FRUSTRATED AND EXCITED AT THE SAME TIME!!!

[Michael DuVentre]

hello Everyone I'm Mike and I'm a newbie wholesaler.

I haven't wholesaled anything yet but I'm optimistic!! I have recently just sent off my hand written letters in the mail to absentee owners who had primary residences else where. I'm very proud of myself for getting this done!! Hopefully they will respond and we can work out a deal and I can get paid!!!

However I do not  know how to do comps!!! I have been told that you are supposed to get similar properties within the neighborhood that have same or similar square feet, bed and bathrooms that have sold within a 6 month period. How many compatibles do I need?!?? What do I do next?!?? Do I take the 10 compatibles selling price and divide by 10 and get a   price that I can use as a buy price for my purchase and sell agreement?!?! 

Can someone break this down to me kindergarten style!!

Thanks