All Forum Posts by: Account Closed

Ps. This is also my first potential deal so any great advice would be greatly appreciated

Hi Everyone, 

I just started my yellow letter campaign. Seller is extremely motivated to sell. The house is in good condition but he has tenants in the attic who are behind 2 months of rent payments. The seller lives in the main floor and basement. 

He has listed the property with a realtor.Assuming he sells me the property,  Does he have to pay a comission to the realtor? 

My second question is, what's your experience wholesaling properties with tenants who are behind on the payments? Wouldn't it be hard to sell? Seller is very motivated and is willing to sell the house for below market value.

Thanks for your help.

Dan

@Cortney Jones Thank you very much for your insight! This is really helpful. I'm going to have someone put them up this weekend. 

Do you leave them until the city puts them down or do you usually put them up just for the weekend? 

Also, when finding peope, how do you make sure they are putting up these signs? So far it's been hard for me to find someone who seems reliable. Did you go through an interview process to gauge honesty? What type of questions did you ask? 

Hi,

I recently bought 100 bandit signs to put up in my city. It seems wholesalers/investors either really like it or hate it. 

With that being said, can you please give me advice why you like bandit signs or hate them? What's your response rate with bandit signs? 

In my area, people put bandit signs up and take them down (Chicago). or At least most people I know. If say, I pay $175 (1.75 per bandit sign) to put up and take down on a weekend, Is it really worth the investment? That would be a 700 dollar expense for marketing. 

I'd like to know if you really think this expense offsets against the leads that come in. Every area is different, I'd really appreciate if you share your thoughts with me. 

Hi Everyone, 

I have two questions regarding bandit signs and mail campaigns. 

I was thinking about outsourcing my mail campaign and have someone folding the letters, write the addresses of the homeowners on the envelope, etc. Is this the most efficient way to get the job done? How much do you pay? 

Regarding bandit signs, I was thinking about paying someone to put 100 signs (2 bucks each)on a Friday night and taking them off Sunday night. I've read some people do 1-1.50 per sign, but I'm also paying them to take them off. Is 2 bucks per sign reasonable? 

Any advice would be greatly appreciated.

Thanks,

Dan

Thanks a lot for your insight @Hattie Dizmond and @Michael Quarles . The assesors office in Chicago only publishes a list of pre-foreclosure notices in the local newspaper and online( The data has to be gathered manually and can't be exported to excel). 

Thanks again for your help!

Hi,

I recently started wholesaling properties. I found a data base that provided the address, mortgage balance outstanding, and property type. However, they didn't provide the property owner's name (an extra fee is required so they can provide reports with property owner's name). 

My question is, Do you think it's possible to send mail to this property without knowing their names? I'm concerned if this would be as effective as knowing the name of the property owner. Any advice would be greatly appreciated.

Dan

Hello everyone,

I'm new to wholesaling in the Chicago area. I recently started using listsource in order to find absentee owners list as well as pre-foreclosures. I know there are a lot of threads discussing this topic, but I'd like to have several opinions from people with experience in the field. It seems like everyone has different opinions about the search criteria.

My first question is, how many leads should you expect to get? I'm only getting about 20, using only one distressed neighborhood in the Chicago area (excluding in-state absentee owners). I also include properties with at least 30 % equity. 

My number of leads goes up by more than 200 if I decide to include in-state absentee owners. Any thoughts? 

Hi,

I recently started learning about wholesaling properties. I have a good idea of the ARV around my area, however, I feel scared of making offers on properties since I'm not familiar with repair costs.

With that being said, how do you learn to estimate repair costs? I was thinking about bringing a contractor to these properties so they could make an estimate on the properties. However, this would be very time consuming if my offer doesn't even get accepted. Also, do contractors normally charge for repairs estimates?

Any help and tips would be greatly appreciated.