All Forum Posts by: Chris Piper

Here is more of a checklist for you to follow covering the basic info that you need to collect from the seller. Hope this helps.

Seller Contact Questions

Date of Call: _______________

How did you hear about us? ______________________________________________________

First Name: _____________________

Last Name: _______________________________

Home Phone: (__________)____________

Office\Cell Phone: (______) _________________

QUESTIONS FOR A MOTIVATED SELLER:

Why are you selling? ____________________________________________________________

What do you think your house will appraise at now? $ ________________

How much are you asking for the house? $ ________________

How much do you owe on the house? $ ________________

Would you sell it for what you owe? _____________________________

Would you consider taking payments? ____________________________

If I paid you all cash and closed quickly, what's the least you'd accept?

$ ________________

What is the address of the house? __________________________________________________

City: ________________________________________________________

State: ___________

Is the house occupied now? ______________________________________________

How many bedrooms and bathrooms?

BED: _______________

BATHROOMS: ____________

What is the ‘SF’ of the home? ______________________________________________

What is the acreage or lot size? ______________________________________________

Is there a garage, if so what size? ______________________________________________

When do you want to move or sell? ______________________________________________

Are your payments current or behind? ______________________________________________

What is the monthly payment amount? ______________________________________________

Are there any major repairs needed? _____________________________________________

Are there any minor repairs needed? _____________________________________________

Is the house listed with a Realtor? ______________________________________________

What year was the home built? ______________________________________________

Other Comments ______________________________________________

You cannot get around the liens. They have to be paid off before the title can be released. Waiting for it to become an REO is a good idea like @Phil Z. said, unless you have funding to purchase it for the amount of the liens and taxes so you can wholesale it.

If you are wholesaling or rehabbing, then the advantage is to gain access to the MLS to pull comps and listings you may be interested in. I wouldn't get a license just for that reason. I just use my agents for that. It's easier and frees up my time to buy and sell properties instead of pulling comps and searching through tons of properties. They can do all that for you and don't make a dime unless you close on a property.

Daunte, getting a mentor is always a good way to get started. The problem is they are not always easy to find, and or willing to help. They are very busy, and may not have the time to walk you through everything. If you can't find a mentor, then you need to get some really good education to teach you what to do, and how to be successful. Read below from a previous post I made to another person earlier. It should help get started. Good luck.

The best way to get started is definitely with wholesaling. It's low risk, minimal effort, and depending on where you live, possibly very little money required to get started.

Painting over wallpaper is a waste of time and money. You can either remove it yourself, pay an arm and a leg to the guys you mentioned, hire some cheap labor to do it for you, or you can hang thin drywall, maybe 1/4" over the walls. I did that once because the whole house was wallpapered. It looked great, and was a lot faster, cheaper, and easier than removing it all.

Forgot to mention, if you do put up a For Sale by Owner sign in their yard, put your phone number on it so they know who to contact.

Vlad, you can mail to the property address again, and on the envelope write "address service requested." That will typically get the mailer to the owner wherever they live. Also, if you are feeling brave and gung-ho, you can put a For Sale by Owner sign in the yard of the property you're interested in. There is a very good chance you will be hearing from the owner when they happen to drive by their property. Good luck.

Man, forgot to tell you how to get people to take you seriously at 21. The way to accomplish this is to know what you are talking about first of all. Always do your homework and gain the real estate knowledge you need prior to talking to anyone about anything where you will need real estate knowledge. If you sound like an amateur, you will get treated like one. Always have everything planned out in advance: What will your exit strategy be on a particular property, how will you fund it, what are the costs associated with wholesaling a property, how much will you make on the deal, how and who will you sell it to, etc.

Age doesn't mean anything really. If you know what you're talking about, that is the best way to get respect. And, ALWAYS ALWAYS ALWAYS close when you make an offer and it gets accepted. When you start backing out of deals for whatever reason, you start to lose credibility with realtors, title companies, cash buyers, etc.

Sorry, I forgot to touch on the other questions you asked. Best way to get contacts? Depends on what kind of contacts you want. For realtors, just call real estate companies in the area, and find out if they are REO specialists or if they have REO listing agents. Listing agents are the agents who the banks use to list their REO(real estate owned)/Foreclosures. You will get the best discounts on properties from the banks, or from motivated sellers. Also look on criagslist or in local homes books for REO specialists. These are agents who pull REO property listings daily and will email them to you.

You can also get cash buyers and motivated sellers from Kent Clothier who I mentioned in the previous post. You get access to a ton of buyers and sellers. Each program is separate(one for buyers and one for sellers), and they aren't cheap. They run about $2,000 if you buy both, but they are very good, and include mailing services. They give you all the buyers and sellers, then you have to send them a letter in the mail to get in contact with them. The same as you would if you were interested in buying a vacant house.

Cameron Dunlap also has cash buyers you access through his iFlip system. That system will definitely get you ahead of the curve and cut down your trial and error in this business. The iFlip system along with his "Fast Cash with Foreclosures" system run about $1,000, but it's like a deposit. He will fund all your wholesale deals guaranteed up to $600,000 per deal, as long as you are wholesaling and not rehabbing.

If you need cash buyers, you can get them through Kent, Cameron, or by posting ads on craigslist, and putting up "Bandit Signs" in your area.

Here are the contacts you really need to be successful in wholesaling:

1. Cash Buyer's List

2. Motivated Seller's List or REO Listings

3. Real Estate Agent(s)

4. Title/Escrow Company or Lawyer depending on how your state does it for closings

5. Funding (Private Investors, Hard Money, etc.)

Again, if you have any more questions, feel free to let me know.

Brittany, the best way to get started is with wholesaling. It's low risk, minimal effort, and depending on where you live, possibly very little money required to get started. Here are some good places for you to start:

-Where to gain real estate knowledge for free-

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