First Deal Wholesaling

[Nicole West]

Hello, How do you do? I’m Nicole , I’m a beginning wholesaler . After about a year of procrastination I took a leap of faith & believe I have a potential deal & I’ve come to a road block with overthinking. Being that I’m not experienced yet. I still need guidance. This will be my FIRST deal if it’s a success. I reside in FRANKLIN, TN . the property is a 3bd 2bth is located in Alabama. I have went through all necessary steps to acquire information I need. The owner asked to meet at property Saturday to determine repair costs. From here I don’t know where to go with this as far as do I have to hire a contractor if I’m willing to drive & see the property myself & do an estimate ? I want to make the offer when we meet this Saturday & begin offering to the buyers . He’s given me a $20K negotiation window from asking price already. Which is why I wanted to see it to make sure it checks out . The photos show it’s in great condition just outdated & he stated this .. I don’t want to lose the deal. I believe it’s a good deal from my learning and training . Im just on overload & at real estate block . I’m willing to partner with someone experience to get HANDS ON EXPERIENCE.. Thank you for reading .. any advice is GREATLY NEEDED & appreciated .

[Jerryll Noorden]

You have not met him, no offer has been made, and still need to do an repair estimate and he is already giving you a 20K negotiation window?

Something just doesnt sit well with me. What does that mean exactly?

I am definitely missing something.

How did you find this property? (did he find you?)

How often have you communicated with him?

Have you done an ARV yet?

Making him an offer on the spot is a great strategy and we get a ton of contracts signed that way. BUT you need to be confident. Seem like you know your numbers, and have done a solid check on all things. 

Sorry.. I just cant shake how weird it is that he has given you a 20K negotiation window.

To me that says, you can get it for 20K less... no?

But alas, this is what you do.

Create a document with a list of possible repairs in a column form where you can manualy enter the cost of each item

like so:

Paint interior:    _______

Siding: _______

# of Windows: _________

yada yada yada

This is good for a few reasons.

Now when you walk through the house you have a list and a check of everything you need to check out. You made this list in the comfort of your home so you had time to think about it. This way you don't forget anything and give a wrong offer,

Secondly, doing this you can give an offer on the spot because you have a solid Cost of repairs, and as you done all your other homework.. insurance cost, taxes, closing costs agent fees, utilities ARV profit bla bla bla.. it is just a matter of adding up the numbers and slapping an offer in their fayce! yo!