All Forum Posts by: Brandon Proctor

Congrats @Eric Bates I sent out 200 letters 3 days ago. The next day I received 8 calls with about 2 or 3 motivated sellers. 

All in all I have gotten 15 calls with 4 motivated sellers. Just stay motivated and determined and it will workout for you I truely believe. 

Keep us posted. 

I started my campaign 2 days ago and I have received 12-15 calls with around 4 sellers that are motivated. I somewhat follow what I heard Michael Q mention In a podcast. 

-Do you have a house to sell,

-Is it with an agent or being listed?

-In today's market how much do you think its worth?

-When can I see the house? This weekend or next week?

What's the least you will take for the property?

Of course I ask them as the conversation grows and not all at once. It has worked pretty well for me. I won't see the houses til this weekend but you are still negotiating while face to face. You are also figuring the ARV while at the home as well so you can put In an offer to buy. If the numbers work.

I just got a voicemail from a gentleman that seems to want to sell his home. So naturally I checked the property before I call back.  I normally just look on zillow to check the location of the house and if any homes in that area have sold recently and for what price. 

While I was looking over the address I saw that the home is pre-foreclosed. What steps should I take when dealing with these type of sellers? The seller has equity in the home due to me filtering my list for those type of potential sellers. 

Thanks everyone. 

 I ask 5 questions during the conversation that I got from Michael Q. 

-Do you have a house to sell?

-Is it listed with an agent?

-How much in today's market do you think its worth?

-When can I take a look at the house?

-What's the least amount you will take for the house?

That's worked pretty well for me to find motivated sellers or sellers that need to sell. 

Thanks @Mark Gagner I'm definitely trying to do my due diligence in this process with it being my first potential deal. 

The homes vary on the price as they go up the road. Not sure if that's a huge deal but the prospects home is 1649 sq ft (similar to homes up the street) while homes close to the prospect home are mainly around 900-1000 sq ft. 

I just want to get as close to the ARV as possible. I will ask the seller for a lease to lease option as well. Thanks mark!

Thanks @Jerry W. For the quick reply. The home the prospect wants to sell is a 4 bed 3 bath. The comps in the area vary in bedrooms and bath but the square footage that are selling with similar sq are around 130k to 140k. The square footage for the prospect home is 1649. 

I'm not sure about the rental rate, have to do a little more searching to find out. The seller does have tenants in the home as well. I believe she said their rent is 850.

Hello again BP!

Earlier today I spoke with a potential seller on a property that she is currently renting out.  She stated that the property has been stressing her out and that its a big headache.  I told her I would be willing to purchase the home from her and followed by asking whats the minimum price she would take for the home.  She states that she bought the home for 63k and she added an extra room to the property.  She figures its worth about 10k more with that one extra room so now she is at 73k....asking.

I have a real estate agent who just sent me comps of homes that are on the same street as the prospect's home.  The homes are ranging from 120k to 189k.  I am going to look at the home this weekend with a General contractor friend of mine. 

My question is using the 70% rule figuring the ARV for the home would be $150,000 * 70% = 105,000 - 15,000 in repairs, comes to 90,000. So $90,000 would be the highest the end buyer should pay for the home correct? For myself to make a profit I need to get the price lower than 90k obviously. With all that being said 90k minus 73k (sellers asking price) would come out to be a 17k profit correct?

Please let me know if I'm missing a step if my math is totally wrong.

Wholesaling does take time and determination, you aren't going to get rich off of the first few deals you get. You have to stay at it and make sure it's something you want to do because if it isn't you won't strive harder to meet your goals. IMHO. 

I just started my direct mail campaign yesterday and I have received 6 calls today with two motivated sellers maybe 3. The calls can be a bit much and talking at first is a little nerve racking but you will get the rang of it. I also have a full time job in the military and I have found time so it's not impossible just takes work. 

Good luck@Alesha Rayford !

Very true @Priscilla Z. I talked to her sister over the phone and she didn't know a ton about  what her sister wanted to do.  I'm expecting a call back possibly a little later or tomorrow.

Since making this thread I have also talked to 5 other prospects and 2 seem pretty motivated.

Welcome @Tamara Kalama ! Coming from a pretty new wholesaler! There is a ton of information here to get your career started!  Good luck!