Progress report and issues

[Kevin Cardinale]

So since I started on here, I have got off my kiester and tried to do what I can in real estate so far. Mind you, I still have no funds, to speak of, but I do have time.

Since my web design business took a beating, I had taken it upon myself to make sure I state in shape. Among other things, I walk my neighborhood daily, for health.

Now I have a list of all houses both for sale, run down, and foreclosed on, in my neighborhood, probably around ... oh I dont' know how to estimate 100 out of 1,000 houses? My very lazy and not very encouraging roommate hates walking the neighborhood with me :mrgreen:. He's broke and jobless, yet he won't even lift a finger to assist. But, I digress.

I have contacted several people through Craigslist and a few kind of wrote back, but one buyer came out of the bunch with a laundry list of actual needs.

I don't quite feel comfortable with doing a wholesale yet, so I asked how much he would pay me to bird dog and he said $500, which I expected. I think if that comes out good, then I'll move on to wholesaling.

So a couple of things. In watching some of the gurus, I got the sense that I should be sort of like a realtor, in that, I should know an area. Hence, me walking the neighborhood. I think I know every for sale sign, every foreclosed on, and every abandoned house in the area.

Now I didn't get that notion from the gurus, but my own sort of piecing things together. The gurus, sit at their computers and just pull up properties and look at them and then do their wholesales. I have more intimate knowledge, but then again, I have loads of time.

The buyer however is still anonymous. I have asked him, last night, after 3 correspondence, for his name, company name and info. I'm thinking it might be a member here, who knows.

I notice that the gurus ask their buyers for: name, drivers license number, SSN, and proof of funds. Should I be doing that? So far the correspondence has been sort of just what exactly the buyer wants.

Since I do have a laundry list of houses,should i go ahead with trying to create a buyer's list?

Am I hesitating on wholesaling for no reason? I don't really have any of the docs, forms, contracts at hand just yet, but that's because I haven't looked.

But a comment one person made on a gurus video saying, "why would anyone go through the trouble of pulling up comps and getting information on a house and simply bird dogging, when they can just as easily whole sale it?" I have never wholesaled, so I don't know how "easy" it is. And, I am pulling up parcel #, full buying history, clerk's info, county records, comps on the houses on my list. While, I don't fully understand all of the transactions about the properties in the country records, I am pulling them up.

Sorry, lot of questions, tackle any one of them or all of them please. :)

[Jason S.]

OK. Let's walk you through this and let others chime in. I am going to address one thing at a time and we can make this thread a conversation for all.

1. You need to watch what happens to the homes that are for sale and run down. When it is bought, you watch what happens. Is it being fixed or did a family move in? The ones being fixed, you stop and talk to their workers and to the buyer - sometimes one and the same, sometimes not. When you do see the owner/buyer - you let him know you are watching the neighborhood for more deals and see if he is interested in another one.

2. When walking around, watch for out of towers or former owners that are standing around with or without realtors, out in front, discussing the property. Start up a conversation. Maybe they are selling it or renting it or whatever, but let them know you know the area and if you hear of a renter you will let them know, if they are selling let them know you know some buyers that buy with cash in the area.

3. Find a home that needs fixing, monitor what happens to it.

4. Are there any homes that have been renovated and are for sale? Look up the ones with for sale signs on Realtor websites and see if they say "fully renovated" etc. Now you know to watch that property, see if the owner stops by to check up on things, talk to him. Watch to see what it sells for.

This is all about learning your neighborhood. It is also about networking. I have bought some of my best inside track deals from guys who are local and do all of the above.

So let me know how about the above and then we can talk about what to do next.