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Updated about 10 years ago on . Most recent reply
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I just made my first two wholesale deal offers
I just made two offers on two different wholesale deals I had in my pipeline.
One was for a home worth about $380k and my offer was $215K. The second property was worth around $25-30K and I offered $5K.
The first one was the son of the mother who recently took title when her husband died. He didn't necessarily take my offer poorly, but he said his mother will probably just put it on the market and see what they get. Given the condition and location of the property, if they price it right, I'm sure they'll get much more than what I was offering. Not sure what else I could do there to convince him. I'll probably follow-up in a few weeks and see if they've done anything yet.
On the 2nd property, it was already listed, but it was vacant and title recently transferred to SEVEN of the children. When I made my $5K offer, she chuckled and said she could just give it away without the hassle. I tried to tell her that I wasn't asking her to give it away and that my number includes costs of repairs, etc, but she said no thanks.
Kind of a bummer, but that's how it goes I suppose. On to the next one.
Most Popular Reply
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I think your offers were right on. I buy this way all the time. Need to know your numbers, find motivated sellers.
For the one that was listed, you probably presented your offer to a real estate agent. Of course, she calculated her commission. I have never been able to buy through agents. (I am an agent.)
Don't be discouraged. For those who say it can't be done, You're Right! It can't! (Just keep believing that.) I have been doing this for a long time. I know.