making multiple offers

[Mario T.]

I'm just starting out as a wholesaler and have made just one offer to a couple different sellers. None have panned out. The sellers would just say they would think about it and never get back to me.

I have read that giving people options (making more than one offer) is the best way to make them agree to a decision and close on a deal. HOW do i do that as a wholesaler? For example.... a couple days ago i was talking to a seller in front of his property after inspecting it, i made my offer

ARV: $115-120k (he wanted $75k)

Repair cost: $15-20k

Nothing was owned on property other than $17k HELOC

My initial offer was $55k, he said $65, i countered with $58. Then we agreed on $61k, but he need to talk to his brother, cause they were both on title. He never called back.

Maybe if i made more than just one offer, gave him an option. He would have been more inclined to make a more confident decision and close. This type of thing has happened with my last two seller's i've talk to.

What am i doing wrong? How can i fix this?

[Kevin Tran]

The short answer is that maybe the owners are not motivated.

Long answer.  Normally I don't make offer right after inspecting the property, I told them that I would do some research, run the numbers and then call them back.  IMO, you want to build their anticipation by not giving them the number right then and there because their number might not be align with what you are willing to pay.  It is better to have some sort of break down of the cost ( on paper) to try and persuade the owner to work in your favor and agreeing with your price.  Normally, owners have significant others that they have to explain why a low price.  If you have it on paper, it's easy for them to sell your numbers when you're not there to defend your case.  Also, offer multiple options if it works for you, but be firm with your numbers.  If you keep changing your numbers, owner will think that you lowballing them and take them for a sucker.  If you constantly allowing your offer to be counter, the owner will take you for someone who doesn't do their due diligent and you're not serious.  Be honest, explain to them how the process work and how you can be a solution for them.  As a wholesaler, you don't want to be greedy, leave enough meat on the bone for your investor so he can pay you your fees and move on.  Homeowners nowadays are very informed, they are not stupid to sell you 100k house for 20k unless it needs tons of work or is justified in another way.  This is where you'll make a break a sale.  Listen, learn, and practice by doing.  Good luck.