All Forum Posts by: Brandon Proctor

 I know the next step is running the numbers and see if they work.  The seller also stated she bought a few homes in 1998 for around 20k to 30k to use as rental units. Which other steps should I be going through right now? 

 I was definitely going to use all the information I found to negotiate with her. I do see here going down in price just by the conversation that we had.  The comps in the area are ranging from 120k - 180k.  I will be wholesaling the property and do you think the asbestos potential be a big turn off?

 With the potential of asbestos (house was built in 1916) does that cut down on the who would want to purchase the house? 

Also I'm trying to locate a purchase contract so I can have one ready once we come to an agreement on price.

I am super excited to say I met with my first motivated seller about an hour ago. Let me first say sorry if my post runs pretty long but here is how I got to where I am.

I started my direct mail campaign on Tuesday night and had about 15 calls the next day.  One of the callers was a nice older lady who stated she wants to sell her rental property because she is tired of dealing with tenants and the turn over rate with her tenants.  I explained that I am a investor in the Cheyenne area and I would love to take that headache away from her by buying the property.  I continued to vet her by asking how much she wanted for the property, how long she has had the property and what was the lowest amount she would take for the property.

Fast forward to today, I went to the property with a general contractor friend of mine.  We both got to the property before the owner or the tenant did so we took a brief walk around the house.  Roof was in good shape and the foundation was good but the fascia, soffit and gutters will need some work.  Along with new exterior painting and a little landscaping for the small yard.  Once we went inside we quickly noticed the tenant was not the cleaning type and there was stuff EVERYWHERE.  The living room is a decent size with a huge fireplace and tall ceilings.  The kitchen was also a nice size with lot of character.  The ceiling however is a popcorn celling and my contractor buddy told me there may or may not be asbestos.  Each bedroom and bath needs a ton of work and there is also a loft area upstairs that definitely needs work.

The house is 1,649 sqft with a big 2 + garage 4 bed and 2 1\2 bath.  It also has the potential to be a duplex which is a plus.  After we looked at everything I could tell the owner was embarrassed of how bad the interior was because of her tenant.  She apologized around 3 times while we were inside.  I told her don't worry its nothing that can't be fixed.  She replied by saying how tired she was of being a landlord, I followed by saying I would love to make an offer with her very soon and I will be contacting her very soon.

I didn't leave with a contract which may be looked down on but I do believe there is a deal to be made here. Sorry for the long thread but I'm super excited.

Please give me your insight BP.

Welcome to the site @Nikki Robinson I went to VSU a few years back. You have come to the right place to learn about wholesaling or any other niche that you may be interested in. You definitely didn't have to pay that money to learn real estate but 300 isn't as bad as a couple thousand. 

Direct mail is one of the best ways to get good leads but once you send those letters out get ready for either a ton of calls or possibly not many calls at all. Just be persistent and stay focused. 

Good luck!!

welcome @John Davis you have come to the right place.

What are you trying to do?

Wholesalers are the people who are suppose to deliver "wholesale" deals to investors. Which takes a lot of work (marketing, vetting prospects, estimating repair cost on properties and determining ARV). Now I'm by no means a expert wholesaler but I am a person who works hard on things I set my mind to.

It can be a headache answering calls day in and day out but honestly I don't mind talking to potential sellers. I see it as 5,000 bucks or more calling each time my phone rings. I like the challenge, I haven't contracted a deal quite yet but I do have two potential sellers and I go see their properties tomorrow. I also just started marketing 4 days ago but studied hundreds of hours. 

Also the wholesaler is there to help the seller out with a problem they may have. Maybe they don't feel comfortable going to a agent. Or they don't want to have to pay the commission for the agent. Wholesaler can come in, take a "headache" off the sellers hands and get paid in cash while that headache goes away. Win win for every one!

I just hope I can be that 1 good wholesaler that seems to be so hard for investors to find. Just my 2 cents. Lol

I am honestly pursing wholesaling so I can build capital to help purchase properties to buy and hold. I believe even on here when asking questions about the process of wholesaling or even a situation that I find myself in gets overlooked on the threads. Why....because so many people are flooding the market with trying to wholesale. 

I have never listened to any guru speak on wholesaling and never intend to.  Everything I have learned came from BP.  I am also pursuing wholesaling because so many people say it's a bad way to start in real estate. So I consider that a challenge and now I'm more determined to successed. 

I hate seeing all the hate for wholesalers especially when there are people like myself trying to change that view. 

I purchased a pretty focused list on listsource and it ran be 74 bucks. I didn't use yellowletters.com for my first campaign just because I wanted to keep my cost down. 

Honestly I spend around 300 if not more bucks on envelops and stamps to go with the yellow paper. I have a list of 375 absentee owners in and out of state. I then went to see how much it would have been on yellowletters.com and it wasn't too much more actually. 

In the future I will probably use yellowletters.com to help me out because I'm receiving a lot of phone calls now and it takes a lot of hours to write and stuff all of those letters. 

But yes narrowing down your list will help a lot! Good luck @Joshua Durrin