All Forum Posts by: Jeremiah J.

Kevin-You've got that correct. The original asking price was 5500. rehabbed homes in that area dont go for much above 20k the main reason is that about 80 percent of that area is section 8 rentals. No one buys there.

Andy-I have not given up on the property yet. I am simply waiting to hear back from the seller about my offer. I plan on doing exactly what you laid out. Or rehabbing it myself.

Logan-I will take your advice to heart however I am taking a hardline approach to this property with my offer. Truth be told I am not (as well as just about every other investor) interested in the area so there will be no negotiations beyond my last offer of 1500.

I agree that warzones are bad news and thats why I offered what I could basically cover out of my sock drawer for the property. If they accept I should be able to do something with it. The only reason I even offered that is that the area has started to come around a little bit and if the neighborhood renovation keeps moving towards that area (2 blocks away)it could turn out to be pretty fruitful. If not I am out 1500 dollars and wont really lose any sleep over it.

I would just sell it land contract to someone for cheap since I may get it for 1500 dollars. It would probably rent for 300-400 a month. The owner is out of town and just didn't want to deal with it anymore.

As long as assignments are legal in that state it shouldnt be a problem. What website if you dont mind me asking.

SFH 1300 SF 4/1 Only problem is the area really. To put it nicely I do everything I can to not drive through that part of town.

Thanks Thuan I will admit I almost felt embarrassed making that offer but I was told by a local mentor that if most of your offers dont get accepted you know youre on the right track. Otherwise youre offering too much. Chris the author of the book is Roger Dawson "Secrets of Power Negotiating" I learned alot from that book.

Thanks to everyone here I have made my first offer on a property. The property was in pretty good shape but in a rough area of town. The seller e-mailed me asking for 5500 OBO. Since I wasnt sure I could unload it in that area (no buyers are interested in the area) I figured I could buy it myself and rent or lease option the property. After reading posts here I decided to make a lowball offer since thats how you make your money when buying. I offered 1200 and immediately the seller countered with 2k, I noticed the property didnt have a driveway (that you could see in the pics) so I stated that if it did I could go to 1500 and thats it. The seller passed but still may consider later on. I couldnt believe the seller immediately dropped their asking price from 5500 to 2000 that easily though. So thanks for everything so far and I am going to keep learning.

And PS read Power Negotiating if you havent yet. It helps as well.

Thanks for the advice everyone. I have started marketing for sellers and will see what buyers I can in the meantime though I will put much less emphasis on that aspect of it. More and more I am figuring out that wholesaling is nothing more than marketing.....and perhaps not as terribly complicated as it seemed at first. You guys definitely help everything seem easier. Thank you.

I have been creating my buyer list based on the postings here and have a question I couldn't find an answer to. In regards to e-mailing or calling the we buy houses type ads is it best to mention that I am new to this and ask what they are looking for so I can make sure I dont send them leads they wouldnt be interested in to begin with? I dont want to gain the reputation of having junk deals so that my calls go ignored and e-mails trashed.

Welcome Justin. First I would say to read through the wholesaling part of the forum as much as possible as there is alot of info there. A RE background is not necessary although it would speed up the learning curve. You may need some money up front for Earnest money deposits but other than that not really (EMD can vary greatly depending on area and whether or not it is an REO)And the best way to find a club is to just do an internet search on rei clubs or RPOA clubs in your area. I am a newbie as well but have done about a months research here and learned a ton just started submitting offers and finding sellers so take what I say with a grain of salt.