What should I do next when I have a lead?

[Rianna Cummings]

Hi all,

I am a wholesaling newbie and I have been using personalized mailers as my marketing strategy for about a month now. A couple of days ago I received a phone call from a gentleman who seems to be a motivated seller. He is interested in selling his dad's home because his dad is going into a retirement home soon. The gentleman I spoke with said that he will give me a call in two weeks when his dad is settled in. I really need help with this prospect...

1.) I've been reading some of the forums in BP and I know some say to educate yourself, then build a buyers list. I guest I've done things backwards. I am in a situation where I need to scramble for buyers who would be interested in property in my area. Can anyone tell me how I can network with buyers?

2.) I think I need a mentor to guide me through this process, Can someone give me their best advice for finding a mentor?

3.) While speaking with the gentleman he informed me that he would like to sell the home for $300,000. Based on the comps I gathered, the property is worth $150,000-$180,000. Considering the high price he gave me, I am not certain that this will turn into a deal. Can someone give me their opinion?

4.) Am I going to be OK???

[Chris Youssi]

3 - look up the AV in the tax records - based upon his idea of value you should run away not walk IMHO. 

4- not based upon # 3 because what flipper would overpay for anything especially double it's value - answer Kind of like a unicorn it does not exist!

Good for you getting out there getting your feet wet and gettin after it!