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Wholesaling Real Estate

77k members • Free

704 contributions to Wholesaling Real Estate
Seller Call - Looking for feedback
I’ve had a couple before this, but this was the first one where I did the MCTP method. I did jump from motivation to condition rather fast, but that’s okay. I was kinda flustered and didn’t know what to ask after inquiring about his reason for selling the property. I should have built rapport to connect or cracked a joke, but it is what it is. I learned from the experience and I did eventually build rapport and connect with him in a way. I like how I was genuine with all of that. One thing I’d like to improve on is not asking the same question twice or maybe three times, lol. That was embarrassing. I might incorporate check boxes just so I don’t accidentally repeat myself, but I think this was just nerves and not knowing what to say. The phone did cut out multiple times especially towards the end which was annoying. I don’t know if this is a property that a cash buyer would want to invest in but it was great to practice. If anyone has tips for me I’d appreciate it. I need to comp the property and move the process along now. This was a FSBO on Zillow btw. Given the timeframe he was looking to sell all of his properties I don’t think this is a good deal, but I’m still new and learning so I can’t even confidently say yes or no.
1 like • Apr 28
@David Lomoro Great call. Main thing I would change would keep the initial question about the condition of the property simple. No need to give examples. I use a property information sheet when I am talking to potential sellers. It has MCTP and a lot more information regarding potential offers. . Didn't hear anything about whether or not there was a mortgage or other liens on the property. Definitely not a deal killer, but nice to know if you and your partner need to pivot from price to terms. Buyers will always pay more for terms. Just be extra careful if you assign a creative deal. It can come back and bite you years after the closing. . Regarding the roof, I would ask if a claim has been filed or not. Sounds like there was significant damage to the roof. . Hopefully he has a Replacement Cost Value/RCV and not an Actual Cash Value /ACV policy. https://www.billraganroofing.com/blog/acv-vs-rcv-which-insurance-policy-better-for-roof . Definitely had great rapport throughout the call. The one to two year time frame reduces motivation. It will probably take a lot of follow up over time to get your go for no offer accepted. The seller has plenty of time to obtain and compare various offers.
Virtual Wholesaling | No One Has To See The Property To Lock It Up
What’s up guys? This post idea just came up to me in the moment, so I’ll just say it how it is as it comes. Lately, I have been feeling like everything is stacked against me, cause I’m doing virtual wholesaling and don’t really have money to pay people to go look at a property for me. Heck, I honestly wouldn’t really trust people here to do that without trying to steal my shit, but I may in the future. It’s hard to describe this feeling. It’s like I know I can find a way around it. Heck, I even know that there may be owners that are really driven to sell and wouldn’t even care about an inspection. But I do know that there are ways around it. I could just have the cash buyer go, cause they are going to do it anyways. No one would buy a house without a walkthrough haha. I guess what I really am asking here is what have you guys done? The ones in similar positions to me. How have you guys got a property locked up without going to see the property or boots on the ground? And yeah, that’s the real question, and perhaps I already answered it myself. How do you lock a property under contract if you don’t go and see the property yourself or have boots on the ground? I guess my only option is just getting a buyer to go and do the walkthrough. I feel like this is a dumb question due to how obvious the answer is, but at least I got to vent and bitch. If anything, I think I need to let go of this notion that motivated sellers won’t lock up a deal without someone coming to see the property first. Ah, that makes sense. I think I just self-diagnosed my little issue that was causing some anxiety. It’s not that I can’t have someone go and look at the property. That’s not my real issue. What's really going on with me is that I’ve had this underlying fear that the owners of these properties would in no way, shape, or form ever sign a contract with me to purchase their home without me or anyone else seeing it. So I just got to focus on the sellers that don't give a fuck and let me lock it up without stepping foot inside. I'll just tell them my partner(buyer) will eventually do it.
3 likes • Apr 27
@David Lomoro You don't have to have money to get boots on the ground. However, you will need to JV with local boots on the ground to protect you and your potential cash buyers. . One of my realtor friends in Texas was working a deal outside of Texas. The seller gave her pictures of a beautiful property at a price that was well below MAO. She thought it was a great deal and would make a ton of money even if she paid a local realtor a commission to list and show the property. . The picture was from the house. However they were taken over 5 years before. The house was completely destroyed with a green pool and all. She learned this when the local realtor went to the property and took current pictures of the property. If I remember right she told me about this about two years ago. Once she had current pictures of the property from the local realtor she promptly cancelled the contract during the inspection period. The seller did push for a Zero Day Inspection Period which in this case should have been a red flag. Instead my realtor friend got a 14 day inspection period. . 5 Years ago, pictures directly from sellers would be acceptable. Today with various AI models able to generate deep fake photos, I would be very cautious with pictures I get from the seller. A couple of months ago I seen a live demonstration of using AI to virtually stage a house. It looked like the house was professionally staged by a staging company with lots of furniture, pictures, etc.
