Contacting Potential Buyer!!

When you're cold calling rent ads in the paper you don't have to explain exactly what you do, but you're just looking to see if they are purchasing any more properties right now because you "often come across great deals". Maybe write down a script for yourself to follow and then make a note that no phone call ever goes exactly like the script. Some people will be really talkative and some people just won't have time for you.

If they're interested in buying, then find out what they're looking for. Make sure you're not calling a property management company because usually they won't be much help.

You can also find motivated sellers out there and find deals this way. Sometimes you come across an owner that has just had to evict the tenant and he's had the property who knows how long and he's ready to cash in.

Good Luck.

I'm I basically asking the owner to allow me to put house up. for a different price Do me and him put the price in the contrace.Like he wants 100.000 and if I sell the house for 105 do I have two contract one from the seller for me.And one for the purchaser from me.And can he still sell the house if he get a buyer. Or does the contrat just say he giving me that amont of time to sell

Your going to buy this house.....Ask every question you can think of, its your house......What do you want to know before YOU buy it....

Think rehab cost, closing, realtor, your fee, buyers fee, get all this for ARV then ad other cost.

Cold calling, I love this because you get to talk with landlords. They are Investors that are buyers and sellers, perfect right?

Don't forget bandit signs

Aaron

Otto be careful not to scare your seller away.
Short answer is no, you don't have 2 contracts.
Longer answer: Basically you are the buyer to the seller. You don't really want them to know that you are planning on assigning the contract to someone else. If you tell them that, they may back out of the deal on you and try and do that themselves because they would make more money.
There are 2 ways to do this. 1. is to assign the contract so would only be one contract with the seller, and you the buyer. (Make sure you have your Realtor write up the buyer (you) as your name and/or assigns).
2. the second way is to do a double close, so there are actually 2 contracts. The first between you and the seller. and then a second contract between you and your buyer.

Either way you don't want your seller to know that you are buying from them at 100,000 and selling it to someone else for 105,000.

wishing you success.

order of the day. Then no one can accuse you of any wrong doing or deceptive actions. I am not saying this to be ugly to anyone I promise. It is NOT directed at you. It is simply a statement. there are to damn many opinions in wholesaling. some right, some wrong. it's hard as hell to get any information because some are repeating the guru's and some are speaking from there real experience in which they know what they are talking about.

just sayin,
WALT

I got a call from an absentee letter I sent out and the guy went on to tell me how the prop was in ok shape, it wasn't and he asked me what I was going to do with it. I told him I was going to fix it up and rent it out, he said I was trying to steal it from him and im a liar..Ummmm no and I tried to explain the cost of fixing it back up and he wouldn't have nothing to do with it. Call ended..
Lets do numbers...

ARV - 150k
Max % arv- 70%
Rehab-35K
Closing buy-1500
closing sell-7%
Holding-1500
wholesale fee-10k
income-1200
expenses-375
CAP-9.43%
Max offer-46,500

Numbers change on wholesale if fix/flip then max offer is 56,500, if more aggressive arv 80% then 71,500 and cap 8.25%.

Just some thoughts.

Aaron

Thank you. I will work on making a scrip for myself.