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

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

Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes

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.

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Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
10y

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!

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  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    10y

    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!

    6Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    HAAAA YESSSSS!!!!!  Super scary excited nerve wrecking.

    You know, I dont think he is an out of towner. He is in CT, Not sure if it is an absentee owner either.

    I will check it out.

    This is awesome info. Thank you. I was feeling lost on what to do. This gives a SOLID work plan.

    I was about to drive to the property and take pics and find out what I can.

    You would do th tax stuff first I see.

    OK I shall do as you say!

    Thank you!

    2Reply
  • Meghan O'Connor
    Carmel, CA · Member since 2015 · 47 posts · 15 votes
    10y

    Congrats on your first lead Jerryll!  That was fast!!

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    i was about to write you!! Yes it was. Totally unexpected!

    0Reply
  • Robert Schuhl
    Fredericksburg, VA · Member since 2016 · 5 posts · 0 votes
    10y

    I would also look at realtor.com and zillow to see if it has been listed in the recent past. Perhaps you might find some inside pictures. If you don't have someone who can let you look at the MLS on the inside, I would look for a local partner there too.

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    :)) thank you all

    Owner is not very friendly sheesh. Didn't even want to shake my hand. He did but I stuck my hand in his face trying to bring down his walls. Weird...

    House is OK but it is surrounded by mansions. He made sure to tell me to drive by the neighborhood to see the huge houses.

    I am driving now so will keep it short

    0Reply
  • James MasottiPro Member
    Rental Property Investor · Washington Township, NJ · Member since 2015 · 1k+ posts · 976 votes
    10y

    @Jerryll Noorden - How'd the visit go today? Were you able to make any traction?

    Podcast Guest on Show #312
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Jerryll Noorden   If seller said that to you.. then he or she is very aware of what they have ... not many folks are going to just blurt out that you can buy this for 500k and put in 100k and make 500k... that does not compute... careful your not getting played

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
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    3Reply
  • Zana Blue
    Investor · Saint Augustine, FL · Member since 2015 · 227 posts · 61 votes
    10y

    Why doesn't he put in the $100,000 and sell it for 1.2 million....why sell it for $500,000....I guess I am asking why does he need you...that would be my question :)

    1Reply
  • Account Closed
    Denver, CO · Member since 2015 · 10 posts · 3 votes
    10y
    Yeah Jerryll! This is exciting- congrats on the first step. When you're living the life you always wanted in 5 years, you'll remember this feeling.
    1Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    My loyal subjects, Thank you (I am so kidding).

    So let me address it all.

    I am not going to get played. I am WAY too ... how you say...  dubious? .... of anything and anyone especially while on new terrain.

    Imagine a stubborn old man, that thinks he knows everything there is to know about everything. Probably because the wife is submissive and has no opinion of her own. Sounds SO bad, but that is what I could tell.

    The house is worth around 650. 

    A few houses down there is an other house worked on. With a sign "for sale by owner".

    I call them up, .. that house has new electrical, new wiring, new windows new roof... "new everything" [in NY accent].

    He sells it for 730K

    Now the home owner  tells me  dump about 100K in and sell it for over a million. It is obvious he didn't do any research. He thinks it is that much because he thinks memories are worth money. The heartaches getting the house  probably to him makes the house  a gem.

    But my lovelies, I don't care. I do not NEED the deal. I will use this as practice.  Just going through the motions and becoming tough with my negotiation skills as well as analysis skills.

    To answer you (someone asked this). WHy not put 100K himself. Well to their defence... not everyone has 100K to invest.

    So... I got 2 more phone calls... 

    one just wanted to see how much I would offer. Silly bugger !

    the other... well...so I just came back from the second house..

    When we spoke over the phone, he wanted 425K. OK so.. if you see the house...  It was bad. Really bad. I almost threw up thinking about my house in florida, 5 bed 3 bath, on a spring fed lake NEW construction lux house... 268K

    I wouldn't accept that house even if HE paid me 100K for it. And he wants 425K!!!  I know this is CT and homes are more expensive.. but how do you even BEGIN making an offer on something like this when he starts at 425K!!

