In today’s real estate market it’s challenging to find deals because of low inventory.
Watch this short video now, learn from Jerry Green & Jay Conner some effective strategies in finding wholesale deals.
Jerry Green is a native of Ohio and currently lives in Germantown Ohio, with his wife of 17 years and their 4 children.
He started in the REI Business in 1994 after going through bankruptcy in Springfield Ohio. He began by wholesaling properties and then merged into Fix and Flips.
Since that time he has been involved with doing over 1,500 deals including fix and flips of single and multifamily rentals, and commercial properties.
He soon realized there was a big difference between just being in REI and actually running a real business. So after multiple failures, millions of dollars in mistakes, and through personal tragedy, he was able to build a true, scalable, REI Business.
Now he works as the CEO of his REI Business but is operationally removed from the business as a whole. He does a high volume of wholesale deals, which are all done Virtually.
Jerry now spends his time helping others learn the REI Business. He teaches them how to build and scale their businesses and show them how to master their Acquisition
Click on this link to watch the complete episode: https://youtu.be/Kg7PfFcm_aQ – “ Virtual Wholesaling in Real Estate with Jay Conner & Jerry Green”
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Jay Conner has been investing in Real Estate for over 15 years. He typically makes 2 deals a month. He has bought and sold over 400 homes.
He had an 800 credit score and the bank closed his LOC. He needed to find a new source of funding. In the past eight years, Jay has never missed a deal because of funding.
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Jay Conner:
I want to talk about the steps involved in actually doing the virtual wholesaling business. But you know, whether you’re wholesaling, staying in the deal, rehabbing whatever you’re doing, regardless of the business model that you’ve got, you got to find the deals.
Jay Conner:
Somebody’s got to find the deals and in this market, I mean, I’ve been full time since 2003, so you’ve got nine more years on me. But since 2003 until today, I don’t recall it being as challenging as it is today to actually find the deals because of low inventory.
Jay Conner:
I don’t know about your market, but I assume you’re facing some of the same challenges on low inventory.
Jerry Green:
That’s supply and demand is definitely affecting things, but you know, what’s interesting Jay too though, is that we are very aggressive on the marketing side. So we are constantly pulling those leads out you know, all the different markets we work with them. We’re just, we’re heavily you know, hitting the marketing component over and over again. So that’s one thing we’re really good at. And also we’re very good on the follow-up. So my acquisitions team is constantly working at, we have a marketing side of the business too.
Jay Conner:
What’s working the best for you and your team these days on finding sellers.
Jerry Green:
Jay, and I want to make sure all the listeners understand this too, that you’ve got to test, you know, each market a little bit different on things, but for the last 20 years, the best producer for us has been direct mail.
Jay Conner:
So what type of lists do you like to direct mail to?
Jerry Green:
We use very simple with, we do absentee homeowners. Okay. And so here kind of the way, and here’s why I like to look at the marketing Jay, and this has worked really well for us. And I teach this to a lot of my students this way too, is why do people like to really complicate this? And I’m like, don’t put a ton of filters on things, keep it very basic. We do the absentee homeowners and then that’s our big bulk list. So we’re hitting that every single week. Actually we do two mail drops per week, so it’s constantly boom, boom, boom, over and over again. And that, so that becomes our foundational piece of marketing. So everybody has to have like a foundational piece. And then we layer on top of that. So on top of that, we’ll do cold calling. And then we also do additional, like very specialty lists, you know, probates inherited type lists delinquent taxes. And we do those more with letters going out and the rest is all postcards. And that creates a pretty consistent flow we’re we’re averaging probably right around a hundred leads or more a week.
Jay Conner:
That’s a lot of leads. Fantastic. So any secret sauce to share on the look of your postcard or what the postcard says or you know, how you get such good response to it?
Jerry Green:
I think a big thing on that, Jay is just, I mean, keep it very simple and work off of principle. When it comes to marketing like this, you have what we call controllers, and you don’t want to go in and change something completely. Like somebody people go and they say, well, this postcard doesn’t work. Some changing everything. Well, sometimes it’s just, you know, it might be just maybe changing color a little bit, not changing. The whole message that’s something that gets more attention. So we rotate about four or five different cards through the cycle. So one, don’t get to the point where you become too complacent, you know, anywhere from three to five different cards, do a rotation around on things, and then use, you know, try to use something different that really sticks out. One of our best performing cards is a lot of people wouldn’t believe this is a, it’s actually a black postcard with white letters and it sticks out rest.
Jay Conner:
You mailed to the same list. You say three to five times, is that like one drop per month to that list?
Jerry Green:
What we actually here’s we do something kind of unique on this, Jay is we do a rotation around what we call like a zone, a different zones. So picture this, and this is great for anybody. That’s really just getting geared up on this. We basically go into any market. And if this is just you doing this and it’s in your backyard, that’s fine. You basically create that to be your farm area. And then we break that farm area up into zones. Then what we’ve learned is we do a rotation of our mail around those zones. What I’ve found is a lot of people, especially people that are on limited budgets on marketing, what they want to do is a lot of times, a lot of the gurus will tell them mail the same list over and over again.
How do you know that list is even a performing list and they can burn all the marketing budget. So what we do is we do a rotation around and then that rotation mat that works really well because then we can see some traction Jay of which zone is performing. And then that becomes whatever, which one’s performing the best. Then we hit a second round on that one and then it kind of goes the same way. We’re just working at like a clock like that. And it works very well. We’ve been doing that for over 20 years and we have consistently stayed close to one and a half to 2% response rate.
Jay Conner:
When you are direct mailing you know, to a market, how many would you say you need to be able to have in that market to mail to, for the numbers to work?
Jerry Green:
I think that you’re looking at, if you can get up somewhere of a list of around, even on the small market, 15 to 20,000, that’s, you can pull some deals out of that.
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