I'm starting out in wholesaling and just wondering what some of the other member's experiences have been with trying to wholesale vacant homes? I have seen a couple of vacant properties here in Memphis that I am interested in pursuing, but not sure how much pursuing vacant properties differs from what I normally see. I plan on sending a couple of yellow letters to the owners since I was able to find their information on the tax assessors site. Can anyone share their experiences? Problems that you have run into? Has anyone found a niche in pursuing vacant homes? Success stories? Horror stories?
That's apart of the game bro... The mail man is waiting on you...
Vacant homes are what we, as wholesalers, are looking for!! Its good because you know they need to be bought by an investor and you don't have to deal with tenants/owners a lot of the times with setting up showing times etc to your buyers.
Try to find numbers too. A cold call works better than a letter sometimes from my experience. Pretty simple pitch, "I was driving in the neighborhood and I came across your house and decided to give you a call to see if you had any interest in selling your house." If they say no...so what? Ask if they have any other houses that they would like to sell. If they say no, then move on to the next house. Plenty of deals out there. Just got to put in the work to get them. Hollar if ya hear me.
There are some owners who won't be ready to sell yet (for whatever reason), but just keep them on your list and follow up periodically.
For what it's worth, every deal I've been involved with that closed was a vacant property.
Thanks everyone. I've started looking at a few other vacant/abandoned houses too. Some I can find the owners of and some I can't. Still adding to my tool set so I can streamline the process. So far just using our tax assessors website, the trustees website, google searches and talking to neighbors. I have pretty good leads on a couple. Is anyone using anything else to locate owners? Finding the actual owner becomes slightly difficult with really common names.
My biggest question wholesaling vacant homes is how do you set an appointment to look inside? Especially, if the owner is out of state? They all want an idea on price and some do not have the ability to "show" the house..Any input is appreciated!:)
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