Analyzing A wholesaling deal

[William Hunt]

When cold calling, do you  analyze the deal before or during the call in order to make a cash offer?

[James Heller]

Hi William — I certainly don’t. It would take far too much time, and to be honest most sellers are going to have 10+ conversations with you before they are actually ready to sell. That being said, knowing the area is important and having a rough idea if you’re looking at a potential deal or not is a good skill to have. 

Follow the four pillars — Condition, Motivation, Timeline and price. the first three will tell you that you have a strong potential lead, and then you can begin digging into the numbers. 

[Joshua Janus]

Get as much information from them on the first call as you can. Here is what I try to gather:

notes on owner / owner motivation

units / beds / baths

price range

email

rented? price?

lease structure

water tank, ac, furnace, appliances

roof

overall condition of the unit(S)

[William Hunt]

@James Heller thank you man, greatly appreciate it!

[William Hunt]

@Joshua Janus imma have to add these tips to my notes, thank you!

[Wale Lawal]

@William Hunt, listen, understand and make it happen.

Goodluck!

[Will Barnard]

Never! Analyzing the deal before you have spoken to the owner to gage their interest would be counter productive.

To add to the list of questions, "do you know of any items not working in your home"? Have you had any insurance claims against the property? Are there any material defects that could affect the value of your home that you are aware of? How much do you owe on the property? Is it just one first mortgage or several? Would you consider owner financing? How much time would you need to close, I can close fast in 14 days or wait as long as you need.
When would be a good time to come visit you and the property so I can run my analysis and make you an offer?

[William Hunt]

@Wale Lawal exactly, thank you for the tips!