All Forum Posts by: Patrick Philip

I just got about 400,000 leads of absentee owners for $185 from 8 different property appraisers. The owners mailing addresses are all over the country and even in to Europe, China, and Africa.

How should I choose? I can only afford to send out to a few thousand.

Should I stick to the United States (there's a lot of Puerto Rico)? Should I target the zip codes in poorer areas?

@Lloyd Stanton when you say don't limit myself to wholesaling, do you mean that I should keep sub2 as an option? Do you mean something else?

I don't think I have the money to take over people's old mortgage payments at this point, even if I would make it back with the down payment.

I'm about to send my first mailing out on Monday. I need to be prepared for the incoming calls. What should be my general script? What questions should I ask?

Some ideas:

1. Why are you selling?

2. What kind of condition is the house in?

3. What is the lowest offer you would accept?

Anything else?

Is there any liability in wholesaling that would require corporate protection? I plan to operate under my own name because federal tax rates are lower.

Someone once suggested not only to form an LLC, but to make someone else a partial owner so that the "corporate veil" could not be pierced in a lawsuit.

What do you think?

Let's say the economy goes down. How does this affect the wholesale business (of single family homes)? If the economy turns down, then more people would be facing foreclosure and desperate to sell their homes, right?

Could a recession actually HELP the wholesaling industry?

Has anyone experienced this firsthand?

@Israel Ramirez I have nothing to pay them with until I get deals.

@Marcus Jackson I know how to run comps, I just won't have TIME to do them all if I'm getting hundreds of calls/month.

@Hans Wold I've heard of people wholesaling 50+ unit apartment complexes. I believe that the majority of their business is in SFR because that's what the world mostly consists of.

@Shaundra Hayes does the VA have to be local? I am just starting out. What is the exact job functions of the VA and would they work on commission? How would I find one?

@Marcus Jackson I can handle the mailing myself. How much do I pay them per deal and how can I trust they're running the comps accurately? That's a lot of trust to place in an amateur.