I'm very new to Wholesaling but I feel there is an opportunity for me to make a deal with a fairly decent property that has been vacant for years.
Situation: The house was built in 2001 and just from the looks of it seems in very good condition. I'm trying to find a trusted contract to help estimate repair cost which I think will be minimum . Based on County records it is worth about 65K.
I identified the owner through County records but I have NOT contacted them. And this is where I have questions. I tried looking up a valid phone number without any luck. Plus I just don't know how to approach the owner about selling this property. I would like to call, but I don't really know what to say,what questions to ask or how to approach them.
My Plan: I was thinking about sending a letter to them first to see if they would like to sell the property. But since I'm so new to wholesaling I was going to wait and go to a REIA meeting first so I could talk to a few investors and possible get some advice.
I really don't know what my next plan of action should be on how to get a deal done for this specific property, but any suggestions will be greatly appreciated. Thank you.
Send them a yellow letter. Go to images.google.com and enter "yellow letter" to see some examples.
I'm all for action and learning by hard knocks. Go fail and then try to fix something you did wrong and fail again, and again, until you succeed.
You'll find after awhile that you probably spent way too much time on this one possibility and you'll need to do things faster and more efficiently. But go do it! Yes, go the the REIA and get help if you can, but if you are just watching TV you may as well contact this owner rather than wait.
@Larry T. Thanks, I agree. This is an opportunity I don't want to miss out on, but if I fail I believe I can learn from my mistakes or figure out some thing I've could have don't better. Thanks for the advice.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing