All Forum Posts by: Travis Newton

Everybody thanks for the input this is great...hopefully the more houses I see the better I can be at evaluating repair costs.

My question is this, I’ve been wholesaling for about 6 weeks now I’ve had 3 deals come and they all fell through for a variety of reasons. Well I now have a fourth deal and would like to finally cross the finish line. The issue that I’m having is estimating repair costs, the house is in rough shape and its in a somewhat bad area.
Repairs:
1. Needs a hot water heater
2. Needs an A/C unit (I’m in TX)
3. All the wiring was stripped out so it needs new wiring throughout the house
4. Paint
5. Landscaping (minor)
6. drywall/walls where the wiring was stripped (so every room of the house)
7. Needs a kitchen sink

The ARV is 69,500 I would like 6K off of this deal, since I’m splitting the assignment fee with another wholesaler that has the buyer ready to go.

ARV*65% - assignement($6000)- repairs(which I have no clue what they should be)= Offer to seller

When I talked to the seller initally she said the lowest she could go would be 35K, but after seeing the house that number has to drop.

thanks for the help guys!

Wow! Yea they aer definitely asking for a lot. From what you're saying its basically 4 walls and a roof. The repair costs on that will be huge.

Thanks for the info.

Lady, just called me said she wants to sell her house fast, and that its a shell house, and all the wiring has been stripped in the house. Whats a shell house? She really wants to move this house, and wants 35k for the house, the homes in the area are worth 70k-73k.

So yea, what's a shell house.

Thanks!

Will do, thanks Bryan, Yellow letters and bandit signs it is (I already have the signs out, and have about 75 oout of 200 left) And yes the list is good, it even has the name/address of the owner of the townhouse I used to rent lol, so yea I feel extremely confident in my list.

I'll start writing my letters tonight and start sending out 100 a week...and do research here on BP in regards to follow up.

Thanks, again, great advice.

Bryan, to get clarification on "REAL" invitation...for my yellow letters I was going to do, yellow legal pad paper, red ink, and send them out in invitation envelopes...when you say "REAL" I'm assuming you mean in the invitation envelopes?

And to follow up on postcard vs. yellow letter, I was going to send the postcard week 1 and then the following week send a yellow letter to the same individuals....what's your (or anyone for that matter) opinion on that strategy?

Thanks!

I have a very small marketing budget, as of now I'm using bandit signs, but I would like to add direct mailing to my plan. I have a very small budget and can afford sending out 100 postcards a week, and 100 yellow letters a week, my list is about 1800 (absentee owners) is it worth sending these cards out? or should I just use my marketing dollars elsewhere?

Thanks

"Does anyone know of a good automatic system to do a large amount of reverse phone lookups once you do have an absentee owner mailing list in word document or excel spread sheet?

I know we can simply go to white pages and do the reverse lookup individually, but that can take days if you have a large list."

Saw this in another forum without a response so I thought I'd put it here. Is it possible to get the phone numbers for absentee owners or do you just have to use the white pages and hope for the best

Thanks

Google Voice is awesome, I signed up off a suggestion from Brian H. in another post. Worth checking out.

I see you're in the Woodlands, are there any good REI clubs up that way. I know of one in Katy, but that's a drive for me since I'm in north Houston.

Again, thanks!