myEmpirePROThe condition of a property is generally a secondary factor when wholesaling homes.
That is always true because real estate is all about
…location, location… LOCATION!
If it’s a vacant lot, a condo, a house, a mansion or whatever it may be,
The location and everything within a 1 mile radius is the determinant factor in the value.
We call it comparable or comps for short.
Traditionally, the seminar gurus suggest bothering realtors and real estate agents for comps but you get some comps here for free.
It’s the ultimate tool in real estate for pulling and analyzing data called Propstream.
Every seller is more motivated by one of these 2 things than the other.
- Time or
- Money
Sometimes, it can be blurry.
In that case, you will have to help your seller prospect towards a dominant motivation by asking quality questions.
Ideally, you want the seller to be motivated by time in order to get a deep discount that will make it…
A quality for what we do in wholesaling homes.
Let me explain.
When a seller is short on time, they need to sell the property fast.
They need it done as soon as possible.
That motivation is different from a seller who wants as much money as possible.
So let’s recap.
- (1) Time Motivation – As soon as possible
- (2) Money Motivation – As much as possible
You can help either of these two types of sellers in different ways but provided you identify either one as soon as possible.
Once you know, you need to determine the ARV which you can do using our free tool and calculator right here.
Below is a question for us to address with this lesson on wholesaling homes…
“I need some help.
I have a potential deal but the house was caught in a fire so it’s burned badly.
So I just got off the phone with the seller and gave him a ballpark offer of $60,000.
He wants $120,000 but I got him down to $100,000 so far.
I need him to go lower.
He told me to take my time and give him a real offer so that’s what I’m trying to do.
ARV is $245,000 roughly.
I’m still working out those numbers.
My wholesale fee is $5,000 – $7,000.
What’s your opinion on how much to offer?”
Enjoy the video.