1 like • Apr 28
@David Lomoro that will be money well spent. You will know first hand the condition of the property or if there are any foul odors, foundation problems, etc . Take lots of pictures and maybe some videos. Best to take pictures from chest height from each corner of the room. Be sure and get pictures of any damage inside or out that needs to be repaired. . Taking the time to go onsite will definitely build rapport and reduce the chance that the deal gets stolen.
Xleads
when will the 2 weeks free trial be back?
1 like • Apr 28
@Tammy Wennerstrom the free trials are few and far between. If I remember right, this last one was the 3rd one in two or more years.
Issues With Pro Plan
I am paying for the Prop Plan but not being able to use it. Anyone else having this issue? Support trying to help but the issues still stands. Any suggestions??
0 likes • Apr 28
@Ray K Leon I would use the 24x7 XChat and ask for a human. Currently, only humans are able to send you a one time appointment setting link. Ask the chat agent for a 15 minute appointment link to help with a current unresolved issue. Appointments are normally available from Monday through Friday between 8:15 AM EDT and 8:45 PM EDT. . I was a former Tech Support Engineer for Dell for 19 years. I supported the complete stack from hardware, to operating systems, to applications, to networking. I started before we had screen sharing tools the customer could choose to use with us. Are you sure you don't see the consolidate link? Of course they would say no. When they finally gave us permission to share their screen, the link, button, etc. that they needed to click was there and visible it was. . Paying for the subscription and not being able to use it for one reason or another can be frustrating. . There is an onboarding.xleads.com meeting that starts at 11 AM EDT. If your schedule permits, that would also be a good way to get direct support. . In the meantime, I would try a different browser to see if the problem persists or maybe a different pc with a different browser. I would temporarily disable any VPNs. If still nogo, I would then temporarily disable any firewalls. This advice is strictly best effort use at your own risk. . Are you able to at least get to the login screen? If so, what does XLeads do or say when you attempt to login?
0 likes • Apr 28
@Ray K Leon I would schedule a live 15 minute Zoom session with the support team. This way they could see the problem live and hopefully solve the problem during the Zoom meeting. Even though you are paying for a Pro subscription, sounds like XLeads is limiting you to the Basic feature set with 1 AI zip code and basic only filters. . Did you originally have XLeads Basic and upgrade to XLeads Pro? If so Xleads support may need to upgrade your access.
Pulled a list...have a question
I found a house virtually with no known heirs....the mortgage was refinanced in like 2010 at 6% down from something like 7.7%......what happens in a situation like this? can it be done? could it be as simple as going to the lender and owning it by paying the balance? the balance is 100K the house was bought for 50K in the 70's, looks like it was completely redone at some point in the last 20 years, comps show just under 400K...the area is awesome, did not expect to run into this type of situation ...guidance requested lol
1 like • Apr 28
@Zach Brown Free method: I would use cyberbackgroundchecks.com I would search on the address of the property. It may show several pages of names. You will want to click on the name of the deceased home owner. There should be a section with "Possible Relatives" I would start with the relatives in that list and if need branch out to their "possible relatives" until you found someone that was related to the deceased. Once you discuss the situation with the relative of the deceased, they will need to open probate befor they can sell the property to anyone. This is a time intensive method. . Paid method: Hire a genealogist to find the heir(s). It only takes one heir that is willing to be the Personal Representative, Administrator, Executor/Executrix to get the property under contract. Probate must be opened before you can enter into a Purchase and Sale Agreement. . Either method, immediately take the PSA to a Title Company or Closing attorney. The Title Company will find all the heirs and if one of the heirs is incarerated go to the prison to have the heir sign off on the sale of the property. Ask me how I know? If the Title Company doesn't find all the heirs, they will need to pay a claim on the Title Insurance they issued. . Heck, if you are willing to JV 50/50 I would be willing to invest my time in searching for heirs. I love challenges. Different states have some differences in priorities of heirship.
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Jonathan Hutchins
6
479points to level up
@marketmakerpropertysolutions
Deal locked up too high? I may be able to help you renegotiate the purchase price or structure a creative deal. https://tinyurl.com/JVwithJonathan

Active 18d ago
Joined Dec 10, 2024
ENFP
Central Texas
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