New Yellow Letter Lead Question/Potential Deal???

[Myles Ngumezi]

Hey BP! I have a newbie wholesaler's scenario!

So I've been yellow lettering my butt off and I received a somewhat interesting lead. I have PATLive setup so here are some of the criteria from the lead:

- Asking Price (from seller): $75,000 (which I'll obviously talk down!)

- What the seller owes on the house: $51,000

- Payments current or behind? Current

- How quickly he wants to sell? ASAP

- Any repairs? Cosmetic

Now, here's the fuzzy part. 

#1. A house just sold on this man's same street for $35,000, which is what I plan on talking this guy down to (and even below that!)

#2. I'm still a newbie, so how can this deal get worked when the man still owes on the property? If at all?

#3. I actually had another question but I've seemed to have forgotten it. Dang!

Anyway, help! Any answers will help. I plan on calling this man back today. Thanks!

[Neal Collins]

Myles Ngumezi just because a property sold down the road for $35k doesn't mean that his house is now only worth $35k.

Also, sending out marketing is a complete waste if you don't know a rough ballpark of values. Real estate investing is not about talking sellers down on their sale price. The best deals are the ones that each person is able to walk away with their heads held high.