My First Wholesale Deal -- PLEASE HELP ME

Bird Dogs, Wholesaling
1

:help :help :help
After purchasing an instructional CD for about $100 which included forms and instructions how to be a successful wholesaler with real estate properties has presently left me stuck. Some of the forms are confusing and to say the least, the person on the cd would not assist me but instead referred me to video help. Also, on his cd he indicated he would be my first buyer. However, that turned out not be true because they only do business in their state.

A motivated seller contacted me with a pretty good deal. She lives in a state that I used to live in. She is in foreclosure and only wants $10K additional to the balance owed on the property which is $98K. In total, it would cost an investor about $118K which includes the assignment fee.

The property is in pretty good condition with minimum rehab. I used a very thorough check list to gather up all of the pertinent information for the wholesale deal. The seller is ready to sign a purchase agreement with me.

This house has been in the same family for years and the seller inherited it and can no longer take care of it. She took a second mortgage out to pay off old liens and has a small tax bill of about $800. This house has 2 duplexes with 5 bed rooms in each duplex and a small 1-BR house that sits in the back of the property. The appraisal value after rehab is approximately $200K.

My problem is that I am a new wholesaler and don’t have a buyers list. I could join REIClubs which I will do; however, many of them have annual dues which I cannot afford right now. The sale/auction date is scheduled for July 29 so I really want to assign it ASAP.

I am open for suggestions. Thank you so very much. If you want to communicate off line, please let me know.

Thanks again!

2

Do you see any “I buy houses” signs in your area? Call all of them to help build your buyers list.

Also - some investors will place an ad on craigs list to build their list.

3

Oh Joy!
Run adds in the local paper. If the spread is truly good including rehab the phone will ring off the hook. Is the property vacant.? When you sign the contract include the right to market and schedule repairs. Have your new buyers close before you have to. Get a long closing date in order to market this property.
Darin

 Soon 2 B Foreclosed
 2 Duplexes +1 House
 XYZ Street  Small Town
 $129,000 Make offer
   Joy xxx-xxx-xxxx
  Joy@nojoy.com
4

You could also look @ newspapers online in the area - thrifty nickel, Greensheet, etc. - look for we buy houses ads & call them.

5

Thanks everyone for your suggestions, especially, “We Buy Houses”. I didn’t think of that.

6

Darin,

Thanks for the advertisement suggestion. I would have probably made it too long and I like what you have. I’m going to try Craig’s List and also “We Buy Houses” too. I live in Maryland and the property is located in Massachusetts where I was born and raised.

Joyce