All Forum Posts by: Danielle Spears

@Dean H. Precisely. Lesson learned.

Great question @Robert S. I'm a newbie wholesaler, no sale yet, tons of cold calls, and sellers that won't budge on their price though the house needs major repairs. I see the need to just pass my absentee home I've found to an agent and work a deal with them, but I'm reluctant and don't want to make a bad name for myself in real estate.

Investor didn't go through with the property. I totally understand. On to the next :) Thanks guys.

@Mindy Jensen yes that was a huge drop. All I can do now is wait and see what happens with this deal.

Update:

I spoke with the seller and he is very familiar with wholesaling and able to work with me. Also, one of my investors did his numbers with his team and would still like to schedule a inspection  of the property :) Excited about that. This will be the first deal I've done in Huntsville and I am excited to see how this goes.

Thanks everyone for your help.

@Jose Flores that was so helpful. I don't want to be misleading when speaking with the seller and with the example I have a better picture of how the lingo goes between the wholesaler and the seller. Thanks. 

@Tom S. thanks for that. I went back did more research and found that the repairs were more along the lines of $30-40K. I have an investor going by to get an accurate estimate though. I was still using the #50-60K range but $50 seems more along the lines. May even sell for $58K

@Paul Amegatcher I estimate $20K and I came up with the same numbers but I used $65K as the starting point. $22K is a great offer.

As for the average days on the market for $60K homes I am not sure. Any info on how to learn this method?

I do have investors lined up that are interested - awaiting their yea or nay.

Update.

I contacted the seller and let him know I'm a newbie wholesaler (I know,I know) and I'm not trying to mislead him (it's been hours since I told him I would give him a response).

At this point I'm so new in the game and have so many questions still, I don't want to burn bridges for future deals.

I'll update with his response.

Hey guys, So I found a great deal on Craigslist. A fire damaged home selling for $12K. The comps around the home are $50-65K. Im thinking I can wholesale the house for $25K figuring in ARV. Not a bad deal right? I'm hoping the seller will just talk to me on the phone, let me know any more info I need, and then let me email him a contract to sign. Well I call him this morning and he's asks if I've worked on rehab homes before and am I a cash buyer? I tell him I've worked on a rehab team and I am a cash buyer. He then let's me know that when ever I am ready to look at the house he will show me property and have HIS contract ready for me to sign. What in the world? As a newbie wholesaler I'm at a lose for words. I just tell him okay and I'll be in touch. Guys, am I able to proceed with this wholesale deal if I don't bring a contract? Can I assign HIS contract between us to a investor I know? I'm just the wholesaler not the end buyer. Should I have been up front with him that I'm a wholesaler? Lately when I try to explain this to sellers they don't want to deal with me. What am I to do? I have to money to send out mailers, bandit signs, etc. Free sites like Craigslist are my only options right now.

Update.

I contacted the seller and let him know I'm a newbie wholesaler (I know,I know) and I'm not trying to mislead him. 

At this point I'm so new in the game and have so many questions still, I don't want to burn bridges for future deals.

I'll update with his response.