All Forum Posts by: Christopher Thomas

Thanks Russell, that is basically what I'm looking for. Did you have an attorney draft an agreement/assignment form? I downloaded forms from here, so I assume they're good to use.

I hear ya  Windie! I'm very eager to close a few deals, but am very nervous not screw something up!

Hello all!

OK, so I'm new and I am reading and learning and marketing. Wash-rinse-repeat. I've even been involved in negotiations with FSBOs that have unfortunately fizzled.

For the seasoned wholesalers, my question is this...I get a seller to agree to my price and a small earnest money deposit(say $20), then what?

Can someone describe the mechanics in detail? Not how to get the deal, but what specific activities you need to do once you have the deal....contract to closing. Maybe as a newbie I'm over analyzing this, but much of what I see is 1. get under contract, 2. assign to end buyer and 3. get paid! But I know there are fine details between each of these tent poles that I just don't know and don't want to F up. :)

 I wish there was a wholesaling flow chart!!!

Thanks in advance!

thanks for the advice Chris. Just excited and trying to build Rome in a day I guess

Thanks Paul. I've actually started to write out letters to people who owe property taxes to start out. I'm going to send out 25 and see if there are any bites. If not, I may switch to landlords who filed judgements/eviction court. At the same time I've started to drive around looking for distressed property.  I have a pen and paper in my car. Once I find some, I will start leaving notes on doors.

I will let everyone know how it goes...if you don't hear from me, I'm probably locked in some pysco's basement!  Lol

Ok, so I'm just starting out in wholesaling and I'm quickly trying to put my systems in place. I want to start bringing on "property scouts" in different markets to basically submit offers to FSBOs on Craigslist.

I've read some things on here and it seems like the max you can pay someone who is not an agent is $500? Is this generally true(I realize some states may be different)?

The idea would be that my team would make offers and if the seller was interested, I would get property under contract. If the property closes I would cut them a check for $500 from my LLC. I figured it might take someone 15 minutes a day to make one offer, so it could be a good way to get extra money for doing very little work? I would like to pay people more and create a bonus system, etc. especially as my business grows to keep good "scouts".

Has anyone done something similar? If so, what things do I need to have in place? As a newbie, should I even attempt to tackle this?-My thought is, why not start building the foundation now?(I could be wrong?)

Thanks in advance!

here in York, there are a ton of big investors which makes it hard to compete with the deep pockets. I'm betting on the fact that the big dogs around here feel this type of strategy is above them at this point in their career

would there maybe be another name for "eviction court" that I could use when I ask again?

Good point. It could have been the lady working there didn't feel like dealing with me today too lol. I will try again

OK, thanks Ben. I hope by supplementing my letters with other lead generating activities I will get at least one deal and then I plan on ramping up my direct mail campaign

I most certainly will! Thanks Dusty!

I called the courthouse and they don't have an eviction court. However, they did tell me how to find property owners who owe back taxes. So my plan is to send out 30 letters to people who owe property taxes and reserve 20 letters for "distressed properties" like Dusty mentioned.

I also have been advertising on craigslist and was going through the FSBO section in various markets making offers. I'm using eppraisal.com to get values and then taking 65% of what the lowest number is and emailing FSBOs my offer saying:

Good evening!

Would you take $200,850, all cash, close in 45 days or less?

I received a few no thank you's and one FU lol. It's all a numbers game.

Hi Dusty, that's a good idea. Should I avoid houses with letters tapped to the door? I think that usually means they're in foreclosure and I'm not ready to deal with the bankd just yet