I recently decided to try wholesaling as my stepping stone into real estate investing. I have some basic questions and while reading other post I have not found my answers, so I thought I'd ask and see what responses I get.
1. How do I find a Real Estate Attorney? What important questions should I include when deciding if one is a good fit?
2. A property belonging to a property management company that has a tax lien.... should I stay away? Besides a Certificate of Discharge from the IRS, can this be used as leverage for negotiating?
3. When searching for a Title Company, do I need my own or should I rely on the end investors Title Company? Besides Google and Yellow Pages, is there a specific strategy/questions I should use/ask?
4. The market I live in is pretty high, the prices of homes are pretty intimidating especially when offering a contract that states I will pay cash, when I actually don't have any cash for it. What are the best ways to build a cash buyers list without jeopardizing my ethics and morals (such as fake craigslist post)?
5. Preparing for my next networking event, what important things should I include on my business card besides my name, number and email? What grabs a cash buyers attention as well as a motivated seller? Should the graphics be real estate related (buildings, houses)?
I welcome all responses!!!
1. Where to find a good real estate attorney. Referral. I found one through my REIA. He's also an investor and also teaches courses on things such as assets protection. To me if they also invest it's a good sign so they know what you're doing without you needing to teach them about things such as wholesaling.
2 and 3. No answer on this one
3. I built my cash buyer list through networking at my local REIA. When I take a card I write down what area they are looking for property, price range, max repair cost etc. I later I put it into a spread sheet so when I come across something I can see who would likely be a buyer.
I also have a instapage through go daddy (free when you purchase a domain name) with a form to collect info. I'll post an ad on Craigslist to direct people to join my buyers list via my website.
Personally networking is better since this is a relationship business.
I've also added a few names buy calling we buy houses bandit signs whenever I run errands.
5. Business cards - I have my name, google voice number, email address, and website. I went to vistaprint and took advantage of a free 250 cards offer they had. I went with a money motif. I'm sure most investors aren't concerned about if you have houses or not, but one way to stand out is have something other than houses whic most people do.
@Jason Fraser Thanks so much for your response. I didnt think of a spreadsheet. I only been to one networking event and basically I found other wholesalers. I plan to venture out more. Its a great idea to collect those stats when taking a business card, Ill duplicate this one as well.
You mentioned having a instapage. Do you mind posting the address here so that I can get an idea of what to include? Do you recommend buying domain and creating a page prior to making deals?
I'll have to send the link in a message.
In hindsight I would've done a deal first then used a small portion of the money to invest in a website. I only have one because godaddy had a really good deal on hosting and I knew how to put it together myself.
Sure it was pretty cheap but I could've put the money towards marketing materials to directly market to leads. The hour it to took to work on the website I should have put towards searching Craigslist, or driving for dollars, or other more deal producing activities. The website can wait focus on more deal producing activities.
Question #2, it most certainly can be used as leverage for negotiation. This is where your title company comes in. They will see that the tax bill gets taken care of.
Question #3, go with your own title company. Otherwise you might get suprised with something you dont want.
@Ryan Watson thanks for that advice. I seen a property that has a tax lien. I want to call and see what the owner is trying to sell for. Appreciate the info.
Originally posted by @Veronica Roye :
Ryan Watson thanks for that advice. I seen a property that has a tax lien. I want to call and see what the owner is trying to sell for. Appreciate the info. Thanks again
if you dont get anywhere, you can see if you can buy the lien, then take the gamble on if you can finish the foreclosure process.
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