All Forum Posts by: Kay H.

I really want to get the first property and I don't want to procrastinate. but I don't have the downpayment money. What should I do? Should I wait and save (it may take a really long time for that one). Should I do hard money or is that too risky? I don't have credit cards to use and I don't have a line of credit, but I really would like to jump in.

0 Votes

Hi,

I've been doing wholesaling for a bit, but I really really want to get my first property. but I don't have any money for the downpayment. I make good income and my credit score is below 700 but above 620. Can I still get a property? Should I look for hard money for the down payment? Should I look for the property first and then look for the money? Or should I try to get preapproved first and then look for the deal?

Should I just wait and try to save up for the downpayment?? I think that just make take forever though.

0 Votes

hi,

I'm looking for more targeted motivated sellers. Is there a software out there that's pulls public records and finds people have tax liens or back taxes on their property?

0 Votes

property in philadephia about 15 minutes from upenn, already rented at 675 a month.

Price 40k

2bd 1 bath

House

I don't have money saved up for repairs but I can out down 15 percent.

Seller financing available.

Pictures of the property look good.

0 Votes

hi. I get paid 2 weeks from now but I don't want to hold up my marketing for wholesale deals for that long. What are some free ways I can use to find motivated sellers?

0 Votes

Originally posted by @Michael Quarles:

Bill Gulley
IMHO the following 6 questions should be asked before any other question.

1. How did you happen to hear about us? Its important to know which marketing is working. Besides this reinforces to the prospect why they chose you to call. I have been told marketing types that I don't do so be careful not to say "That wasn't us"..

2. Do you have a house you're wanting to sell? - Must be a Yes answer... We get all kinds of callers and this question weeds out the non motivated caller. You hear answers from "you sent me a letter" to "if the price is right" you also have to be a little careful when prospects use the price is right statement... We instantly think a high end value where the reality could be low value.

3. Is the house currently Listed with a Real Estate Professional? - Must be a No answer... I never talk value or price with a seller who is listed. I try not to steer them into cancelling their listing agreement. However if they say that they can I ask them to call me back when it expires or is cancelled then I confirm it by searching the MLS>

4. What do you think the house will be worth in today's market? - Must give a number... We get everything from I don't know to an inflated value. If a prospect doesn't know the value of their home I invite them to do some research by asking a real estate professional or viewing open houses that are like type. I cant slap them with the bad news of value. Then call me back.

5. What are you hoping to sell the house for? - Must be a number equal to or less than the worth value... This answer must be equal to or less than Q4. If more then I ask the seller to call me when they think its worth the inflated value.

6. What is the address of the house? After they give me the address I will do some due diligence to determine value and call the prospect back within 10 minutes. I even go as far as asking them not make sure they aren't on their phone. If my value is equal to or less then what their Q4 and Q5 answers are I then make an appointment to buy the property. If Q4 and Q5 are more I then ask them to get another opinion or view open houses of like type.

There are a host of other questions I ask after Q6. For me the two main questions are

What time today would be better for me to come out and buy your house ___________ or _________? I give an alternate choice question... I am a firm believer if you do not keep the Power of the conversation that you wont do as well. A lot of investor ask "what time can I come out to see the house" And I try an use the statement 'Buy Your House" at least 8 times within my conversation so the prospect knows what I am there to buy their house.

One of the last questions is

When I come out… it is important…that all of the decision makers be there…. so I can come to an agreement to buy your house… Will all of the decision makers be there for the appointment? Nothing worse then going to a home and the wife is working or the brother is not there.

I have a total of 4 scripts that we used over the years...

Hope this helps

Michael,

You mentioned you hardly ever buy houses that are not eyesores. Do you ask about repairs needed on the call? Or do you go see a house even though it sounds likes it's pretty and fixed up? You also mentioned that you go to the appointment even though the seller wants a price of what the house is worth. Do you then go on the appointment and give a much lower offer?

I'm asking because I would assume this person may not be that motivated.

0 Votes

Originally posted by @Jon Klaus:

I haven't heard of him, but a 10% response rate is doable with the right letter, messaging, and list. However, you are not buying a response rate, but you are buying deals. You might want your letter to qualify prospects better, reducing your response rate, and ideally increasing your deal rate.

How do you qualify prospects better with your letter?

0 Votes

hey guys this is a question. Is there anyway to market for homes that need repairs? I sent to absentee owners and most people who call have pretty fixed up homes. Is there a way for me to get a list or create letters so tha I get let's say " ugly house leads"

0 Votes

Originally posted by @Kay H.:

Originally posted by @Bill Mitchell:

I am the buyer period, that's how I do it if the property is vacant. I list in the addendum in plain English "Buyer has the right to assign this contract". I let them read over my addendum and its one of the top bullets, I dont try to hide it, and 99% of the time they never say anything about it so I just move forward with the contract. One of the most well respected real estate attorneys here in the Dallas area instructed me to do it like this. You have the right, by law, with a standard purchase and sales contract to assign the contract. Price your offers to SELL and you won't have this issue to begin with (learn your markets how to price out ARV and rehab)
Situations where you ABSOLUTELY MUST DISCLOSE the whole process would be in instances such as short sale, an owner occupied home (these people are moving and depending on money to be in their bank account, or anything else time sensitive. Never ever, EVER string them along and then back out of a contract if they are going to be left in a bad situation. Only present yourself as the buyer if you are willing to step in and close on the house yourself cash if your assignee falls through.

If the potential deal is more marginal and I am not certain it will sell, then I am upfront with the seller and explain the process to them and the majority of the time they don't take issue with it.

If you want to disclose every single time no matter what, I highly advice you don't pitch yourself as a middleman. I come behind new wholesalers all the time that explain the process to the seller but position themselves as a middle man. Don't do that. If you are actually good at wholesaling you are actually bringing value to the transaction. Given their time and circumstances you will do a better job as a professional being able to determine value, find an end buyer, and close the transaction in a fast amount of time than they would.

The "truth about wholesaling thread" is ok. Mostly abunch of people that never wholesale trying to tell others how to wholesale. I think newbies would do better by reading posts by Tim G. and others on this forum that do this on a full time basis.

Originally posted by @Duncan Taylor:

@Greg Brown,
We were all newbs once. I think you will do just fine. This is a long thread but one of the absolute best I have ever seen on wholesaling...
http://www.biggerpockets.com/forums/93/topics/58383-the-truth-about-wholesaling-

So if you don't pitch yourself as the middle man whats an example of verbiage you would use to pitch another way?

0 Votes

ok,....so it seems maybe I can do this and some how feel comfortable. Maybe I need a mentor who can show me different marketing and approach strategies.

0 Votes

All Forum Posts by: Kay H.

Kay H. has started 22 posts and replied 59 times.

Post: Is it smart to get your first property if you don't have downpayment money? Can it be done?

Post: Itching to get my first property, but what comes first the property or the preappoval?

Post: Software for finding properties with back taxes

Post: Is this a deal I should pursue

Post: Need free ways to market until pay day

Post: HOW TO USE THE TELEPHONE IN RE

Post: Direct mail

Post: How do I target homes that need repairs with my mailings

Post: Do you have to lie to wholesale?

Post: Do you have to lie to wholesale?