All Forum Posts by: Benjamin Johnson

Annette Hibbler I sent you an e-mail about the property. I believe there was some confusion. The seller moved north of Detroit, the property itself is in South Bend, IN.

I've spoke with a seller who moved out of my area and north of Detriot. He has a 3 bedroom 1.5 bathroom he wants to part with for $15K. He's firm at $15K and I checked county assessor, the parcel was assessed at $62.5k as of 5/12/13.

We've agreed to $15K being the price, and I have the contract from BP on my computer.

Now, I don't know where to go. I read for a month and BP said get proactive and find a seller. I did that and now that I have a seller who wants to do a contract, I don't know what to do next.

He knows I'm a wholesaler, but just don't know how to go about getting this idea brought to reality.

Any guidance, links, etc would be much appreciated (the sonner the better!!!) I have poured my time and energy into letters and door knocking and cold-calling and now it may pay off. Only problem is I feel clueless as to what to do next. Please help!

-B

Wayne Brooks The house is empty, and I was confused on what the other property was. I want to say yes, but thats the optimist in me. I may just keep an eye on this one until I get more experience, though.

Side note, I've had a lot of success on finding vacants and using the website I describe to find homeowners names, addresses, etc. And also found a property that is in the price range of a buyer I have lined up. So shifting focus on that for now.

Thanks I'll update soon,

-B

I've continued following up on a lead today but have hit a minor bump.
I looked up an address online and was given two different owner, one has primary and the other front lot listed under land type. Details below:

Our county assessor and recorder has an online database. I went to the assessor to find the name of the owner the property I was interested in, only to find two names and two different Parcel ID.

Upon opening these documents, I see that both are dated from the same day. The only differnce between the two, is under land type, Owner 1 has the word 'Primary', while Owner 2 has the words 'Front Lot'.

I went ahead and looked up each owners' name on the county recorders website to see what info it would yield.

Owner 1 has an entry from April of this year that says 'Mortgage Release $11990'

Owner 2 has an entry from October of 2012 that says 'Assignment Of MTG'

Because I want to learn, time to see if my intuition is on.

I think I should be contacting owner 1 as they had the most recent entry and that entry was 'Mortgage Release'.

Calling all wholesalers who remember being new, lost but excited and determined. I'm putting in the hours and pounding pavement. Please help!

Thanks BP, you guys rock!

-B

Ty Burns - Thanks for the idea. Have a few friends who might do this.

Thanks the responses. Josh, I like the idea, however will probably wait until I've exhausted others ways of contacting them. Glenn, the goal I've set is 20 a week. (To find) Very doable with the amount of time I have.

Good luck to yyou both.

-B

I posted the question and continued to investigate. After about 20 mintues of digging, I came up with contact information. So no response needed, I seemed to have worked right through that initial problem.

Been driving around town with my future mrs. looking for vacants and stumbled across something that we both agreed might be worth pursuing.

Neither of us have put a property under contract before and are eager to begin the process.

I went to our county tax assessor's website and I live in an area where the records are available online (what a godsend) to get the name of the property owner.

I now have a name but the address listed on the website is for the vacant property.

So, our question to the experienced, how do we contact the owners or at least get a primary address?

Thanks for taking the time to respond,

-B

Bumped for some guidance

(Question at the bottom of post for your convenience)

Hello BP wholesalers,

I'm currently getting into wholesaling and have decided to create a webpage for my sellers to be directed from my bandit signs.

Part of my strategy is to be completely transparent.

It is not my main goal to make money but to help those who have found themselves in a stressful situation with distressed property.

I have a "How it works" tab on my webpage and was wondering if it is a bad idea to explain how the wholesale process works. I mean in detail, including the 70%ARV formula with examples.

Now, before we overthink this, I have superior selling skills and razor sharp intuition in situation where information is imperfect (i.e. the "feel" of the conversation). The releasing of this information is just as much of a sales tactic as withholding it imho. All about trust and honesty to establish a good reputation and I do not want to start off having to fix my reputation, so I have opted to just put it all on the table.

My thought process is this: I don't have any deals under my belt (and once I do it may be sometime before I have "established" myself within the cash buyer community) so why not explain that this is about finding a solution for everyone. If I focus on selecting property heading towards forclosure, I truely believe that I could explain to someone in those types of situations (physical damage, financial trouble, divorce) that this is the best option with the little amount of time. Better to be in debt 40,000 than 120,000.

I look forward to your responses, as everything I've read has been stellar on this site.

Thanks,

-B

Cliffs: Is it a good idea to be that transparent early on in regards to fully explaining what wholesalers do?