First call back from direct mail

[Jeff Plair]

So, I'm new to wholesaling and I just got my first call back from my direct mail out 2 days ago. I going to meet with the guy at the property on Sunday. He owns it free and clear. What do I need to do first to figure out how much to offer??

[Wendell De Guzman]

Here's what we use when answering calls from sellers from our direct mail campaign: (to remember it, use the acronym WOWPAReLo)

W - what is the house Worth? how much are the houses in your neighborhood sell for?

O - how much do you Owe? how much is your loan balance, monthly payment, taxes, insurance and interest rate?

W - Why are you selling? what will you use the money for?

P - tell me more about the Property? bed, bath, square footage, does it have a basement, garage, etc.

A - tell me more about the Area? school district, closest main street, highway or interstate?

Re - does the house need Repairs? what does it need to make it move-in ready?

Lo - if I offer you all cash and close in 2 weeks, what's the Lowest price you will accept? Is that the best you can do? 

Once I like the answer ON THE PHONE, I will put the house UNDER CONTRACT (yes, even before I see it). Once I receive the signed contract, that's the time I will do the comps analysis and property inspection. My contract has an inspection contingency so I can always renegotiate or back out of the deal if I am not happy with the property for some reason.