CW Wholesale Business Systems

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CW Wholesale Business Systems by Mind Map: CW Wholesale    Business Systems

1. Marketing

1.1. Seller Lead Generation

1.1.1. Offline Direct Mail Yellow Letters Postcards Formal Letters Bandit Signs (Tracking Prefix BDTSGN) 1) Establish a relationship with a printing service 2) Create our CallRail number for tracking 3) Create a bandit sign template by designing our message, size and color scheme 4) Add our CallRail number on the sign for a call to action and tracking 5) Order signs (if possible - 3 months worth) -we plan on placing 150 signs per week, we'll order 1,800 signs 6) Put together a playbook for the sign placement position - Week 1: 3 zip codes - Week 2: 3 zip codes - Week 3: 3 zip codes - Week 4: 3 zip codes - Place 40-60 signs per zip code every Thursday night on busy intersections, highway/thruway on ramps, high traffic locations, intersections with stop signs, intersections with stop lights, busy parking lots, etc. - Take a photo of each sign that is placed and upload all photos into dropbox folder for that specific week. Position will be paid off of number of photos taken of signs weekly. 7) Hire a person to place signs for us every Thursday night. Position will pay $1.50 - $2.50 per sign depending on if the person is placing stakes into the signs as well and receiving delivery. 8) Person will take photos of each signed placed and upload into a shared dropbox folder. 9) Photos will be reviewed and payment will be based on total signs placed that week. Target is 150 per week. Driving For Dollars Vacants (Tracking Prefix DDVCNT) FSBOs (Tracking Prefix DDFSBO) Cold Calling Properties w/ liens (Tracking Prefix CCPWL) Out-of-state Landlords (Tracking Prefix CCOSL) Realtors (Tracking Prefix CCRLTR) Calling Landlords Homeowners in probate (Tracking Prefix CCHOP) Foreclosures (Tracking Prefix CCFCL) Attorneys Absentee owners (Tracking Prefix CCAO) People who own homes free-and-clear (Tracking Prefix CCFAC) Birddogs (Tracking Prefix BRDDG) Web form (Podio) for Submissions

1.1.2. Online Mailing Service Everest (Tracking Prefix DMMPEV) Website Vendors ListSource Reipro NJ MLS Hudson MLS Garden State MLS Prop Stream Free Websites Craigslist Zillow Trulia Redfin Social Media Instagram Facebook Twitter LinkedIn Blogging SEO

1.1.3. Follow-Up Autoresponder (Tracking Prefix FUAUR) Reminders in Podio (Tracking Prefix FUPDIO) Voice Blasts (Tracking Prefix FUVBST) MailChimp Email Blasts (Tracking Prefix FUMLCMP)

1.2. Buyer Lead Generation

1.2.1. Offline Auctions (Tracking Prefix BLACTN) Bandit Signs (Tracking Prefix BLBDSN) Networking REIA (Tracking Prefix BLNWRE) Phone Calls (Tracking Prefix BLNWPC)

1.2.2. Online Autoresponder

1.3. Tracking and Reporting

1.3.1. Podio

2. Administrative

2.1. Podio CRM

2.2. Bookkeeping

2.2.1. SlickPie (join and sign up)

2.3. Contracts

2.3.1. Software Webmerge HelloSign

2.3.2. Assignment of Purchase & Sale

2.3.3. Purchase & Sale

2.4. Phone System

2.4.1. Vumber

2.4.2. Callfire

2.5. Working Procedures

2.6. Hiring New Team Members

2.6.1. In-House Creating Job Posts See Templates Pre-screening Candidates Personal Video Personality Kolbe Test Phone Interviews With VA With CW In-Person Interviews Orientation & Training Virtual On Site

