All Forum Posts by: Jackie Boyd

I have a potential seller for a wholesale deal. Right now I feel like I am in a country where I don't know the language but just a few words! So at the risk of sounding dumb, I am going to get out all my potentially ignorant sounding questions here! So the house is a 3 bed room, 1 1/2 baths, a little bit over 1700 sq ft. The house was completely remodeled in 2010. They were asking 150K for the house. First question where is the best place to find the actual value of the home? I went to zillow and I know this might be the amateur way of looking up a potential estimate but it estimated the house at about 93K. I was going to talk with them if they were willing to sell the house for whatever they have left on the mortgage. Is that the right approach? I am so clueless as to what number I should offer them. I know I could potentially get turned down and that is ok with me. I just need to know how to figure out the right number to offer and know that when I present it to an investor it will make sense to them also. As you can tell i am so clueless as to what I am doing and I am pretty much just throwing bunches in the dark until I hit something lol! Even if someone could give me a list of things to make sure I cover, that would be helpful. GRACIAS!

So I completely understand that it takes A LOT of consistency and effort to get your first deal. But I'm wondering on average how long did it take you to get your first wholesale deal? And if you don't mind answering, what was your first profit from this deal (was it above 5k)? Ok last question! What do you think is the best marketing strategy for getting your first wholesale? Thanks to all that take the time to answer my questions! 😄

@Deborah Moser thanks! I was thinking I would take the strategy of researching before I gave them a number but I saw others say they like to give them that estimate right away, which made me curious as to why.. But thanks your approach reassured me!

ok so I've heard some people say that they give the "seller" a quote on how much they will take for the property right away. But I've also heard others say they wait and get off the phone first and then figure out their estimate. I'm wondering if waiting and not giving them a number right away can lose their interest? Also what if you do give them a number right away and decide "oh crap that was to high"? I'm new to this so just trying to figure out the best strategy! 

@Paul Timmins your awesome! Thanks for the info! I've got a lot of reading to catch up on. I have also been reading Sean Terry's book from flip2freedom! Hopefully after I fill my brain with all this knowledge I'll be even more confident in what I am doing!

@Tom Ott thanks for additional tips! I have been gathering as much info as I can from BP.. Maybe you could help me understand what  it means to "open escrow" I've been reading about it but still find it confusing? 

I am here to learn and apply my knowledge of REI! I have so many questions but the drive needed to become a success! I am a newbie to REI but not to new to being a business owner. I understand that anything worth having takes dedication even when you've failed! If anyone could off some of their best tips for getting started with REI I would greatly appreciate it!!??