All Forum Posts by: Alex Harris

Also my other main question is how to lock in the property? I have a detailed wholesale contract but that wouldn't work in this case

@Morgan Smith - He didn't mention HOA fees so I'm not sure. Seller mentioned he didn't have to pay for this home and right now since he is in another state, its a headache more than anything that isn't worth it to him.

Hi BP,

I'm a relatively new wholesaler (started about 1 1/2 ago) and get leads from other parts of the country sometimes. One came in the other day from Birmingham, AL and I have an idea how to handle it but want some recommendations. The situation is that he did owner financing on a commercial property with a buyer who stopped making payments in Dec 2013 but stated the buyer has the deed. He is moving forward with foreclosing on buyer but is unfamiliar with the process and is in Arizona. He also hasn't heard from the tenant since December 2013. He did find out that buyer removed everything from the commercial property (it was a plumbing business). The seller mainly wants to unload the property now without going thru all the hassle.

Property info:
2 condo's on top of a commercial building. Each condo is around 1,600 sq ft each and the total square footage for entire building including commercial side is 6,400 sq ft. The inside condition is unknown. Located in Jefferson county in Birmingham, Alabama.

I normally wouldn't waste too much time on an out of state deal where the inside condition is unknown, however he is extremely motivated and seems like a deep discount. I'm really cautious with these but don't throw leads away. If there is anyone who specializes in these type of deals, please message, respond, or call. Also if you are in the local area and knowledgeable, please respond also. Thanks!

Please note: I have never done deal like this and am not trying to necessarily become a guru, but just want to get some understanding, close this one ASAP, and/or possible partner with somebody local on it.

Hi BP Fam,

Can anyone recommend a title company in or near Scwhenksville, PA (which is right outside Philadelphia? I have a deal and need to get it done fast. Also if anyone (investor or wholesaler) is interested in properties in that area, contact me as well. Still looking for right buyer.

Agreed, Yes I know the laws which is why wholesale contract is 9 pages (as opposed to just 1) and states I'm a Realtor acting on my own behalf. I guess what I really meant to ask was to how you disclose that (verbally)while not scaring people away because a good portion of people I speak with hate Realtors. I like to compare techniques. You can PM if you like.

Based on the replies I don't know if maybe I'm missing something but it looks like your asking how to wholesale it being out of state (a virtual deal). If so there are a couple people that teachh virtual wholesaling but wouldn't recommend it to a newbie. Things to consider

-They say "no repairs"? Highly unlikely
-If the home is worth 102k and she owes $85k, where is the spread?

That doesn't sound like a wholesale deal to me. Move on.

My question to Robert Leonard would be, do you you disclose that your a realtor but acting as an investor on your own behalf or just let them know your an investor?

Thanks Mooro and I only use my website to get leads. I do get spam but a very low percentage and there are ways to avoid that. I agree with Dev that you will want to have 1 page dedicated to sellers only and 1 page for buyers. IMO the sellers page is more important because that's where leads come from. Buyers will come if you have a true deal that makes sense for them. Obviously you want both to look great and not look like you created them in an hour but that's just my take. I've spent countless hours on my seller page but I put my buyer page together in less than 2 days. Its good not to pull all your eggs in 1 basket when it comes to marketing but it tends to get expensive.

@Dev Horn

I do like your idea of having the basic screen at first and then the detailed questionnaire on the next page. Seems like a good way to get the detailed info that can cut down on phone time.

Have you gotten any leads yet or spam from your forms?

I agree with those who are mentioning why the first deals didn't close. That should be the FIRST thing to focus on. Even if you found a deal with a marketing budget of $50 and got it under contract, whats to stop it from falling thru again?

Back to your main question though concerning deals- constancy is key. Craigslist is great but there are also several public information sources which I've heard that you can use to look up motivated sellers for marketing. I guess they are pulled from county records. Driving for dollars mentioned earlier isn't free but its another good method (Maybe ride your bike?). A large portion of people I speak with have inhereted their property from a loved one so target them if possible. I've heard of people looking in the obituaries but I don't really know how I feel about that 1 yet. Whatever you choose, make sure you learn everything about it and become a specialist if you can. Most people prefer direct mailers and become yellow letter specialists by researching the law of averages, templates, yellow letter vs regular letter, and even stuff like mailing on or near a full moon (I have no idea). I personally have never used a mailer and just do online marketing with my website because SEO is my specialty (and its free besides purchase of domain/hosting).

Also last word is don't get discouraged if this is really what you want to do. In my first 7 months, I didn't close ANY deals (had 1 under contract but it fell thru because of a rookie mistake). It took me a while but now I'm closing 1 a month consistantly (nothing compared to those on here who are closing 5-10 a month) but I'm still building momentum. Never stop learning.

I try to do all of that more or less. Give as much information possible to support your asking price. Sometimes I'll add links of comps and put them on my website.