2.6.2. Virtual

2.7. Websites

2.7.1. Job Postings

2.8. Computer Systems

2.8.1. Email Signature Boomerang Streak Setup Email Templates Creating new email address & forward

2.8.2. Dropbox Login and installing I-contact Autoresponder

3. Acquisitions

3.1. Lead Intake (LM)

3.1.1. Derived from Marketing Dept

3.2. Pre-Screening Leads (LM)

3.2.1. Talking to Sellers BUILD RAPPORT "Hello sir, how are you today (seriously!) I realize how difficult this kind of issue can be-we're here to help. Honestly. So before anything else, I'd like to know how YOU'RE doing? Determining Motivation "So, why exactly do you want to sell your property?" Determining Problems If there's a serious problem at or with the property, document it . How Can We Help/Create win-win If we've identified a problem, we need to formulate a solution that helps the seller solve said problem. We are ALWAYS more concerned with how we can HELP THE SELLER solve a problem than how much money we can make on the deal. This fact needs to be self evident in the way we communicate with ALL OF OUR CLIENTS. Find out if they are the final decision maker Dig out any hidden details about the property / mortgage “Are there any mortgages, back taxes, liens etc.?” Set Appointment or make Written Offer Once we've figured out the solution, present it to the seller and try and set an appointment to meet with seller to discuss further. Find out how they found us Retrieve full contact info for follow-ups EVERY SELLER NO MATTER WHAT GETS AN EMAILED CONTRACT OFFER FROM US. EVERY SINGLE SELLER, EVEN IF THEY REJECTED OUR OFFER. And for the next year they will receive an automated email and text from us monthly.

3.3. Appointments (AM)

3.3.1. Appointment is added (by VA) to Acquisition Manager's schedule.

3.3.2. Acquisition Manager reviews all pertinent information on the file to double confirm that an appointment is necessary.

3.3.3. Due Diligence before the appointment Communicate with LM to get an accurate idea of the deal particulars and retrieve all pertinent info about the seller and property

3.3.4. Acquisition Manager will call the seller lead, the day before or the morning of the appointment to confirm that someone will be available to show the property.

3.3.5. Depending on the status of the current lead (motivation, likely hood of a deal, price point, etc) the Acquisition Manager will bring a sales folder consisting of different information to leave with the seller. - Purchase Contract - Property Disclosures - Information Packet on the Business - Business Brochure - Testimonials - BBB Information - Business Card This information is left with the seller because even if we are unable to come to an agreement, they will now always have a way to get in touch with us and details on our business.

3.3.6. Acquisition Manager goes on the appointment, during this appointment he will want to accomplish a few things. - Build a relationship with the seller. Building trust and a level of comfort with them. - Take photos and a video of the property. This information will be used for marketing the contract and also further analysis on the condition of the property.

3.3.7. Acquisition Manager will leave the sales folder behind with the seller and let them know that they should expect an offer within 48 hours. Acquisition Manager should also confirm how the sellers want the offer delivered (email, in person, mail)

3.4. Deal Analysis (AM)

3.4.1. Estimating Repairs

3.4.2. Pulling Comps

3.4.3. Wholesale Profit Analysis Use Real Estate Valuation software

3.4.4. Realtor’s Contact Information Name Phone number E-Mail Fax Representing company

3.4.5. General Property Information Property address Type of property (single-family, multifamily, commercial, etc.) Style of property Square footage of property Number of bedrooms Number of bathrooms Lot size Is there a garage? (Is it attached?) Does the property’s location have any special characteristics (view, proximity to entertainment, in a special area, etc.)? What amenities does the property have? Does the property have any special features? What subdivision is the property in? What school district is the property in? Take note of anything worthwhile

3.4.6. Current Status Of Property Is it currently occupied by the owner, vacant, or serving as a rental property?

3.4.7. Listing Information Is the property listed with a real estate agent? Was it ever listed with an agent in the past? How long has it been on the market? What price is the property listed at? Have there been any changes made to the price point? Have there been any offers made? What price did the offers come in at? Why were the offers declined? Who is the listing agent? What is the listing agent’s contact information? When does the listing expire?

3.4.8. Property Condition -What repairs the property needs -Whether or not the property has been updated in any way -How much it would cost to bring the property up to neighborhood standards

3.4.9. The Seller’s Bottom-Line Price Is it flexible? Would cash change their opinion? How did they come up with the price?

