Meeting with a prospet and Making an offer on

[Cusmore Simon]

Hi everyone on BP. I’m still quite new here and to Real Estate wholesaling. I'm currently wholesaling in new haven county in CT. I’ve been meeting with prospects lately and haven’t been able to get anything under contract. So of course I go back to the drawing boards and listen to podcast and do some research to see where I need to make changes. One thing I came across is making an offer at the initial meeting or even first contact over the phone. I may be over thinking a bit, but how do you go about making an offer and not lock yourself in at the price you just threw together from your initial viewing of the property? Are you making an offer with the contract but allowing the owner a day or two to decide to accept or not so you can do further due diligence? Or is there another way to offer that still leaves negotiation on the table? Or are you just offering what you estimate to be the MAO but make sure you have escape clauses in the contract so that you can still exit when needed? Anything would be helpful. Thanks!

[Jason D.]

@Cusmore Simon I'm not a wholesaler but I would say that you make an initial offer with a letter of intent, contingent on an in person inspection? The letter of intent in non-binding so it gives the seller an initial offer, but will allow you to see the property and adjust, if necessary. I would caution you though.... if your initial offer is $100k, and after visiting the property, you revise it to $50k, you wont get many deals. Make sure you are making fair, initial offers, as to not lose the sale due to "sticker shock"