Going To Get My First Property Under Contract This Saturday, Any Advice on What To Say, I'm Nervous...

[Jamael Reed]

So,

I have my first meeting with a seller this Saturday to get my first property under contract. I have no idea on what to expect or what he expects from me. Is there anything special i should do or say. I don't want my age to scare them off. So any pointers would be much appreciated...

[Pat G.]

Jameal:

Nice house. It looks like it has already been wholesaled to your seller. I mean there is no value add to the house. No repairs that can be used to reduce the price. 

To wholesale a opportunity the loan to value (LTV) needs to be below 50%. Right now, with the figures you gave me this house is a 73% LTV. How I got that is take the value of the house ($60K) divided by what it is worth ($81, 783). There is no meat on the bone for a wholesale deal.

Find out why the seller is selling, financial trouble, can't afford etc. I can bet you he/she in another investor just like you and never lived in the home. 

When you are looking for opportunities look for the worst one on the block, not the shinny penny, which this one is.