Hi all,
I am new to this site and to this side of Real estate. I have bought and sold over 600 vacant lots from the tax deed sales but never have done anything else. I am wondering what is my first step as the bird dog? I know where several distressed properties, pre forclosures, and one house where the owners just walked away(currently in forclosure)
What is my first move, who do I contact?
thanks for any and all advice,
Lotventures
Contact the owners and see if they are motivated sellers. Then if they are willing to sell, then you find buyers!
Note: If your buyer is not motivated move on but never throw the lead away. I have done deals from buyers that gave me a no a year ago, now they are ready. All about numbers and hardwork. :biggrin
i don’t understand?? you are already finding/buying distressed real estate at the sheriff’s…
in the 600+ deals you’ve made, haven’t you met investors to flip stuff to?
what do you want? be more specific… the question is vague
I’m sorry fredd525, my deals and experience were with vacant lots only, bought at tax deed sales in several different states, the ones with 30 day or less redemption period. I would by the lots, get issued a tax deed, place the lots for sale on ebay and issue a tax deed to the winning bidder. Quite different than what is going on here. The buyers that I met were all out of state local people that were not into investing except to buy 1 lot or 2 lots at $100 or $200 each. Also at that time I was not thinking along the lines of wholesaling since I was selling on ebay. I have a property now that I am looking to split the check with if I can have someone walk me through a wholesale closing from start to finish. i guess I am looking for some hands on experience. I posted this in the networking forum under state of florida thread.
lotventures
Lotventures
To answer your question “…I can have someone walk me through a wholesale closing from start to finish”. Below is a general high level wholesale process.
Step 0 - Seller Calls Us, we meet with them and review property
Step 1 - Make Your Offer
Step 2 - Once Offer is Accepted, Sign the Contract to Purchase the Property
Step 3 - Start the Title Work as Soon as the Agreement of Sale is Signed
Step 4 - Begin Marketing to Find a Buyer as the Agreement of Sale is Signed
Step 5 - Come to an Agreement with a Prospective Cash Buyer
Step 6 - Qualify the Prospective Buyer
Step 7 - Sign a Contract with Your Buyer and Collect a Deposit
Step 8 - Submit Executed Documents to the Title Company
Step 9a - Keep Homeowner up to date via email or phone up to the settlement
Step 9b - Go to Settlement