HFHQ 15: Part 2 – Wholesaling Pro-Tips with Ginger Macias

This is Part 2 of our wholesaling mini-seminar with Ginger Macias.  If you haven't had a chance to listen to part 1, be sure to head over there and chck it out. There are some real gems in that part of the interview.

In today's conclusion Ginger discusses the rest of her 5 steps to wholesaling, with great details on analyzing deals, getting properties under contract, finding buyers and closing your deal.  Plus, she goes even farther by providing 7 “Pro-Tips” that will help you bring your wholesaling business even farther!

Have any questions for Ginger or myself?  Just post them in the comments area below!  And if you like what you hear, be sure to click here to subscribe in iTunes. And while you’re there, why not leave us a review and five-star rating?

Show Notes

In this episode we cover:

• More of Ginger's five steps to wholesaling, and which two are the most crucial.

1. Find the seller
   1. Working with (and making friends with) other wholesalers to get deals.
   2. The only two things you need to do to get a flow of deals (hint: neither of them involve lists!)
2. Analyze the deal
   1. Why this is the most essential skill for a wholesaler (or house flipper) to have.
   2. The primary goal is to find the ARV (After Repair Value) for a property.
   3. The number of sold properties with similar attributes (finding comps).
   4. The specific tools ginger uses to analyze deals.
   5. The three things you need to look for with properties: time, place and type.
   6. Why you should pay attention to price per square foot
   7. The percentages Ginger uses to figure out her offer price and ARV
3. Get the contract
   1. How to know your MAO (Maximum Allowable Offer)
   2. Ginger's method for submitting an offer to a seller and the terms she uses in her contract.
   3. The only contingency that Ginger puts on her contracts: inspection!
   4. Why you don't need to know how to fill out a form to make offers.
4. Find the buyer
   1. Why this is actually the first step, not the fourth step.
   2. The importance of networking and how to find buyers.
   3. The websites and social networks Ginger uses to find buyers.
   4. Ginger's online marketing systems to share your deals with buyers.
   5. The information you need to give buyers so that they can make decisions quickly.
5. Close the deal
   1. How to weed out the non-buyers from the buyers.
   2. How to do a simultaneous close.

• Mental blocks that stop most beginning wholesalers from getting to that first deal.
• Ginger's “Pro Tips” for wholesaling
• Work hard for your money — do your own homework, comps and due dilligence
• No daisy chains! — work with just one other wholesaler at a time.
• Don't get greedy — there is more than money in the deal.
• Make lots of friends — friends don't cheat each other.  It's all about relationships.
• Have a professional image — Show the best of yourself to others
• Listen to the needs of others — helping others will help yourself
• Continue learning — never stop learning!

Memorable Quotes

“Do not get emotional about a deal.  Always run your deals through the numbers.” ~ Ginger Macias [Tweet this!]

“Don't worry about the money.  Your job is to find properties.” ~ Ginger Macias [Tweet this!]

“The more you do it, the better you'll get.  The first time I was analyzing deals it took me an hour or two hours … now it doesn't even take me 10 or 15 minutes.” ~ Ginger Macias

“You want to be as easy to work with as possible.  If you're really easy-going agents will love you.” ~ Ginger Macias

“Don't let the paperwork get in the way. Don't let the contract get in the way.  Just get your offer in front of sellers.” ~ Justin Williams

“Work hard for your money” ~ Ginger Macias [Tweet this!]

Links and Resources

• OCWholesalers.com (for buyers)
• RealEstateInsiders.co (for students)
• “Rich Dad, Poor Dad” by Robert Kiyosaki [affiliate link]
• realestatecashnetwork.com
• Probate lead companies on Google
• Foreclosureforum.com – Ward Hannigan
• listsource.com
• craigslist.org
• feedly.com
• flipcomp.com
• Property Radar
• Google Maps (maps.google.com)
• firsttuesday.us (California real estate forms)
• Bigger Pockets
• LinkedIn
• Facebook
• Aweber
• Simultaneous close (on Ginger's membership website)

Transcript

Click here to Read and Download the Transcript for Episode 15

Other Items Mentioned

Don't forget that you have just one more week to enter our marketing challenge contest with Ryan Skalla.  Post up your biggest marketing challenge and enter to win a chance for a free 20 minute coaching calll with Ryan and myself.  Click here for details.

Win a private coaching call with Justin and Ryan!

Our contest with Robert Fragoso is over and we will announce the winner of the VIP House Flipping networking event tickets next week!

Like what you hear?

If you’ve found any value or helpful information in the House Flipping HQ Podcast, we’d love to hear about it! Head on over to iTunes and leave us a rating (5 stars would be great!) and review so that others who are interested in starting a house flipping business can find us and get in on the good stuff. Click here to leave a review and rating If you have any questions or comments about this show or it’s contents, please post them in the comments area below and I’ll be happy to answer them!

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