I would be so nervous when I am about to close my first wholesale deal. I have no experience in business transactions with clients, especially closing wholesale deals. I am talking about what do you say from start to finish from talking to the sellers all the way to sitting at the table at the title company.
I want to learn all this so I don’t totally embarrass myself in front of everyone involved in the deal. I have to learn how to sign contracts and what contracts have to be signed to get the deal done.
It also helps to be able to listen in to a call or two of an investor talking to a seller. If you don’t have access to someone that can do that for you, I do have some recordings of ones that I use for training that I can let you download for a nominal fee. Just let me know.
Guys, as a reminder the “discussion forums are intended for asking and answering ONLY INFORMATIONAL questions SPECIFICALLY related to real estate investing” - not as a place to hawk your wares. Please do not do this.
Just don’t sound like you’re reading from a script. Our Realtor told us every once in a while he’ll get a call from someone who apparently just finished a course and calls him to start investing. He said it’s so obvious they’re reading something to him over the phone and they’re usually only interested in one particular thing (I only want to deal with short sales, etc).
Get comfortable with whatever you’re going to do so you can make it sound good.
When you meet the seller it should be to verify the condition of the house, take pics, and sign the purchase contract. Prescreen over the phone, not in the home. By the time you get to the house you should already have the gist of the deal already worked out with the seller…ie, if it’s a wholesale deal you should already know the seller will sell it very cheap…if it’s a seller financing deal you should already know the seller will carry.
If you prefer to prescreen face to face it’s probably a good exercise but sooner or later you’ll get tired of wasting time & gas.
As for talking to buyers about your wholesale property, just be honest and tell them what you are doing and how you make money “with your assignment” most savvy investors will already know how you make money if you tell them your a wholesaler. If your nervous about talking to investors that’s normal when your first starting out, don’t worry about it tho. Just focus on the conversation, be honest, and speak what you know and above all NO BSing :banghead
I may have just saved your career then, because you absolutely would have become thoroughly burned out and disgusted with REI if you spent all your time driving around looking at dozens of properties you’ll never buy, utterly wasting time. Keep in mind that the overwhelming number of people will never do business with you. You’ve GOT to prequalify every prospect over the phone or else you’ll be one of those people who say, “investing doesn’t work here” or whatever.
First thing you must do is prequalify the leads to determine if further action is warrented. Need to ensure they are a motivated seller and have the ability to sell to you under acceptable terms BEFORE leaving home.