All Forum Posts by: Mike Schorah

Brandon Turner and DealMachine recommend sending direct mail to driving for dollars. Michael Quarles and Rick Ginn recommend sending direct mail to probates.

Which is better?

If I put a property located an hour from me under contract and I intend to wholesale it, is it better to use my local title company or a title company an hour away where the cash buyer resides?

The cash buyer and property are out of state. But my local title company that I use also does business in that state.

You have to get compensated for the added risk somehow, right?

15-16% and 5 points on hard money loans rules out financing for flips. And BRRRRs don’t work in this market.

Do you have a new strategy or are you buying in cash?

Looking to do pre-probates under $350k not listed on market in low crime areas with 60%+ equity. The populations of my local counties are 100,000+.

How can I be extremely calculated, hyper focused and personalized with this strategy?

You can find pre-probates on PropStream. I work a day job so I’m unable to pull probates from the courthouse at this time.

For instance, if they usually get a contract for a deal at 60 cents on the dollar and now because it’s a drug house get a contract for it at 40 cents on the dollar. Would a 33% discount because it’s a drug house entice them?

It’s in New Jersey.

I don’t want to offend them, but I find that asking them why they are thinking about selling gets me nowhere. They always evade the answer to that question.

A very nice grandmother of a heroin addict wants me to look at a drug house that was inherited. I’m wary.

Do I need a respirator and Tyvek suit so I don’t come into contact with possible fentanyl?

Should I worry about possibly being robbed and assaulted?

If I put the house under contract, should I call the police and inform them of possible illegal narcotics or should I just wait until I discover possible illegal narcotics?

Do heroin houses get condemned or is it just meth houses that get condemned?

 Have you had any luck increasing your cold calling contact rate? Mine has sadly dropped to 3%. Even changing my phone number every month doesn’t seem to help anymore. I’m focusing more on reverse driving for dollars now.  

I have a couple of deals under my belt and I’ve made 80,000+ cold calls. I also have done 332 sticky notes reverse driving for dollars.

I mainly market in a 1-1/2 hour radius of my home and everything is done by me belly-to-belly, including door knocking on non-responsive follow-ups.

I've been throwing away about 10% of my leads because they're in war zones. I also notice that about a third of the deals that are posted in my local REIA Facebook Group are properties located in war zones.

I’m not one to carry a handgun and I generally avoided those areas. However, I know I’m missing out on a TON of opportunity here. It doesn’t look like anyone from that Facebook Group has been murdered (yet), but how difficult would it be to virtual wholesale these leads?

Do people really have the contract signed BEFORE getting pictures of the property? Do people really lock up a contract on the first phone call while virtual wholesaling with no follow-up at all?

Just curious as to how virtual wholesaling works or wholesaling in war zones works because although it sounds easier in a sense, it sounds extremely difficult in another sense. But yet people seem to do it.