3.4.10. Once the maximum purchase price is derived, the Acquisition Manager is going to want to prepare his offer for the property. In our business, we will make an offer based on the competition and motivation on the deal. If there is high motivation and low competition on the deal, we will typically set an anchor offer at 75% of the maximum purchase price. This scale will slide to 100% of the maximum purchase price if there is high competition and low motivation on the deal.

3.5. Writing Offers

3.5.1. Types of Offers Wholesale Determining Offer Price Owner Financing Determining Terms Subject To/Wrap Lease Option Objections OBJECTION 1: I’m going to file bankruptcy instead. OBJECTION 2: I’m just going to let the house go and let the bank take it back when they foreclose. OBJECTION 3: I’m going to try listing it with an agent again. OBJECTION 4: I’m going to rent it. OBJECTION 5: I’m going to find someone to buy it from me and then rent it back to me OR I want to stay in my house. OBJECTION 6: My lender won’t let me. OBJECTION 7: Another investor said they would give me money when we close. OBJECTION 8: Why should I trust you? OBJECTION 9: We’re not ready. Don’t we need to fix up the house before you buy it? OBJECTION 10: I want my attorney to review all of the paperwork. OBJECTION 11: Is this legal? OBJECTION 12: I want to get more for my house.

3.5.2. Preparing and Sending Email Offer Template [Snail] Mailing Offer Template

3.6. The Acquisition Manager, will then prepare the contract and send the offer to the seller based on how he wanted to receive it.

3.7. Once the purchase contract is delivered, the Acquisition Manager will contact the seller and let them know that the offer has been delivered.

3.8. The Acquisition Manager is also responsible for any negotiations from the seller once the contract is received.

3.9. Once the negotiations are completed and the contract is signed. The Acquisition Manager will receive the signed contract and hand off the file to Managing Director

4. Property Sales

4.1. Marketing Checklist

4.1.1. Contact VIP Buyers List of Super cash buyers with unlimited capital to invest.

4.1.2. Getting Access to Buyers Connect With Real Estate Agents Search the MLS for FSBO leads Attend Property & Tax Auctions Property auctions give people with cash the opportunity to buy homes that are surrendered by the owner due to foreclosure or taxes. We need to Get a list of property auctions in the classified section of the newspaper or through contacting our local tax assessor’s office. Introduce the company to the bidders and see if any of them might be interested in our property. Search Public Records Owners of multiple rental properties throughout our city are often interested in expanding their real estate portfolio—sometimes by paying cash for valuable listings. Search public records to find these individuals and reach out by phone or email to introduce our company and ask if they would be interested in our property. Create Landing Pages Advertise in Local, National & Int'l Press Many cash buyers come from across the U.S. and the world. To pique their interest, place an ad in a national newspaper that features properties in your state and run targeted Facebook ads to users in select international locations. This gives helps you secure cash-buying leads both in other states and other countries. Approach Legal & Financial Professionals Lawyers and financial professionals regularly meet with individuals interested in real estate investment and know if an interested buyer can pay cash. Meet these people at networking events and send them a follow-up email to request a chat. You can also find potential partners online through an internet search and send them a partnership prospecting letter to see if they are interested in talking. Contact Property Landlords You can get a list of For Rent by Owner (FRBO) properties from a service like REDX for $59.99 and contact the landlords to let them know that you are interested in cash buyers. Start by creating a list of landlords within 10 miles of your property. Then, connect with these potential buyers by sending an email introduction explaining that you are seeking a cash buyer and ask if they are interested in talking about your property. Post Ads on Craigslist Make this posting into an ad with featured placement by paying for this option. Check Out Property Signs As you drive down the road, you will see signs that say “We buy houses” or “Cash for houses.” These signs are promoting local individual real estate investors (REIs). Write down the contact details or take a picture of the sign with your phone. Go online and check out their website. When you know more about what to expect of the advertising buyer, call the phone number and talk to a representative about their process, pricing, and expectations. Drive Traffic With Google Ads Using Google to drive local cash buyers to our property website can help us gain inexpensive exposure for our properties. Create Google Ads that lead back to our property landing page, where we can collect lead information, promote open houses, and otherwise entice buyers. Sign Up for BiggerPockets BiggerPockets is a niche real estate information site that gathers people with capital to talk about growing wealth through property investment. Attend Chamber Meetings Chambers of Commerce (CoC) regularly host events to connect professionals of all industries. Frequently, attendees at CoC networking events are real estate agents and investors—some of whom might be interested in making a cash purchase on a new property. Make a point to attend one of these meetings and see if you can connect with one of them; call your local CoC to find out about dates and details. Send Direct Mailers Send direct mailers or real estate postcards to REIs or owners of rental properties. Direct mail companies like ProspectsPlus! offer FSBO mailers with templates and targeted mailing lists so you can send postcards to the addresses you choose. Use these postcards to drive traffic to our website or share our contact details so cash buyers can contact us. Join OpenDoor OpenDoor allows us to list our home on their website and get a competitive cash offer. Many of these offers will come from REIs, so it saves us the trouble of joining individual clubs to find real estate investors with cash. Run Targeted Facebook Ads Create Facebook ads to drive traffic to our property website. We can use these ads to showcase property photos, videos, property details, and more—enticing cash buyers who know exactly what they’re looking for Join FSBO Sites There are plenty of opportunities to find cash buyers by joining For Sale by Owner (FSBO) sites. These sites are ways for owners to connect with buyers of all kinds, including cash buyers. Sign up to join conversations and connect with others in the FSBO community. Connect With Title Companies Call our local title company, ask for a list of absentee owners, and verify how many properties they own. The owners with multiple properties are a prime target. Connect With Financial Planners & Lenders In addition to meeting all of the mortgage lenders at local banks, we will make an effort to know who the financial planners and portfolio managers are around town. These are often the people who know the people that we want to know! We can send around the property promo sheet either through email or direct mail, and they may have a cash buyer looking to add to their portfolio.

