Okay, so lets say that you have set up the proper foundation for a wholesaling business and have leads flowing in. What questions do you ask the seller to determine if the property is even worth checking out? How do you filter potential leads from garbage? Also, how do you go about asking these questions and handling the situation? Thanks for the help!
You may get a lot of input on this topic. But one key thing I have learned - Find out how much they owe, and always make a ballpark range offer on the phone (I use 55-65% ARV assuming every house needs work). This way if they want signficantly more for the home, you don't spend the time driving out there, reviewing the property, working up a repair estimate, and then not getting a deal.
BTW, I add the leads that don't pan out on the phone to my follow-up list as they may become motivated over the next 6 months.
Good points by @Dave Savage . Also focus on the sellers motivations (if you don't know already by the source of the lead)- why are they selling? What is their most pressing need? (speed, cash for something? what?)
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