Wholesaling: When To Start Calling And Doing The Math On A Lead

[Cody Evans]

Hi BP,

I did my second two hour driving for dollars session yesterday morning and I got 9 leads in that 2 hours. That sounds like perhaps I am not getting as many leads as I should in that time but regardless I have leads now!

I'm checking public records tomorrow after my third session driving but now the issue is I don't exactly know what to do after I get that owner name and some contact info. At what point should I start doing the math on a property? This sounds time consuming to do it for every property. Is there a typical time to start running the numbers prior to starting a negotiation?

What is usual procedure after getting a leads info? 

""Hi guy I've never met and whose phone number I've mysteriously acquired, I notice your house looks god, awfully dreadful! Hold on just a moment, let me run the numbers for 5 minutes. Okayy... How about you sell that sucker to me at half price eh? Also, I'm gonna need to run about 3-5 people through your house to estimate repair costs, thanks, and good luck with that divorce by the way!" 

That's the current script I plan on using when I make first contact with my sellers. If you have any modifications you think I could make that would be really appreciated as well haha!! 

Thank you all for the great help you give.

[Matt K.]

Learn the market and you won't need to pull comps to get a rough idea. Then you need to learn how much construction items cost so you can rough it. 

You should be able to look at a house on the street as you drive by it and say it should be worth xxx-xxx.  Then you should know a kitchen costs x, flooring y, etc. So then when you reach out to the home owner you can say I'm interested in buying your home did you have a price in mind, when they say no start on the low end of your budget. Then you start deducting for repairs as needed....

No sense in getting into the weeds on something when they won't sell it.