All Forum Posts by: Jimmy C.

When you pass back through the buyers who showed some interest; make sure to ask them what price they would pay for the property. If they were interested enough to call about it, they may have a price in mind that would work.

Then re-negotiate according to their offer.

I have a multifamily deal where I can take the deed subject to. The underlying note is at 2%, so its very attractive.

While discussing the possibilities with the seller, I learned that they intend to file bankruptcy in the future.

Would you stay away from taking title subject to in that situation?

If the seller wants to sell, then follow up to get the right price. Many times sellers are UN-realistic in the beginning.

Also, if the price is what's holding things up, you can always switch to offering at their price with favorable terms (seller financing, L/O, etc..)

If you can pay off the mortgage, you could sell with owner financing (if you don't want to sell for an all cash price) to avoid your buyer having a flood insurance requirement.

You could do that with the buyer who fell out actually.

Call the wholesaler and ask them. Some will split, some will give you a net price to mark up from.

Go WITH your buyer to see the house. Make sure you get on the assignment of contract or a JV agreement, and eventually the HUD.

There is GOLD in the follow up. Especially this time of year.

I set a follow up 30-60-90 days out in my CRM, so I don't have to remember, because I never would.

Quick fix for newbie wholesalers?

Do not offer investors rehab numbers or ARV at all. Simply give investors an address, purchase price, list of things that need repairs, and offer to show them the property if they are interested.

This way the "experienced pros" in your area wont be talking about how you underestimate repairs, and over-estimated value.

Happy hunting!

Nobody allows bandit signs. That's why we can call ourselves bandits!

Follow Rob's advice. The deal is made when you negotiate it.

Soon Ill be cold calling them, for a higher level of abuse. :-)

Yes I send them letters. Sometimes I get an upset heir, and remove them from the list. Sometimes I get motivated sellers and things fall into place nicely.