What should I do ?

9 Replies

One of my direct mail letters was received and the son of the owner received it. He doesn't live in the state or doesn't know the condition of the property so he is referring me to his sister who does live in the state. I was told the father is elderly and not in his right mind so I have to talk to the daughter. Before I got off the phone with the son I confirmed the address  and looked online and couldn't find much that could help me evaluate the deal. Which also has a vacant lot next to it that's owned by the owner. So this morning I drove pass the property it was on a tiny block which no one lived on all the houses where abandoned. So I don't think this is a good deal to wholesale. The area isn't great. I didn't find this property on my own someone referred it to me because they saw it was abondaned and knew I was looking for vacant/abandoned properties.  So I don't know what to do. I'm pretty sure the daughter will call me about the property. Should I still try to wholesale the property? So I refer the property to someone else ? Should I just tell the daughter I'm no longer interested? Any suggestions or advice for me ???

You are already putting roadblocks up to your success.  If you are telling people you are looking for vacant/abandoned properties thats what you are going to find.  Have you networked with anyone who is buying in the area? Have you reached out to your network?

The other thing is, it's a lead.  Why cut it off before you know you can't get it?  What if they only want $1,000 for it?  You never know until you know.

Given what you know/have shared this would only make sense if the property was dirt cheap. If its in a really bad area where it's all boarded up it could be really hard to wholesale. I would contact a local Realtor that you have a relationship with and ask them to run comps. Find out what they want for it/ how much it needs then re-evaluate. It wouldn't hurt to network at a local REI group. If people are buying in those areas that is most likely where you would find them.

Originally posted by @Troy Fisher :

You are already putting roadblocks up to your success.  If you are telling people you are looking for vacant/abandoned properties thats what you are going to find.  Have you networked with anyone who is buying in the area? Have you reached out to your network?

The other thing is, it's a lead.  Why cut it off before you know you can't get it?  What if they only want $1,000 for it?  You never know until you know.

 Thank you Troy for the advice! I agree with you. 

Originally posted by @Ryan Dossey :

Given what you know/have shared this would only make sense if the property was dirt cheap. If its in a really bad area where it's all boarded up it could be really hard to wholesale. I would contact a local Realtor that you have a relationship with and ask them to run comps. Find out what they want for it/ how much it needs then re-evaluate. It wouldn't hurt to network at a local REI group. If people are buying in those areas that is most likely where you would find them.

 Thanks Ryan for the suggestion !

There is always someone who can monetize an opportunity. The challenge is knowing what the opportunity is, how to do it yourself or knowing who does know what to do.

That's just oart of being new.

If you are truly a wholesaler, you could use your own money or already know who to call.

If you are really a lead generator (aka bird-dog), then its a matter of working harder to find people who works these kind of situations. 

While it may be an objective, not every caller turns into money for the one answering the phone.

This is exactly why we advocate getting a license.  Any "hindrance" to your investing business is probably a myth, but when you embrace the creative and the traditional side, you can forget "exit" strategy and work more to sell the homeowners that you are their solution no matter what.

You may put it under contract and find there are no buyers at that price.... if you've convinced the homeowner you ARE the solution, its easy then to switch it to a listing and still monetize the lead.

Not to mention, sounds like MLS access would help you with your research.

Good luck!

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