OfflineI think I may have hit pay-dirt with this property, located approximately two blocks away from my job. I'm sure this info is duplicated somewhere, but I can't find it, so here goes...
The owner died about three months ago, and any member of his family lives quite far away. I'm not sure if there is a mortgage on the property. This looks like the perfect opportunity for me to wholesale this property, and I want to make sure this goes right. First off, what sort of letter should I be sending these people? A yellow letter, or something professional, or....?
I already have a realtor ready to move the property for me, an attorney that knows me, and I can find buyers if need be. I need this to work, so I need to make sure I do this right.
Could someone please suggest what I should do to be most effective? Thanks so much!!!
Jason H
My first deal and I need HELP!!
Posted on: Thu, 08/11/2011 - 07:02
My first deal and I need HELP!!
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- by jazon12
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Mail it to the mailing address on file at the County Assessor or Appraisal District or whoever handles the taxes on the properties there. Or if you can find out who the executor of the estate (if it's in Probate), and contact them, that will work, too.
Eric Bodywala (sp? from Flip Crushers has a great yellow letter example on video, and, you can also find another example and they can mail you a sample letter at:
http://www.yellowletterscomplete.com
I hope this helps you.
The owner died about three months ago, and any member of his family lives quite far away. I'm not sure if there is a mortgage on the property. This looks like the perfect opportunity for me to wholesale this property, and I want to make sure this goes right. First off, what sort of letter should I be sending these people? A yellow letter, or something professional, or....?
I already have a realtor ready to move the property for me, an attorney that knows me, and I can find buyers if need be. I need this to work, so I need to make sure I do this right.
Could someone please suggest what I should do to be most effective? Thanks so much!!!
Jason H
I am a real estate agent in KY and I just bought the Rock Bottom Blueprint. I was wondering if being an agent helps me or hinders me. In Kentucky I must let the parties involved in the transactions know that I am a licensed agent. I sell real estate part time and I really want to be successful with this program so that I can be involved full time. I would appreciate any advice or suggestions since I am new to this.
One good thing is you can write up your own offers, even if the homes are listed on the MLS. Another is the the fact that of you go to the investor meetings monthly, you will network with some of the greatest people out there, and they would love to have you become a part of their network. You probably have enough contacts for your power team, so you're on a roll. Make sure you have a good title company who can do double closings or at least who is investor friendly.
Thank you for the information. I will seek out some investor meetings ASAP!
Sounds like you found your first deal-good job!
Try to get the address of the informant for the owner of the property. Send a letter addressed to that person; ask if you can contact him, that you're an investor and would like to make a cash offer for the property.
In the meantime, get some comps for the property; then figure out your offer after you deduct your profit, rehab costs, holding costs.
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
look up the address on totalviewrealesate.com so you can get an idea of the value in the property, remember as a wholesaler you will be wanting to sell the property to an investor at around 65% depending on what the investor wants to do with it.
Then once you get in contact with whoever will be handling the property you will have an idea of what kind of offer you want to make.
Jason,
If you know, and I mean absolutely KNOW that this is a deal. Don't just mail 1 yellow letter. You should mail them a letter every day for 10 - 15 days. I have done it myself, it works great. You will be noticed and they will call. But, you will need to follow the other advice you received here first and make sure it really is a deal. With the right research you could even determine how much is owed on it which would tell you if getting it under contract at 65% is possible.
Good luck,
James
www.UpperHandMarketing.com
Real People, Real Handwriting, Real Results.
Feel free to call to see how we can help YOU market YOUR business!!!