A possible deal

3 Replies

So I just found out about a house that will soon be put on the market and I was able to get the phone number of the seller. Honestly I'm scared ****less to make this call. I don't know if the wholesaling contracts I've downloaded are good to go. As much as I've read I don't know what questions to ask. I'm in TX and RE websites don't list recent home sales prices, only estimates, so I don't have any comps which means I have no idea what range to start with an offer. Should I just let this pass or should I go ahead and make the call and just run with it? Im minimally involved in my local REIA but up to this point I don't have a mentor.

You're going to want a mentor. Start there. Wether it's bird dogging for a Rehabber or another wholesaler. You're going to need contacts that you can leverage during the process. 

Don't know what the ARV is, develop a relationship with someone who has MLS access and so forth for other things.

Can you estimate repairs?

Has a lawyer vetted your contract?

Do you have an EMD?

Do you have an end user lined up?

Not sure what all this is, take your lead and get a bird dog fee on it. 

thank you, I appreciate the response. Your questions and advice let me know that im not ready yet. Now I have to figure out if I can get a bird dog fee. Thx again. 

Where are you located? Find an experienced wholesaler and ask them if you can take him over and split any commissions. Take less than half if needed and tell them you want to be part of the whole process. Maybe you can build a relationship with them, just don't ask them to be your mentor.