Question for experienced wholesalers

If I were in your shoes, I would most likely write them a letter. Hand write the address on the envelope. This way, you establish communication. In the letter, emphasize the benefit they would receive by selling their house to you (save their credit, no more payments etc.) If they are interested, they will call you back or email you. At that point, set a date to meet with them!
* I am not a seasoned investor.

Edited: 06/26/2010 at 04:43AM

Jason Cummins

Real Estate Investor · Katy, Texas

430 posts
2 awards
50 influence

Feb 17 '08, 07:46 AM

I do a mixture of two things.

I call them for one, but I do not let them know that I know they are being forclosed on.

When I call them I usually just state that I work for a real estate investment firm in their area and we are looking to purchase houses in that particular neighborhood to invest in, if they or someone they know would possibly be interested in selling their house.

I also then send letters to ones I am interested in.

I have heard that people knocking on doors have good success becuase there arent many people doing it. But I am not that comfortable doing that.

Edited: 06/26/2010 at 04:43AM

Steven Brown

Real Estate Investor · Mobile, AL

19 posts
50 influence

Mar 02 '08, 06:10 AM

Going to the house is the best way as far as a success rate. It is a little more difficult to do and you need a skill level. So you need to determine if you are comfortable with that. If so that is a good way to go.

You gotta be like those magazine sales guys though, once you get your foot in the door don't take it out till you get to pitch them.

Edited: 06/26/2010 at 04:48AM

D G

Real Estate Investor · Miami, Florida

32 posts
50 influence

Mar 03 '08, 08:37 AM

I think going door to door is a waste of time and energy. You will look completely inexperienced. Not only that most people are in denial that they are in foreclosure, dont want to talk to anyone about it, depressed, pissed off, etc... I wouldnt consider it! Learned the hard way and then the easy way by getting educated.

Send letters that indicate nothing of the fact that you are here to buy there home, get them out of foreclosure, work with the bank, etc...
Send them a letter saying that it is unfortunate that they are going into foreclosure and if they need any help to contact you. Dont mention the down falls of foreclosure or any negative writing to them, they already know that and dont care to hear it.

Wait about a month and send another letter saying the same thing, but a little more in detail and letting them know you specialize in helping individuals potentially get of their foreclosure. Usually by the second or third letter they will call you back, because you come across as you care and not there to hound them and promise to buy their house or get them out of foreclosure.

Hope this helps!

Edited: 06/26/2010 at 04:48AM

Steven Brown

Real Estate Investor · Mobile, AL

19 posts
50 influence

Mar 04 '08, 07:53 AM

Make sure you know your foreclosure laws, there are a lot of states that do not have the long germination process on their foreclosures. In those states you gotta act quick.

Edited: 06/26/2010 at 04:48AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

Donor Pro

11,045 posts
24 awards
92 influence

Mar 10 '08, 10:23 PM

This should help with the foreclosure laws for different states:
http://www.biggerpockets.com/foreclosurelaw/

(Its one of the links to the left of the forums, BTW)

Edited: 06/26/2010 at 04:50AM

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