    But regardless...  it feels so weird I am actually working on real estate. My own business :)))

    Hope I will finally get a rel motivated seller. I will hug him, and kiss him, and will call him George ..

    8Reply
  • Randy E.
    Rental Property Investor · Durham, NC · Member since 2014 · 1k+ posts · 1k+ votes
    10y
    Originally posted by @Jerryll Noorden:

     I will hug him, and kiss him, and will call him George ..

     LOL.

    Congratulations on the call backs.  Good luck.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Jerryll Noorden  get a RE license and convert these to realistic listings in a high priced market like that you will probably do far better in the long run  ( income wise) ....

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
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    2Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    I really want to get my RE License.

    My situation right now doesnt allow it.

    A quick recap. I was shipped here to CT on a 18 month contract. Was paid like a God. Contract ended unexpectedly. I already paid feb rent so no use to crawl back to FL right now. So I decided to risk it, dump money into marketing and see if I can get 1 deal here in CT. If I do I will stay. If not I am going back to FL. (although I have a new offer in CT.. being paid like 2 Gods!!).. Told them I need till end of Feb to consider it. SO I will give this a real go.

    Back to the RE,  I am not sure yet where I will be so I will wait to invest into getting a RE license... :/

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    so tell me. How do you amazing experts manage to do comps (if you are not a REA) without worrying some shady investor REA will swoop the deal from underneath you?

    I made contact with one REA that I fully trust. I made contact with another that was SO selfish. Doesn't want to share anything (for no reason). And I mean things that would have no effect on him. 

    So serious question. Why does no one want to share attorneys? Is there something I do not know? How does  refering me to an attorney have any effect on you? I need work done. I need my contracts reviewed. I will pay.  I just don't get it...

    1Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y
    Originally posted by @Randy E.:
    Originally posted by @Jerryll Noorden:

     I will hug him, and kiss him, and will call him George ..

     LOL.

    Congratulations on the call backs.  Good luck.

     Thank you :D

    0Reply
  • Shella Sylla
    Investor · Birmingham, AL · Member since 2016 · 4 posts · 0 votes
    10y

    Don't get discouraged by the selfish realtor. That's more of a personality issue than an industry issue.  You're right there is no reason to not refer an attorney.  There are a lot of good folks in the industry who will be willing to help, just keep asking.  You'll get the info you need.

    Shella

    0Reply
  • Kaizen Christian
    Orlando, FL · Member since 2015 · 19 posts · 13 votes
    10y

    Let me just say that your writing is super animated and engaging. It's very enjoyable to read your progress as well the feedback members are offering. 

    2Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    Thank you very much :)

    I received 4 calls today. 3 of which were angry. So they say "HELLO!!"

    and I respond with  " Hiiiiiiii how are YOU doing today  goooood morning to you"..

    suddenly... they completely change their attitude.. "tell me where did you find me?" much more politely.

    ;)

    1Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    find the assessed value. My Jerryll Friendly Real Estate agent also gave me the assessed value.

    Sorry this is such a newbie question but why do I need to know this value? What am I using it for?

    0Reply
  • Account Closed
    Orlando, FL · Member since 2015 · 79 posts · 20 votes
    10y
    Thanks for sharing Jerryll Noorden. Please keep us posted.
    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y
    Originally posted by @Account Closed:

    Thanks for sharing Jerryll Noorden. Please keep us posted.

     You betcha! ;)

    0Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    10y

    @Jerryll Noorden- the assessed value isn't that important. Here I can get a really rough FMV estimate at 120% of assessed value, but I am more interested in who owns it (the caller?) and the sales history. Lots of other info from the assessor's site like lot size and legal description, too. I always look there real quick prior to driving by or meeting someone.

    2Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    Made good notes! Thank you very much. I will do this!

    0Reply
  • James Ritter
    Glen Cove, NY · Member since 2015 · 110 posts · 18 votes
    10y

    Can I ask how many mailers you sent? Absentee? Did you use listsource or something else?

    0Reply
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