Importance of the 70% ARV concept?

[Jerome Klah]

For a novice investor/wholesaler, I am curious to fully understand the concept of the 70% ARV rule. I think I know the jist of it which is being able to buy a property at a discount, or cents on a dollar. But..how do you relate this to a seller who is trying to sell their property and not feel like they're being "low balled" by a lower than expected offer? How do you create a Win Win for you and the seller?

I have spent countless amount of hours reading on the topic wholesaling and can easily say that I've read almost everything there is to know at least 5 times but have yet to read about how someone would relate the %ARV concept to a seller and still create a win win situation for all parties involved in the deal.

Also, I've been on Biggerpockets for two days now and practically read every post on the topic of wholesaling and I have to say that there is a great deal of very talented investors who are willing to share invaluable information with novice investors like myself. (A broke novice at that). It makes hiring a coach the worst financial decision a man can make. I now have hundreds of mentors available at my fingertips, as opposed to one or two and I don't have to be an experienced investor to know that without the knowledge, I will not have any deals coming my way any time soon.

I've decided to cool off the reading and take action first thing on Monday. I've already done some grunt work to find some sellers and I am also building a list of potential buyers in my market area. I must say I have full confidence as well as the knowledge to get this boat on the water.

Thanks,

Keep up the good work guys, knowledge is power.