Wish me luck!

5 Replies

Hey guys,

So last night my boyfriend and I went out at 2 AM and put out about 25 "we buy houses" signs in the pouring rain (we really want this).

Now I realized I'm not sure how I would answer when a lead calls... Help!

What are the main things I should focus on and how do I know if they're REALLY motivated?

I know nothing about wholesaling. However, a quote comes to mind:

"The harder I worked, the luckier I got."
- Gene Simmons

It sounds to me like you're off to a good start. Good luck and let us know how it goes!

I'm not sure if I would personally take the following route but I know the wholesaler in my area who simply asks the question "are you in a position to offer a substantial discount if we can close within 30 days?"  After that, is just a matter of asking questions like how long have you on the property, how much equity you have in the property, what makes you want to sell, etc.

The most important in my opinion are the basics - name, address of property you are looking to sell, best form of contact, how much do you want, and how did you hear about us. Some easy questions to ask that "help" gauge motivation is how much do you think the home would be worth if it was in perfect condition, and then ask how much are you asking. This is by no way the "answer" but if somebody says that there house is worth 100k fixed up and they want 20k that there may be some play time. If they say it's worth 100k fixed up and they want 95k for it then unless you adjust your strategy and work other options a cash purchase probably isn't viable

IF you are shy on the phone or nervous the above will at least let you pull comps and get back in touch with the person after you have collected your thoughts. 

Other key things would be to ask a lot of open ended questions to get the seller talking like "can you tell me a little about the house?"  Hopefully that question will open up a flood gate and get the seller talking about the house telling you beds bath etc etc. Other questions can be "can you tell me a little about your current situation?" when people open up and talk it creates a connection and people like to do business with there friends. Building rapport before negotiating has always worked well for me.

One close that works really well for me (and many probably won't agree) is I start by offering double what the ARV would be. It really throws the seller off because they are expecting a low offer and a difficult negotiation. Once i broke the ice on price the seller is normally joking/laughing now. I then explain that obviously that number would be great for them, but probably wouldn't be the best move for me. I then jokingly offer then about a 1/4 of what i want to buy the house for and immediately say, but that probably wouldn't work for you would it. By offering in that manner i can start ridiculously low without being offensive and has worked very well for me.

If you want to see the questions that i ask you can go to paymeretail.com and fill out the first form and it will take you to a list of follow up questions that i try to get. If you fill out the form please put your name down as TEST so my assistants know not to follow up with you.

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