you how you can make a 6-figure income wholesaling real estate in 7 simple steps. Step 1 is going to be prospecting. This is where you're going to find homeowners who are showing signs that they may need to sell their property. Some examples of these type of signs are going to be properties that have liens. Tax defaults, vacant, tired landlords, pre-foreclosures, inherited properties, unknown equity, or expired listings. Now, you can find properties that meet all of these different criteria on BatchLeads.com. This is where I pull all the data for my wholesaling business. On BatchLeads, you can find properties that meet these criteria in any city, state, or zip code that you're looking to target. Step 2 is marketing. This is where you're going to skip trace the list you just pulled in Batch Leads, and then you're going to reach out to those people via cold calling and texting them, and you're going to ask them the following 4 questions. Number 1, do you want to sell your property? Number 2, who's currently living in the property? Number 3, what is the condition of the property? Brand new, good, poor, or scary? And finally, you're going to ask them how much they'd be willing to sell their property for. Step 3 is acquisitions. This is where if somebody answers the 4 questions you ask them, you're going to make them an offer, negotiate with them, and get the property locked up under contract. When you're making an offer, you're going to want to offer them 70% of what the property could be worth fixed up minus the cost the repairs would cost to get the property fixed up. If they accept your offer, you're then going to send them a purchase contract on DocuSign. If you need a purchase contract, the one I use in my business is available for download in the description below. Step 4: Dispositions. Now that you have a property locked up under contract, you need to find a cash buyer to assign the property to. You can find cash buyers in local real estate investor Facebook groups, attending local real estate investor meetups, or by networking with realtors. Once you find some cash buyers, send them your deal and add on your wholesale fee on top of the price. Once you find one that wants the deal, you're going to send them an assignment of contract on DocuSign. If you need an assignment of contract, you can download the same one I use at the same link you can get my purchase contract at. Step 5 is just transaction coordination. This is where you're going to coordinate with the buyer, the seller, and the title company to get your transaction closed. Essentially, you're going to be a teacher making sure that everybody turns in their homework. At the day of closing, the title company will give you a check for your entire assignment fee. Now all you need to do is rinse and repeat this as many times as you possibly want. This is the exact 5-step process I'm using in my wholesale business to generate over $100,000 a month in assignment fees. All you need to do now is get signed up for Batch Leads, go download my purchase contract and my assignment contract, and start making offers today.
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