My 9 Step Wholesale Plan

[Tony Schreiner]

Good morning BP,

I have searched all through the wholesale forums, along with the "flipping contracts" discussion topic and put together a 9 step plan to wholesale contracts while Driving for Dollars, from what I learned. Can I please get some feedback on what flaws and holes I need to fix in this plan? I put the few questions in parentheses.

Thank you,

Tony

Plan:

possibly start out with small, unimproved/vanant land

1)Find buyers and make a buyers list

--Market your wholesaling business

---Using bandit signs "I sell houses dirt cheap"

---Business cards

---Internet

---Real estate meet-ups

2)Find a lawyer that can help make a contract

--due diligence clause

--option agreement

--allow both parties to know who you are representing to avoid legal disputes (buyer & seller)

3)Find my target area where I will do my house searching

--Using the County Appraisal District

4)Find distressed properties

--Tall grass

--Piled up mail

--Boarded up windows

--Take a pen & paper, take notes and pictures of the property

5)Create an excel spreadsheet of the property

--Owner-occupied?

--Address

--Appraised value

--Condition of home

--Ect...

6)Send a formal, typed letter to the owner (what address do we send the letter to?)

-- Make sure a picture of the house is in the body of the letter and the top left of the envelope

-- Ask if they want to sell their house

-- Include your name and business info

7)**When you get a response**

-- Do a walkthrough inspection

-- Find holding costs, rehab costs, insurance, taxes, and other fees (is there a never-ending list of fees?)

-- Use 70% rule (30% off appraised value)

-- Take the contract and discuss the deal on the house (do I really need a downpayment?)

8)Access your buyer's list and push the house until an investor buys it

-- Market your wholesaling business

-- Possibly make a website for buyers to see your criteria of properties to sell

9)**When an investor signs the contract**

-- Charge an Assignment Fee

-- Get your deposit back (if you needed one) and make a profit