Lender · Phoenix, AZ · Member since 2008 · 351 posts · 40 votes
I know the obvious ones, where, cost, loans on home. What other questions you ask when you get leads from someone looking to sell their home?
I ask because I am looking to get into wholesaling and getting rentals. I will likely get most of my rentals by sub-to or any inexpensive way because I will be in graduate school at this point. I know if I want to wholesale I will need to figure out ARV but other than the standard and obvious questions I don't know what else to ask to figure out if a home would be a good buy.
So again, I guess my question is, What questions do you ask a seller when they call you, so you can evaluate the deal quickly and easily before you go see the property?
Real Estate Consultant · Member since 2008 · 792 posts · 30 votes
17y
Matt,
In my experience, it always comes down to the "why". The rest doesn't matter.
Why are you selling your home?
You are looking to gauge their level of motivation.
Example 1 - We are selling this home because it is too small and we want to buy a larger home.
Example 2 - We lost our jobs and decided to move back to _____ to be live with family until we get back on our feet. We are leaving on Thursday.
Obviously, it's never that cut and dry, but in my experience, if I can't find a problem to help solve, then I provide no value and can't find a deal.
I'm an agent, not a wholesaler, but I think the same logic applies.
Just my thoughts.
*They never tell you the "real" why the first time you ask. You need to get a brief life history from them while you build credibility through commonality, competence, and demonstrating sincere intent.
Houston, TX · Member since 2008 · 79 posts · 24 votes
17y
I am a newbie investor as well but have worked with other seasoned investors.
Seems to me that David is correct in that the most important question is why they are selling. But aside from that I do think that discovering the numbers are just as important if not more important.
My perception from watching other investors is that, they don't care if your selling because your dog died and you can no longer stay in the house. As long as the numbers work, there is a deal.
Example questions:
How much do you want for the property?
How much do you owe on the property?
Are you willing to accept what you owe on this property?
Are there any repairs that need to be done?
When is the last time the house was appraised?
Hope this helped, Good Luck!