All Forum Posts by: Troy W.

Send letters to the home owners address.

Your letter should convey why they should sell it to you!… If you simply say : I want to buy your house all cash, and I can close in 7-10 days etc etc… that is not relatable or seems like every other letter/postcard they have received, and believe me …you are not the only one they will have received a letter from.

This is why folks don’t receive a great response rate. After you get your first call, ask them what in your letter made them call you...learn what works, and if you are not getting the responses you are looking for, then you must change the way your letters are being received

Set yourself part…Stay hungry!

Contrary to the “guru” way of doing wholesaling, it’s about establishing relationships. We know if you want to wholesale, you have to have meat on the bone for you and your potential buyer, so what do you do?

First you have to find out how motivated they are….as in their price point. I always one question " What do you need?". And I get all sorts of responses from potential sellers; from there I'm actively listening. The majority of answered is not the amount of money. Most of my callers here in the DMV area, have already consulted a realtor for they call me, and this works out for me because it's a sign they know the property will not sell in its current state. After I deem there is motivation, I always have All CASH comps pulled and Retail/Traditional (ARV) comps pulled on the house.

Now usually a relationship is being built at this point (And I’m being asked do I want to come see it…. Now this is motivation…(I seldom ask to come out, but rather I’m being asked). I’m not about wasting my time nor theirs and I explain this. So what I say is “I’m going to have comps pulled on your house, and these comps are all cash that have sold in your area, and normally I offer above comps if the house warrants to see if it makes sense, because I want to offer you a fair price “(The hook!)…

**I explain that most buyers that work with real estate agents will be shown a CMA, etc, and rarely do folks that purchase real estate go outside of this process, as I'm sure you would not as well (By in!)…

What for it!!!!…..say nothing….then comes…”When do you want to see it”. From there I have the comps usually in about 10 mins in my hand.

Before I make an offer (I send them my realtors CMA (that shows the High and low in their area of All Cash offers only, by way if email (relationship)…

Note: please tell your realtor or you need to separate the two (All Cash/ARV). What do most home owners want is the Highest of the all Cash…the next hook.

If you don’t show how you come up with the numbers you are offering, the seller will often think you are low balling… and you will not separate yourself from your competition. Don’t be afraid to be different and be creditable.

By the way…,some may not like this, and if a newbie is reading this…as it’s not what they learn… but I never follow back up with anyone once I make an offer and they say let me think about…I use the Carmax motto of how they buy cars. If you know the process…. then you know what I’m referring to… if not, go to Carmax and tell them you have a car to sell, and witness the non hassle offer they give you after they test drive your car and make you an offer. If you don’t like... you leave.. but, they never follow back up… yet there are folks always waiting and hoping they can get an high offer and get their car sold …..motivation!

First, remember this business is about relationships... made by you and the seller.. all the way to the buyer and folks in between.

I will only double close if I'm dealing with a new buyer for the first time, and my profit is  $20k or more.  To me, its not worth the double closing if its not $20k or more, because of the fees I have to pay to my Transactional Lender...remember that's me....:)

My frequent buyers could care less what's my profit, as long as, their ROI/ Profit margin that I show they should get after repairs, real estate fees etc. etc. is realized. I recently (last week) had a deal that I assigned to one of my go to buyers, and my assignment fee was $25k. Once you really start dealing with "Real All Cash Buyers" and build relationships with them, you will never have an issue...I repeat never!... as long as, the buyers numbers are met and its deal...assign...assign. That being said, if your buyer is haggling you on your purchase price, then double close. And you will know when you should double close.

Note: Most All Cash buyers will not tell you to come down on you assignment fee etc, they will say I can't do it for this, and you as the Assignor will decide if you want to stick to you guns and go for Price X. lets say $25K or will you let it go for $16$k. It's up to you and your pain point.

I always discuss what I'm looking for from the deal. For my go to buyers, I never ask for an earnest money deposit, and always collect my entire assignment at closing.. and off to my tax advisor I go!.

Hope this helps everyone...Stay Hungry and Humble!

 Hey Reggie...I can assist if you still need another look at potentials.

sorry for the misspelling your last name ;)

@Juanita Brazil what type of investor are you? Are you a holder (rental) or wholesaler or fix and flip? It makes a difference.  As an Investor that owns rentals and a wholesales myself there is a big difference for potential buyers that you want to wholesale to.

Hello Folks in BP Land!

I've heard nothing but great things about this site for my closing attorney. And finally I said when I get the time I'm going to read some posts and join...so Hello World!

I'll be brief and to the point. My goals for the upcoming 12 months is to acquire 6 to 10 HUD properties (Hudhomestore) to either hold or whoelsale and I need an investor friendly agent to assist me.

I'm an agressive investor that is looking for someone that is willing to assist and that will respond to emails/text/pigeons  etc :). 

I've been investing in real estate since 2007 and now I want to add another piece to my investing portfolio. 

I have my team in place: Virtual Assitant(s), Buyers, Contractors, Closing Attorneys, Funding,Title Co.,  and some Realtors... but I don't have an investor Friendly Realtor...and when you have been doing this for a while, let me tell you...every Realtor is not built the same. 

If your are out there, and want to work with a serious minded investor..please reach out. 

Thanks folks!

Troy

[email protected] 

 Hello Efua,

Metro Title and Escrow in Kensington Maryland is one on my Title Co. that I personally have used. And because you are in Silver Spring they are practically right next door.

If you leave a message they will call back

240-292-6223.

They will work with assignments and double closings.

Good luck!

Find a local REI club near your area, that's where us investors network. Don't be afraid to let them know what you do and how you can help. I'm actually looking for a an Investor friendly agent to place a HUD bids for me myself. To bad you are not in the DMV.

Go knock on some doors!

Hope this helps...