I moved from Bossier City, LA to Great Falls, MT and couldn't find, as many or, as good of deals off the MLS.
So I decided to try a Direct Mail campaign, Yellow post cards from yellowletters.com. I mailed to absentee owners (in and out of state) with greater than 40% equity 568 total. The letters reached the mailboxes today. I have had two call backs this morning and I feel pretty good about one of them, so I set an appointment for Friday. This house is in the Tax lien redemption period. I am not sure, yet, how much is owed.
I was very nervous on the phone and stumbled through the call. I am not sure if I got the info I needed but feel good about the appointment.
I am not sure how to explain wholesaling to the seller or if I even need to.
I don't have a contract, and am not sure how to get one.
If, my offer is accepted, how do I start the closing process?
Any and all comments/suggestions welcome
Hey John you seem like a pretty confident guy so I bet you did better than you think. I'd defer to the more experienced wholesalers but really all you need to do is decide what you want to pay, make an agreement verbally, and then put it in writing on a formal ccontract with an "and/or assigns" clause. Like I mentioned at our last meeting I have a contract that can easily be converted for this purpose and also copies of the standard Montana buy/sell you can bump up against.
Personally I'd simply mention that you buy houses but you also work with cash buyers/investors in the area. Don't think they need or care to know anything else.
If you decide to buy i'd get with a title company and go from there. If you want to assign start working the network starting with me, ha. I think the biggest question is how much the ARV is and what you can get it for. Friday also seems like a long way away.
@John Monroe you can find some good contracts on here in the Fileplace. There is one specifically for wholesaling so you can assign the contract.
You can just say to the seller that you or one of the investors you team up with, will purchase the property and if you want to point out that line in the contract.
@John Monroe ... how did the meetings go? Is there anything our group could do to assist you? You know we gotta look out for our extended family ;)
@John Monroe JD, glad to hear the mail campaign has some early success! Get a good seller questionnaire template so you are gathering the same information from each of your phone calls. Sorry I can't be much help with contract/wholesale process, but give me a call if you need any help while you are out in the field/stuck at work.
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