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December 05, 2021, 09:11:09 pm
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Author Topic: Found potential deal..now what?  (Read 3807 times)

Offline BirdDog24

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Found potential deal..now what?
« on: October 09, 2004, 12:05:32 am »
Hello!

?#1.After I find a potential wholesale deal, what homework do I need to do regarding the property  before I attempt to even make an offer on it? Do I need to check for forclosures, liens etc..etc...or is that done by the title company? ???


?#2.When talking to a POTENTIAL motivated seller, what are the important questions to ask? What if the seller tells me he/she is behind in payments or in foreclosure or some other situation that I dont have experience with yet, then what? Or how do I handle it? ???
 I appreciate everyones advise and expertise on this since I am a newbie and learning.. :-\

Offline Jeff Adam

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    • http://www.ForeclosureProfitsUSA.com
Re:Found potential deal..now what?
« Reply #1 on: October 10, 2004, 11:12:09 am »
Bird-dog:
Here is my first suggestion to you.  If you wanted to be a dentist, you would have to go to school, right?  Well guess what, most investors I know make more money than my dentist does!

You are on the right track in getting started to real-estate investing.  I would recommend buy some courses on wholesaling.  There are some good ones on this site..

In regards to your questions:
#1- Having good title is a must!  After you line up your wholesale deal, tie-it up under contract, you can purchase a title insurance policy from First American Title Company without going thru a formal escrow or closing attorney.   You definitely want to do this.

#2- Use this acronym when dealing with sellers:
                     

                               "WOW"

W- hy do you want to sell?
O-  we?  How much?
W- hen do you need to close?



Also, try to befriend your prospects.  Can make or break a deal.



Best Riches,
Jeff Adam
« Last Edit: October 10, 2004, 11:15:16 am by Jeff Adam »
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