Let’s assume I get at least one.
Ideas:
- Why are you selling?
- What kind of condition is the house in?
- What is the lowest offer you would accept?
Any ideas?
Hi,
1. I am selling because I need money!
2. My house is in crappy condition!
3. I will except $2,000,000 dollars for this crappy $50,000 dollar house!
What do you do? Any Thoughts?
What did you just learn?
GR
I would ask:
Define “crappy condition,” (and probably have to get off my lazy a** and go look at it). Then, hopefully I would have had the foresight to know what things cost to fix, which shouldn’t take any more than a few hours of phone calls.
I would run comps and give the highest offer that would net me $5,000. But I might offer even $1,000 below that just to see what they say.
Redstar, Redstar, Redstar,
You want the sellers to like you, you want them to give you there home, you want an agreement in contract!
Hi Mr. Seller,
Warm conversation using the old Redstar charm, your bubbly personality and that magnetic charm, that sense of humor and razor sharp wit, Mr. sellers is charmed to death, he wants you to want his house and he'll even sell it to you for less than he wanted!!
Now the old Redstar way! Why are you selling? What kind of condition is the house in? What is the lowest price you would except?
Hi,
This is newly improved Redstar, how are you today? How long have you and your wife lived in the house? Wow you got married here, congratulations? You raised 3 kids here? That's great! Boys or girls? What age is your kids? Yea, I have friends who graduated from that university? Did you see the Miami Dolphins game yesterday? What do you do for a living? Oh, I have been to Disney World a number of times? Oh, your the food and beverage manager at Epcot Center?
Why do you want to sell your home? I am sorry to hear your wives mother isn’t doing well and your moving to Ohio? I have no problem buying the house and removing your excess furniture? So tell me about your house? How quick do you need to sell? Any issues or problems?
Blah, blah, blah, blah, blah, blah, blah! Baseball, family, basketball, pets, classic cars, soccer, antique collection, hockey, fantasy football, military veteran, thanks for your service, oh, I love that restaurant, great steaks, yes, I enjoy surfing, no I don’t scuba dive, cat, dog, etc.
Well give me a few hours and I will come up with an offer for you! I’m sorry this is just not the house for me but good luck!
If I am going to make an offer do you want to do it in person or send a written offer by email? If your not making an offer do you want to refer them to your realtor?
GR
I can do that.
In preparation for when I am getting 100 calls/month. Is there any way to do this without physically inspecting each house? There is simply not enough time in the day.
There’s more than one way to skin an inspection cat.
One way:
I don’t look at houses until I have a contract on them. Once that happens, then I look at the house, and then use what I see to renegotiate the price (if I need to).
Otherwise, I know the comps; the seller has described the house to me in detail; I’ve seen satellite photos of the property; and I know that $30,000 to $50,000 will completely rehab any bread and butter deal I need to flip.
So, you just need to be within a range of being a good deal. There is no such thing as an ‘exact’ valuation.
That said, you need to know what’s acceptable in your area. Are rehabbers willing to buy at 80% of ARV, or what?
In my neck of the woods, I’ve got buyers willing to pay 85% of ARV, simply because the inventory is so scarce.
So, the only person that needs to spend time verifying/physically inspecting the house is your end/user buyer. Otherwise, they can act as your first set of eyes, and/or serve as an ersatz appraiser.
Redstar, you’ve brought up your inspection concerns several times, and received several answers. Do you just forget what you’ve read, or what? I don’t understand why this continues to be an issue for you.
YOU ARE NOT GOING TO LOOK AT THE HOUSES YOU FLIP. LET YOUR BUYERS DO THAT.
haha, are you getting frustrated yet? I think I’ve answered this exact same question several times, that’s why
I suspected he had ADD or some similar malady. No matter how many times you answer his questions next
week he will be asking the same or similar questions again.
Or he will be asking common sense questions or what if’s. What if I send out 30,000 letters and get no calls? What if I send out 30K letters and get too many calls, etc etc on and on. They never stop.
Trying to answer this redstars endless repetitive questions sent me to mental rehab in Idaho, in my sanctuary cave retreat.
I’m going there now…
Listen up Redstar, You do NOT have to inspect any house. Most sellers will send photos by email. Your BUYERS will inspect the house. If they want to buy it, that means you got a deal going. If nobody wants it, that means you need to re negotiate with seller or walk away. I do this sitting on my ass with a few phone calls and emails.
I sometimes will only check out a property if it seems like an insane deal and or it’s nearby.
You don’t need to inspect houses
You don’t need to inspect houses
You don’t need to Inspect houses
You don’t need to inspect houses
Repeat after me…
You don’t need to inspect houses
Well that’s a relief.
I am seriously counting on making $100,000+/year doing this.
In 5 years, I should be making $100,000/MONTH with a full-time staff, etc.
Buy leads from every county property appraiser/assessor in the country. Send out 50,000,000 postcards/letters per month.
Rando,
Do you see any need to incorporate to protect myself in case of lawsuits? I don’t see what kind of liability risk there could be in wholesaling. Personal tax rates are lower, so I would like to do this under my own name if possible.
However, something sounds wrong about sending 500,000 postcards per month under my own name.
It was once suggested to me to not only incorporate, but make someone else a 1% owner so they couldn’t pierce the corporate veil. Is that the best way to do things?
I’m going to need a translator to help decipher what you just said. I’m just an ex construction worker Okie,.
I’ll be in my cave.
I would ask Gold River, but I think he already told me.