I GOT MY FIRST LEAD!!! This thing actually works!! HELP?

[Jerryll Noorden]

OK I got my first phone call. (Well this is the second) but this one seems really serious.

Would it be ok if I asked a few of you to walk me through my first call experience?

I will tell you exactly what is happening and can you all advice what I should do? I know my education and I think I now what to do, but I would rather not make any mistakes. Also other newbies could really benefit from this if it is layed out as detailed as possible.

So:

I just got a call from a seller.

I was completely unprepared. I just send the mailers out yesterday. So I didn't go over the script.

I am not sure if he is very motivated.

He wants to sell,  but he started saying that he wouldn't go below 500K and if you put 100K into it you could easily resell it for about 1.2M

Those are really scary numbers.

So what I am going to do now is do my due diligence, do a driveby, and calculate the numbers.

He said he will be on a business trip and he can not deal with this too much till in March. (not sure if it is a motivated seller).

He did mention the house is not as updated as the others in the neighbourhood.

Other than my research now. 

WHat do you all advise I do?

I told him I will prepare an offer within a few days and I will email him the offer.

PLEASE can ANYONE recommend an attorney?  I don't care where in CT, I just really need an investor friendly one.

[Steve Vaughan]

Hi @Jerryll Noorden.  Scary and exciting at the same time, right?

I would start by looking up the property address at the county assessor's site. See what info they have on the property - who owns it, sales history, assessed value, lot size, house characteristics, etc. Make sure you are dealing with the owner. Never had one suggest a rehab budget and ARV before! Them being out of town AND suggesting and ARV has my hackles up a little bit. Double and triple check who owns it.

Then I would drive by, take notes and try and get some comps. Hard to make an offer without seeing inside.  First steps I would do.  Good luck and please keep us posted!