All Forum Posts by: Chris Knight

I have been running TV commercials that are pulling leads from all around my core area (Charlotte, NC). I have a lead for a home that is about 1.5 hrs. away. Here are the numbers:

ARV: $60-$65k (Has appraised in Aug. '08 for $74.9K) but it's difficult to find comps because it is in a rural area (not a neighborhood and about 5 miles outside of the city
Repairs: minimal; $5k (alot of updating took place in 2005)

I have negotiated this so far to $35k. It is listed with a realtor, so I will need to submit this through the realtor, but I have been negotiating directly with the seller, since she called from my commercial, she owns the home free and clear, as an inheritance this year.

I have talked to a couple of buyers around my core area, but no one really buys in that rural area. To make things more appealing, I have went back to the seller and let her know that because of the area, $25k - $28k is about the best I could do.

I am just curious how everyone here handles leads from very rural areas, where there are not great comps and there are not many buyers. Do you just stay away and try to buy where you have established buyers? If I can buy at $25k - $28k, I feel like there is a lot of potential.

Any thoughts are greatly appreciated.

Thanks,

Chris

When I was getting an education in wholesaling I had a difficult time finding a book only about wholesaling...

This forum is a great resource. It may be helpful to purchase a course on wholesaling off of ebay. You may be able to gather as much info as you need on the forums.

One creative way I have heard of recently is to look up absentee owners/landlords that have recently purchased property.

Send them a postcard and have them e-mail you. Save their e-mail address and have it available when you have a home under contract.

Direct mail
Flyers everywhere
Business cards everywhere you go
Bandit signs
TV
Newspaper Ads
Farming an area for vacants and absentee owners and then sending a postcard or letter

If you are wholesaling a home directly from a seller the pof should not be needed.

If you are trying to wholesale REO or through a Realtor/MLS, you will most likely need the pof.

If you need one, contact a HML and they will most likely write up a generic one for you.

1. Win Friends and influence people
2. Rich Dad Poor Dad
3. Think and grow rich

Hello everyone,

Just introducing myself. I am in the Charlotte, NC market and am a beginner wholesaler.

I look forward to learning a lot, asking questions and answering questions.