All Forum Posts by: Jeff Warner

Forgot to mention, DON'T tell the Realtor that you are Wholesaling anyway. Just tell them you are looking at it for an Investment. If it's a REO, the Realtor is working for the Bank and will try to get every penny they can. That's my opinion.

Jeff

I hate closed minded Realtors. I had a Realtor the other day that had never heard of Wholesaling and did not understand Sandwhich Lease Options. When I explained what we did the only thing she said was "Your not a licensed Realtor, how can you do that?"

I think some Realtors look at Investors as either competition or crooks, the good ones see a potential customer. I would just laugh it off and find another realtor.

Jeff

The number of letters is definitely not the problem, I would reconsider the message. I personally don't like the generic "I BUY HOUSES" stuff, but that's just me. Who knows how many of those "I BUY HOUSES" letters have already been sent to those same people.

Another thing I would suggest is to pick one strategy and stick with it for a while. Mailing to all those different types of properties can eat up your cash pretty quickly.

For Wholesale I would stay away from expired listings, those may work better for lease options. I would stick with the distressed/vacant/boarded up properties.

Do you have a buyers list in place?

Jeff

Chris,

I could be way off base but your comment about being worried led me to believe that you put the deal under contract for their asking price, then added your wholesale fee.

Some people are angry to see that someone else is making money off of their home even though they pay Realtors 6% with no questions asked.

I let people know up front that I am going to market their home to my list of buyers. In this market I've found that people don't really care what you do just as long as they get the money you agreed upon.

How strong is your buyers list?

Jeff

If you have a solid contract there should be no issue. The one thing that concerns me is this statement:

"I'm worried that if I put a newly contracted home on the web with it's new-higher price then the original sellers will see it and try to back out."

For this to be a GOOD deal you should have it under contract for LESS they they originally wanted, hopefully A LOT less.

To answer your question, I'd have it faxed, emailed, posted or however you do it as fast as humanly possible. The clock is ticking, how many days do you have until closing?

Jeff

Thanks Jon, I'll keep you posted.

Jeff

Thanks Jon, I think this is a very workable deal. The seller has a 30 year fixed rate, not sure what the interest rate is but it was taken out about a year ago. I think my seller would be happy with this deal, I'll see if I can put it together.

Jeff

Forgot to mention that for me personally Section 8 Landlords have not been very promising. I have 10 or so on my buyers list but most of them don't seem very serious. Out of those 10 there is only one that I know we'll do a deal with eventually, the others would be a surprise.

Jeff

Jesse,

My personal favorite is to WALK through a neighborhood instead of drive. I work a tight area in my town and I know it very well, but I learned things while walking that I never would have been able to focus on while driving because of cars, people etc.

I'll find homes that we're sold for CHEAP weather they we're foreclosed or just discounted and check on them until I find a Rehab crew, if I see the guys working ill walk up and talk to them, tell them what I do and get their info.

Finding people actively flipping a house in the area could be a great way to find a buyer.

Jeff

I didn't think about a Sub2 but that would work great. My sellers main goal was to get his money out of the deal and 30-35k would do that. I'm thinking about setting the sales price for $129k with a 3 year balloon payment at 12% interest. What do you think?

Jeff