All Forum Posts by: Tommy Adeoye

@Marianthi Kyritsi

You have got a few options. 

Option 1 .) Gather a list of title companies in the area and give them a call. There are high chances that by the time you get the 7th , you'll find an wholesaler/investor friendly title company.

Option  2.) Connect with investors , wholesalers, rehabbers and flippers in your market , tell them who you are and have them refer you to their title company. Try not to spam the list to avoid penalties.

Option 3.) Find a FB wholesale group , connect with them , throw the question on there. You'll get a few recommendations to select from. 

Be sure to always do your due diligence by calling and vetting.

Best of luck on that first deal.

@Nicholas Campo

Have you tried looking into freelance websites - fiverr, upwork, freelancer, zirtual etc ? 

Those sites provide a platform which makes it easy to track progress and ensure VA's integrity. It's worth looking into.

Transactional funding is expensive . Nevertheless, depending on the spread in the deal, it can really be resourceful. Extensive due diligence and analysis is highly recommended . If the number make sense ceteris paribus , then it is something that can not be overlooked. 

In addition to the above mentioned points, let's say the seller is motivated enough and is just trying to solidify his position, consider offering high earnest money .  

High EM + short close time-frame > POF .

Alternatively, hard money lenders will sometimes give you a POF. As @Allan Smith mentioned, if a seller is asking for POF, I'll work him as a warm lead .

@Jimmie S Haywood

- Educate yourself ( Biggerpocket forums, youTube, podcast, books, REI events)

- Don't wait too long to get started. If you have $30 , buy you a vumber , leverage truepeoplesearch and netronline , google map , skip trace distressed properties and start calling.

- Assuming you have some money to invest, buy you a mojodialer ( don't worry about to multi line dialer just yet) , buy you some leads on propstream, pay a VA to skip trace or other inexpensive skip tracing services out there.

- Aim for at least 7000 - 10,000 calls before you outsource to a VA(Virtual Assistant) to familiarize yourself with the No's, the curses, the call drops, negotiation, basic seller psychology, etc. In addition , you do not want to miss out on the dopamine rush that comes with seeing a deal through from start to finish.

- Keep learning . let's say you close a couple of deals, at this point you may fall in the temptation of thinking you know a lot about the business but i tell you most solemnly this is just the beginning of the journey. You may beat yourself out for missing deals you wouldn't have if you had pitched creative financing. Make sure you keep contacts of hot leads turn cold and call them back.

- Sellers, buyers and investors are your new set of friends, treat them as such.

- Make tons of money and consider other strategies - buy and hold, brrrr , commercial. 

- Time becomes your friend when you move quickly, smartly, and benevolently. 

- Build a team when you have gathered enough experience.

Read advice from seasoned wholesalers on here. 

Go be great and enjoy the journey.

@Karein Langdell

Just to add to the responses above - 

People ultimately choose to do business with people they like. With that in mind, when you find a motivated seller , it is essential that you first make a friend .You are looking to acquire enough information to base or modify your existing personal criteria on. Some instances may even require you to go lower than 66% .

As pertaining building your buyer's list, there is nothing wrong with building those early on however "MVP buyers" as I like to refer to them as, due to the number of deals they do a year and closing speed, value their time immensely . You only want to engage them when you have a deal at hand. In other words, it is easier to build a buyer's list in the today's market than to find a deal that satisfies their buy criteria.

@Amir Mihub

"I drove past a pretty big home just 5 mins from my house, that is vacant with boarded up windows and a tarp on part of the roof. What should I do? Should I contact the owner and try to see if I can find a buyer for it,"

Heaven Yea!  Do it . Skip trace the address, find the owner , reach out to them and see if there are motivated to sell. You really don't know the state of potential seller's affairs . They may be one who is looking to get rid of the property so bad they'll listen to any creative financing options presented .

One of the questions you should to be asking is , how can I wholesale that property if I have to? You can get the property under contract and JV with a partner.

Alternatively, present the deal to a buyer for a finder fee . 

Let's assume double close is legal in your state, that's worth looking into assuming the deal has a spread. 

Should there be any uncertainty,talk to a real estate attorney but not taking any kind of action puts you way at the bottom in the learning curve to say the very least. 

@Karein Langdell

It looks like you are on the right track. 

You know sometimes, information overload causes us to overthink hereby resulting in analysis by paralysis. In other words, go easy on the "gold nuggets".

To your question, the main goal when negotiating a deal is to make sure the seller is motivated. 

When negotiating, it is beneficial to aim for 60-66% of ARV and of course let the sellers know this is what exactly fits your model. Keep in mind, distress sellers are looking to solve a problem and I bring solutions to the table. There are some instances you would find yourself in a bidding war and in that case simply find out from investors - potential buyer(s) of your list what they are buying at . You know classic economic law of demand and supply.

One way to find out would be to look for flippers on the MLS and leverage propstream and your skip tracing service or truepeoplesearch , reach out to them to find out if they are buying at 70,75 or 80. Bullish markets do 80 .

Another way to find out is to go on your FB group and find someone who has posted a deal looking for cash buyers, then look for the emails/contact info of potential buyers and reach out to them to see what % of ARV they are buying at. Do not spam them .

i'm certain there are other creative options out there.

@Christopher Parsons, I  think one would, first and foremost introduce oneself and what one does to solve potential seller’s problem . 

As far as how you got seller’s information - Be truthful about where you got the information and then re-emphasize the problem you are trying to solve. Here is where confidence and low vs high pitch comes in . I’d apply a low soft tone when mentioning where I got their information , go high on the problem I am trying to solve and then follow up with a question -  “If they are still in this situation and want to hear how you intend helping them out”. If they are calling you , then there is a high chance that they are motivated.

Ultimately, what we are looking for is a motivated seller(s). I will, in my honest opinion, strongly advise against converting an unmotivated seller into a motivated one. They sometimes can be a total waste of time and energy as you progress and may make you loose out on other deals.  A motivated seller has a problem and is always willing to hear you out.

As @Eric James mentioned, the county accessor office holds the record of homeowners, tax delinquents included. This is one of the ways your list provider pulls that information. It wouldn’t hurt to let the homeowners know that. 

You are saving folks from loosing their property, you are doing them a huge favor (I wouldn’t want to loose my home due to tax issues. would you ? ) and there is absolutely nothing wrong with seller’s being defensive - that is the inherent nature of human existence. 

@Natalie Mendoza, If you are leasing back to the owner of the home , you need a lease agreement.

The below document may work for what you are trying to accomplish.

Letter of Intent Lease Option Agreement

Otherwise, kindly shed some more light on the question.