All Forum Posts by: Roland Paicely

Is it possible, Yes!  Is it a good idea, probably not.  That being said, if you have no other choices then do your homework and be mentally ready.  There are different challenges doing virtual wholesaling. 

Are there any successful investors in your area that can guide you through the process locally? Is there a REIA? You can get a wealth of information that way.

Good luck..........Roland

Hey Kirk,

It's great that you are finally taking the plunge.  You'll find out that it's not as scary as you might think.  In response to your questions:

(1) I don't have an answer for that one.  When I've done absentee owner mailings I did not enter that as a requirement.  Although the amount of equity certainly can affect a wholesale deal.

(2) I think that sending out 550 initially is a good amount.  I'm sure that you will get some responses.  Be prepared that most will not suit your needs.  But the good news is that it will provide you feedback and who knows you might get a deal from it.  A lot of investors mail to the same list every month or so.  Again I think the response will tell you what to do. 

(3) I have done wholesaling as a Realtor. I think that it is always best to disclose to the seller the fact that you are an agent.  Nothing beats transparency.  Also, based on the response that I received it didn't seem to matter to the seller at all.  They are only concerned with selling their house.  In a sense some sellers will feel more comfortable dealing with you as an agent. 

Good luck........Roland 

Look into Listsource & Click 2 Mail.  Absentee owners

I think that you should consider how much are you budgeting for marketing and time.  I think that direct mail can get you a very vast response.  However, it is probably cost the most.  Bandit signs will also give you immediate response.  However, you need to put them out at quite a few locations.  You also must be aware of the 'Sign Police'.  Driving for dollars is effective but takes a little more work.  Networking is probably the best overall.  But it is more of a longer term strategy. 

There are a lot of ways to get out of a deal.  However, the first thing that I'd do is talk to the seller about the situation.  If the numbers aren't good enough let him know.  Remember if you are dealing with a motivated seller they can still be flexible enough to make the deal happen.  It's nice to have escape clauses.  But also focus on how to make the deal work!

Eury,

I can't say that I've heard of any glue for signs.  Have you considered a sign stapler?

Driving for dollars, direct mail, bandit signs, networking just to name a few.

The balance is paid through the proceeds of the sale.  Otherwise the sale cannot happen and title cannot be transferred.  Example:  If the buyers is buying the house for $180K.  She will bring a check to closing for $180K.  From that the closing agent will send $150K to the lender so that the loan can be paid off.  This of course is the simplified version.  There are other parts to it.  But that's the general idea.

What is your experience level?  Are you a beginning investor or do you have a lot of experience?  If you are fairly new then without a doubt stick to one market first.  After you have sustained success with that then you can expand.......good luck

Great job and great thinking.  Using the profits for more marketing, I love it.