Real Estate Investing Forums

Real Estate Investing => Bird Dogs, Wholesaling => Topic started by: txregal on October 23, 2008, 01:05:36 pm

Title: I'm STUCK! Panicking... New Wholesaler
Post by: txregal on October 23, 2008, 01:05:36 pm
Ok, so I am working hard to build my list of investor/buyers - I have people contacting me wanting me to send them properties (yay!) but I don't know the knitty gritty details of contacting sellers and getting property under contract...

I have access to a few websites that list properties from motivated sellers/other wholesalers.  Do I test the waters with my buyers before contacting the person advertising a great deal?  (meaning, do I let them know I have a property for X-amount-after-mark-up, would you be interested) Or do I contact the seller/wholesaler first and propose an offer?    Is emailing them acceptable?  Do I have to get a hard copy contract first before I check if my buyers are interested?  Sorry if these are dumb questions, I feel like a deer in headlights!  Please help! (Houston, TX)
Title: Re: I'm STUCK! Panicking... New Wholesaler
Post by: scostell on October 23, 2008, 02:18:05 pm
My newbie opinion is that if you have a trusted advisor (mentor) you can ask them what they would pay for the house.  But I wouldn't ask that of people who you want to actually sell it to unless you have the property tied up already.  If you play that card to many times and can't deliver the house, your name could go in the toilet.

Just how I see it going, I might be wrong.
Title: Re: I'm STUCK! Panicking... New Wholesaler
Post by: hassansr on October 23, 2008, 08:08:53 pm
you just need some good coaching. After you have spoken to about ten sellers it'll be a snap creating and presenting offers.
Title: Re: I'm STUCK! Panicking... New Wholesaler
Post by: txregal on October 24, 2008, 10:36:22 am
But I do need to get the property under contract first with a form, right?  And what if the person marketing the property has it under contract from someone else - if they are wholesaling it through control of the contract as well?  Can you transfer mulitple times before the sale?  How does that work?
Title: Re: I'm STUCK! Panicking... New Wholesaler
Post by: bjboydent on October 24, 2008, 12:06:59 pm
You do need a contract.  Do you have a title company?  Title companies usually are run by lawyers which means they have contracts or can tell you what legal terms to use.  If they don't go to a real estate lawyer and they will have a simple contract for assignments.  Also, you can use the board of realtors standard contract.  Keep on truckin'  and most of all have fun!!

Brandon
Title: Re: I'm STUCK! Panicking... New Wholesaler
Post by: Akash on October 24, 2008, 10:05:16 pm
I have access to a few websites that list properties from motivated sellers/other wholesalers.  Do I test the waters with my buyers before contacting the person advertising a great deal?  (meaning, do I let them know I have a property for X-amount-after-mark-up, would you be interested) Or do I contact the seller/wholesaler first and propose an offer?