I GOT MY FIRST LEAD!!! This thing actually works!! HELP?

[Jerryll Noorden]

OK I got my first phone call. (Well this is the second) but this one seems really serious.

Would it be ok if I asked a few of you to walk me through my first call experience?

I will tell you exactly what is happening and can you all advice what I should do? I know my education and I think I now what to do, but I would rather not make any mistakes. Also other newbies could really benefit from this if it is layed out as detailed as possible.

So:

I just got a call from a seller.

I was completely unprepared. I just send the mailers out yesterday. So I didn't go over the script.

I am not sure if he is very motivated.

He wants to sell,  but he started saying that he wouldn't go below 500K and if you put 100K into it you could easily resell it for about 1.2M

Those are really scary numbers.

So what I am going to do now is do my due diligence, do a driveby, and calculate the numbers.

He said he will be on a business trip and he can not deal with this too much till in March. (not sure if it is a motivated seller).

He did mention the house is not as updated as the others in the neighbourhood.

Other than my research now. 

WHat do you all advise I do?

I told him I will prepare an offer within a few days and I will email him the offer.

PLEASE can ANYONE recommend an attorney?  I don't care where in CT, I just really need an investor friendly one.

[Jerryll Noorden]

My loyal subjects, Thank you (I am so kidding).

So let me address it all.

I am not going to get played. I am WAY too ... how you say...  dubious? .... of anything and anyone especially while on new terrain.

Imagine a stubborn old man, that thinks he knows everything there is to know about everything. Probably because the wife is submissive and has no opinion of her own. Sounds SO bad, but that is what I could tell.

The house is worth around 650. 

A few houses down there is an other house worked on. With a sign "for sale by owner".

I call them up, .. that house has new electrical, new wiring, new windows new roof... "new everything" [in NY accent].

He sells it for 730K

Now the home owner  tells me  dump about 100K in and sell it for over a million. It is obvious he didn't do any research. He thinks it is that much because he thinks memories are worth money. The heartaches getting the house  probably to him makes the house  a gem.

But my lovelies, I don't care. I do not NEED the deal. I will use this as practice.  Just going through the motions and becoming tough with my negotiation skills as well as analysis skills.

To answer you (someone asked this). WHy not put 100K himself. Well to their defence... not everyone has 100K to invest.

So... I got 2 more phone calls... 

one just wanted to see how much I would offer. Silly bugger !

the other... well...so I just came back from the second house..

When we spoke over the phone, he wanted 425K. OK so.. if you see the house...  It was bad. Really bad. I almost threw up thinking about my house in florida, 5 bed 3 bath, on a spring fed lake NEW construction lux house... 268K

I wouldn't accept that house even if HE paid me 100K for it. And he wants 425K!!!  I know this is CT and homes are more expensive.. but how do you even BEGIN making an offer on something like this when he starts at 425K!!

But regardless...  it feels so weird I am actually working on real estate. My own business :)))

Hope I will finally get a rel motivated seller. I will hug him, and kiss him, and will call him George ..