Wholesaler · Pittsburgh, PA · Member since 2024 · 11 posts · 4 votes
Hey everyone!
It's my first week cold calling, and in this past week, I had a few motivated sellers (which I messed up with because of my lack of skills). Each time I find someone and see a good opportunity to make a wholesale deal, I get cold feet.
I'm not 100% sure about my comps, I'm not sure about the rehab estimation, and I'm not sure if I could do it by myself.
So, what I'm looking for is someone who can walk with me hand in hand for my first deal, and I would love to pay them when we close the deal.
If you're that someone, I would love to speak with you.
Rental Property Investor · Pittsburgh, PA · Member since 2019 · 31 posts · 11 votes
2y
Hey Jacob,
Good luck with everything, this is more of a side note that you should be aware of. Senate Bill 1173 has just passed here in PA and it will change how wholesalers do business. I would read up on it and make sure you are following all the criteria.
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
2y
What area are you in? That would help you for this post. If there is local FB groups or meet ups network. JV with an established wholesaler. Good for you for making calls and putting in the work. Now time to close them
Real Estate Agent · Phoenix · Member since 2024 · 8 posts · 8 votes
2y
I am somewhat new as well. I avoid getting cold feet by practicing my pitch and imagine what I'm going to say before I even pick up the phone. I've found out a good way to run comps is ask your investors how they run their comps. I've found that most of them use the 70% real estate rule. A lot of them use zillow or the MLS to find comp properties and focus on same amount of bed/bathrooms and sqft. Estimating rehab cost can be more difficult depending on the specific property, sometimes I'll bring a contractor out and have them give me a quote. Other times I'll do my best "guesstimate" based off Home Depot prices and what repairs have costed in the past on other properties. Goodluck on your wholesaling journey, wish I could help you more.
I am somewhat new as well. I avoid getting cold feet by practicing my pitch and imagine what I'm going to say before I even pick up the phone. I've found out a good way to run comps is ask your investors how they run their comps. I've found that most of them use the 70% real estate rule. A lot of them use zillow or the MLS to find comp properties and focus on same amount of bed/bathrooms and sqft. Estimating rehab cost can be more difficult depending on the specific property, sometimes I'll bring a contractor out and have them give me a quote. Other times I'll do my best "guesstimate" based off Home Depot prices and what repairs have costed in the past on other properties. Goodluck on your wholesaling journey, wish I could help you more.
What area are you in? That would help you for this post. If there is local FB groups or meet ups network. JV with an established wholesaler. Good for you for making calls and putting in the work. Now time to close them
I work in Pittsburgh, PA (I thought that I wrote it in the post) I've posted in a few groups including this forum.
Thank you Caleb, I'm really happy for making the calls too after 6 month of studying and having analysis paralysis.
Rental Property Investor · Pittsburgh, PA · Member since 2019 · 31 posts · 11 votes
2y
Hey Jacob,
Good luck with everything, this is more of a side note that you should be aware of. Senate Bill 1173 has just passed here in PA and it will change how wholesalers do business. I would read up on it and make sure you are following all the criteria.
Good luck with everything, this is more of a side note that you should be aware of. Senate Bill 1173 has just passed here in PA and it will change how wholesalers do business. I would read up on it and make sure you are following all the criteria.
Best of luck!
Thank you Hunter! I'm aware of the new law about wholesaling but as I know it will become effective in January 25
Specialist · Bothell, WA · Member since 2014 · 268 posts · 80 votes
2y
No one is great on the phone the first few times, if you even got a potential motivated seller on the phone you're way ahead of most people. Take a deep breath, roleplay and just get back on the horse. Your first deal will make everything MUCH clearer and help you gain more confidence in the process.
No one is great on the phone the first few times, if you even got a potential motivated seller on the phone you're way ahead of most people. Take a deep breath, roleplay and just get back on the horse. Your first deal will make everything MUCH clearer and help you gain more confidence in the process.
Thanks Gustavo! I'm happy to say that I signed a seller on 2 of his properties just yesterday !! :)
No one is great on the phone the first few times, if you even got a potential motivated seller on the phone you're way ahead of most people. Take a deep breath, roleplay and just get back on the horse. Your first deal will make everything MUCH clearer and help you gain more confidence in the process.
Thanks Gustavo! I'm happy to say that I signed a seller on 2 of his properties just yesterday !! :)
Wow! That’s awesome. No give us the deetz. What list were they from? How many contacts to get them to sign?
No one is great on the phone the first few times, if you even got a potential motivated seller on the phone you're way ahead of most people. Take a deep breath, roleplay and just get back on the horse. Your first deal will make everything MUCH clearer and help you gain more confidence in the process.
Thanks Gustavo! I'm happy to say that I signed a seller on 2 of his properties just yesterday !! :)
Wow! That’s awesome. No give us the deetz. What list were they from? How many contacts to get them to sign?
Got it from tired landlord & absentee owners list, asked seller about 1 property he told me that he doesn't want to sell this one but has 4 other he'd like to sell. He had a sickness and couldn't take care of his rentals properties so they have been vacant for around 5 years, he couldn't pay the taxes and bills on them and he just wants to get rid of them, he told me he doesn't care about profit or anything, he even offered me to do a quitclaim deed. With the help of my mentor I asked him what does he thinks the balance of the taxes the proeprty has, he told me that he doesn't believe it's more than 25K. So we wrote him an offer for 25K for 1 property and 13K for the second.
so for property 1: ARV 313K Rehab 160K Wholesale price 60K Profit 35K
No one is great on the phone the first few times, if you even got a potential motivated seller on the phone you're way ahead of most people. Take a deep breath, roleplay and just get back on the horse. Your first deal will make everything MUCH clearer and help you gain more confidence in the process.
Thanks Gustavo! I'm happy to say that I signed a seller on 2 of his properties just yesterday !! :)
Wow! That’s awesome. No give us the deetz. What list were they from? How many contacts to get them to sign?
Got it from tired landlord & absentee owners list, asked seller about 1 property he told me that he doesn't want to sell this one but has 4 other he'd like to sell. He had a sickness and couldn't take care of his rentals properties so they have been vacant for around 5 years, he couldn't pay the taxes and bills on them and he just wants to get rid of them, he told me he doesn't care about profit or anything, he even offered me to do a quitclaim deed. With the help of my mentor I asked him what does he thinks the balance of the taxes the proeprty has, he told me that he doesn't believe it's more than 25K. So we wrote him an offer for 25K for 1 property and 13K for the second.
so for property 1: ARV 313K Rehab 160K Wholesale price 60K Profit 35K
Wholesaler · Portsmouth NH · Member since 2019 · 204 posts · 94 votes
2y
@Jacob Lileev we have wholesaled a few properties here. Happy to help. We also have a free facebook group sharing our resources and journey of wholesaling for the past 3 years. Feel free to reach out!