I just started wholesaling about a month ago and I am having trouble getting leads from my pre-foreclosure lists. I have decided to market to another list of removal of trustee and probates. For probates should I stick to direct mail? I don't want to come off as an aggressive buyer ya know? I need help on strategies anything that can help me get leads. Books recommendations on negotiations?
@Kayla Norris I think @Account Closed is right. I've heard a lot of experienced Wholesalers say that it's not good for a newbie to start off with foreclosures/pre foreclosures because of the difficulties. Try Craigslist or placing a Facebook ad
Real Estate Agent · Tampa, FL · Member since 2018 · 14 posts · 2 votes
8y
A good book for negotiations is "Never split the difference" by Chris Voss. Try your counties Tax delinquent list as well. That might me easier. Good Luck with whatever you do.
Investor · Austin, TX · Member since 2014 · 184 posts · 229 votes
7y
@Kayla Norris Preforeclosures are super leads when owners have a lot of equity. However, you've got to have a lot of empathy for the owners, have good people skills (these folks are in distress), be able to find owners who no longer there (or their heirs), and offer a solution to a problem owners have. Often, in addition to some money, it is also helping owners move or get rid of piles of junk they've accumulated over many years of ownership which they are unable to remove by closing date, etc., etc.
For example, I recently had to provide a 4-men crew of movers who loaded and unloaded four 15' moving vans to help owners move piles of furniture and staff to their new location.
On top of it, you better know how to handle some of the legal, technical and people's aspects of preforeclosure process. To name a few: - Get authorizations from the owner to talk to the lender, - Obtain reinstatement and payoff quotes from the lender on borrower's behalf so you have figures for the title company to close the sale, - Deal with lien releases (there are quite often liens filed against the owner / property that will need to be released, often with negotiated discounts in order to make the deal work) , - Deal with multiple owners who might not be talking to each other and get them to agree to sell, - Deal with mutliple heirs if owner(s) passed away and get them to agree to sell (and address various title issues related to legally transferring heirs' interests to you)
I had to deal with spouses who can't stay in the same room longer than 3 minutes before starting a shouting match, owners who were only lucid during certain periods of time, heirs in prison, heirs who didn't have an ID to notarize documents, heirs who hated each other so much they refused to sell to spite their kin, etc., etc.
Thanks @Alex G. for the feedback that really helps. I’ve took a break from wholesaling for the last couple months bc I was getting frustrated. Now I’m confident that I can get back in the field. It’s a lot to learn
Investor · Austin, TX · Member since 2014 · 184 posts · 229 votes
7y
I should have mentioned, if you're mailing letters and cards to them in a competitive market and hoping for a callback, you'll probably be disappointed by no or very poor response. I'd suggest a direct contact either by door knocking or calling on the phone. Also, you have to develop some thick skin as some of these owners are in a bad mood. Understandable, given their predicament.