Wholesale questions

[Jordan Spohn]

My partner and I drove around looking for properties and now we are in the process of calling them, but we need to figure out exactly what questions to ask them. And also, how do we check the market so we know what the homes in the area are being sold for?

[Brandon Turner]

Hey Jordan -

I'm not the wholesaling expert, but I'll take a stab.

By driving around, do you mean looking for vacant homes? or do you have a list and you are following the list? A lot of your questions will be based around that.

Either way, I think it would be important to find out how much they owe. This can be a touchy subject, so you'll need to preface it with some tact and conversation. You'll want to know the condition of the house (though, everyone will say it's great!) and find out their reasons for selling. I think it's important to get to the heart of the issue, and to build up a good conversation to build trust.

Sorry I can't be more helpful. You might want to ask Stephani Davis, Ibrahim S, or J Scott for more insight on talking with sellers.

As for knowing the market - you can usually get a "comp list" from a Realtor for free. This list will tell you all the sold, pending, or listed properties in a certain location for whatever price you set. Study the sold ones, and keep an eye on how long they sat on the market.

Determining price is tough - which is why appraisers need to have so much training. When in doubt - make friends with some real estate agents. While eternally optimistic, they will have much more insight than most.

Also - Be sure to set up a "Keyword Alert" for the term "Wholesale" and "Wholesaling" so you can jump into those threads whenever they pop up.

(To see what I'm talking about, watch my BP video here