Have questions about wholesale properties........ - Posted by Trish

Posted by Trish on June 14, 2006 at 18:07:50:

Thanks BTI!!! That really helps me and gives me some places to start looking for info. I REALLY appreciate it. by the way, I am in the Houston area.

Have questions about wholesale properties… - Posted by Trish

Posted by Trish on June 05, 2006 at 17:53:43:

I am getting into wholesale properties and have some questions. I have taken a couple of classes and want to make sure I don’t start going in the wrong direction.

  1. Can you make an assignable contract on a foreclosed property? I know not on REO’s but does that cover all foreclosures?
  2. How did you get past making calls on properties and knowing what to ask? I feel like a doofus when I call. Like I don’t know what I am doing.(Even though I have read all my materials and attended seminars)
    3.I am finding some properties and crunching the numbers, but where are some good places to try to set up assigning these contracts to other investors?

I am interested in Rehabbing, but my financial situation will not allow me to wait that long for a pay off. Not yet anyway. Any answers or advice will be greatly appreciated.

Re: Have questions about wholesale - Posted by BTI

Posted by BTI on June 13, 2006 at 20:23:41:


Haven’t been on this board for a while, and saw no replies to your post. Don’t know if your in a big town or a small town. But maybe the following tips will help you out.

First, start collecting the names of rehabbers and investors. Call their signs and ads, etc. and find out their guidelines for buying a property, these are the main people your going to be selling your deals to and you need to know what products they will buy.

Secondly, you can assign a contract on a home in foreclosure, usually (get a copy of the foreclosure laws in your state). This is a common source of leads for wholesalers.

What to say, that is the thing most people would like to know and most courses fail to cover. It is most effective to go in with scripts already memorized. At the beginning as your learning you may be winging it but still go in with a plan, and after each appointment post to a binder the results and start creating a script book.

No matter what the source of the lead your goal is to build a little rapport and get the seller to do most of the talking and you most of the listening. Do not fear moments of silence, I want the seller to talk and many times I just acted as if I were thinking and sort of nodding my head while I was waiting for the silence to force the seller into saying something.

One other thing to remember, is not to act excited if the seller says what you want to hear, always be the reluctant investor.

Do not hesitate to start reviewing the archives, much of what you want to know is there, waiting for you.