4.1.3. For Sale Bandit Signs Look for Bandit signs while driving around and take pictures of the signs then contact them to find out more info. These are cash buyers!

4.1.4. Contact Buyers' Agents Send out email blast to all agents in our database

4.1.5. Upload on Website Upload Our deal presentations on our website

4.1.6. Sending Emails Set up email merge for all contacts within "Getting Access to Buyers" tab

4.1.7. Co-Wholesale

4.1.8. Direct Mail Flyers/Postcards Design and distribute flyers and postcards for each deal

4.2. Qualifying Buyers

4.2.1. Questions to Ask 1. Proof of funds 2. how quickly can you close? 3. Where are you looking for property? 4. What are your goals? rehab, rental, lease option, etc.? 5. How much profit do you want to make? or do you follow a formula? 6. What areas do you stay away from? 7. What in a property do you stay away from? (answers to this might be foundation problems, septic tank, additions) 8. Will you put down a non refundable earnest money deposit if you agree to go to contract with me?

4.2.2. Getting POF (Proof of Funds) Items that must be included in a Proof of Funds Letter include: Bank's name and address. Official bank statement. Copy of money market statement and balance. Balance of funds in checking and savings accounts. Bank certified financial statement. Copy of an online banking statement. Signature of an authorized bank employee.

4.3. Exit Strategies

4.3.1. Assignment A real estate assignment contract is a wholesale strategy used by real estate investors to facilitate the sale of a property between an owner and an end buyer. ... That means they may then sell their rights to buy the house to another buyer.

4.3.2. Double Close A double closing is the simultaneous purchase and sale of a real estate property involving three parties: the original seller, an investor (middleman), and the final buyer. ... The investor then utilizes a double closing to close both transactions at approximately the same time.

4.3.3. LLC Sale Creating LLC

4.3.4. Co-Wholesale

4.3.5. Consulting Agreement (switching name on contract)

4.4. Closing Coordination

4.4.1. Reviewing HUD-1 Settlement Sheet The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement. Review and make sure all is accurate.

4.4.2. Wiring Instructions Wire Transfer Zelle Certified Bank Check

4.4.3. Send Contract to Title Company

5. Neworking & Education

5.1. Auctions

5.2. Books

5.3. Facebook Mastery

5.4. Podcasts

5.5. REIA Meetups