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… :-\
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