Wholesaling Real Estate Blog
Greetings Blogosphere!
I just recorded a new Reader Mail video for ya!
In this installment, I talk about some different strategies you can use to hunt down owners of abandoned property…
If you have any additional tips and tricks for finding homeowners that you’d like to share, please post them below in the comments. Gracias!
Later Gators!
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 | Stephani on Need a Buyer for Your Deal? Try This: Hi Steve, The seller pays the agent's commission. Take care, Steph |
 | Steve on Need a Buyer for Your Deal? Try This: Thank you Steph for your response. Sorry for bombarding you with all these questions. Who is paying the commission when ... |
| Stephani on Need a Buyer for Your Deal? Try This: Hi Steve, You'll need an agent to let you in to the property, unless it's on a coded lockbox and you ... |
| Steve on Need a Buyer for Your Deal? Try This: Sorry forgot to mention. This property I am looking to go look at is a PreForeclosure property. |
| Steve on Need a Buyer for Your Deal? Try This: Hey Steph, I just watched your video on REO properties. I understand you need to have a buyer's agent when ... |
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On May 18, 2012 at 5:06pm, Walis Santana said...
Private Eye or 411.com is great to find info about the absentee owners,Private Eye is a fee website but it give you very good info and 411.com is a free website.
Steph you Rock!!!!
On May 24, 2012 at 10:25am, Stephani said...
Thanks for the tips Walis!
On May 18, 2012 at 7:18pm, Mary Stead said...
Thank you Steph for this valuable information. I too have passed a couple of properties and should check out the owner. We live in a rural area and there are no numbers on the houses, which are way off the road. I know I can get the closest road and check with the appraisers office.
Cameron Dunlap has a skip trace program which has a small fee to find people. I never used it, but he said it was very good.
Thank you again, I look forward to the next video.
On May 24, 2012 at 10:26am, Stephani said...
Thanks Mary.
On May 19, 2012 at 3:24am, Ed said...
Hi Steph…thanks for the reader mail. Is there a way to get access to the MLS through subscription or what is the best way to approach and agent to gain access. Sometimes I am just looking to do research on comps and don’t want to waste or wait on the agent with my learning activities.
On May 24, 2012 at 9:55am, Stephani said...
Hi Ed,
Here’s an article that might give you some ideas as to how to get access without being licensed:
http://reitips.com/mls-access-without-license/
Hope that helps!
On May 19, 2012 at 11:25am, Linda said...
Ed, i am an assistant to a broker who is also an investor. i have to take some classes but it gives me unlimited access to the MLS for a very discounted fee and i help my broker run comps. maybe you can find someone who will do that for you.
On May 19, 2012 at 3:13pm, Franddy said...
Thanks Steph! To add my five cents to your video, this is what I’ve been doing too. First I open my city assessor’s website in one browser, then a second browser with 411.com and then a 3 browser with Do Not Call List. Once I enter the house address on the Boston Assesors Office (I’m in Boston) and I get a name and sometimes a mailing address different from the subject property, then I search on 411.com in order to find a telephone number or other relatives to this person. Once I get a phone number then I go to the 3 browser of Do Not Call List and see if I can call them or not. One thing I’m trying to figure out is that sometimes this boarded-up and abandoned properties may still be on the previous owner’s name for city records, but they have been foreclosed by banking institutions. Any ways on how to learn this in a fast and efficient manner? Thanks Steph and I hope this info. helps many others in your blog.
On May 24, 2012 at 9:58am, Stephani said...
Hi Franddy,
If it’s been foreclosed on by the bank, it should show up in the online records in about a month. At least that’s how it works where I’m at. You could also try checking the MLS to see if it’s listed (or was listed) and then contact the listing agent to get the scoop.
Thanks for sharing your info with us.
On May 20, 2012 at 1:06pm, rob said...
Hey steph,
Have you heard about a course called Automated Rehab Renegade? If so, what do you think of it?
Thanks
Rob
On May 24, 2012 at 9:59am, Stephani said...
Hi Rob,
I’ve heard of it, but haven’t reviewed it, so I can’t really say either way.
Sorry I can’t be of more help.
Steph
On May 21, 2012 at 9:44am, George said...
I can’t take credit for this sneaky tip. You can put a for sale sign with your phone number in the front yard and the owner might call you up. You then have the owner of the property calling you up and you can blame it on the kids in the neighborhood moving your sign. At that point you can ask them if they would be willing to sell the home to you. Hope that helps.
George
On May 24, 2012 at 10:22am, Stephani said...
Thanks for the tip, George.
On May 21, 2012 at 2:35pm, jos said...
Is automative rehab renegade legit
jos
On May 24, 2012 at 10:22am, Stephani said...
I haven’t reviewed it, so I’m not sure.
Loks good, though.
On May 21, 2012 at 8:22pm, Cedric said...
Hi Steph,
I did a search on an abandoned property (recently vacated) and dicovered that it is bank-owned (B of A), but not listed on the MLS. How should I proceed?
Thanks,
Cedric
On May 24, 2012 at 10:02am, Stephani said...
Hi Cedric,
Most banks are required to list their property on the MLS once it’s been foreclosed on and is ready for sale, so I would just keep on eye out for when it hits the market. Or if you don’t have MLS access, have an agent check for you to see if it’s listed yet.
Take care,
Steph
On May 22, 2012 at 9:11am, mobilehomegurl said...
Nice video Steph, really good tips in there! This is the exact method I used back when I was wholesaling. Very smart to use the MLS, the extra step using the MLS is something I didn’t do much – as always, great info!
On May 24, 2012 at 10:03am, Stephani said...
Thanks Rachel! Hope all is well with you!
On May 22, 2012 at 11:32am, Mindy said...
Hey, Stephani!
I need some direction on how to wholesale a deal that I’ve already closed on. We purchased it using HM and our own funds and had a private investor lined up to fund the rehab/holding costs. He backed out at the last minute and I was stuck with a closed sale. Want to wholesale the deal to someone with cash. I found someone interested, but don’t know how to do this… do I assign the contract? To put $5k in my pocket for the deal, how do I get the closing costs, insurance premiums and other fees that I’ve already put in the deal (about $10,500)? I appreciate whatever info you can give me. Thanks a bunch!
On May 24, 2012 at 10:07am, Stephani said...
Hi Mindy,
If you already own the property, you wouldn’t need to wholesale it, you would just advertise it for sale and then sell it to a buyer. So, for example, if you bought it for 50k and you have 10.5k into it, and you want to make a 5k profit, you would need to sell for at least 65.5k. Hopefully there is still enough room in the deal for that price to be attractive to your end buyers.
Make sense?
On May 22, 2012 at 6:27pm, mark brogan said...
dear steph
i was wondering if u have any good recomendations on a good company to help u set up all my investor websites
thanks mark
On May 24, 2012 at 10:09am, Stephani said...
Hi Mark,
I’ve always done all of my own web stuff, but I’m pretty sure if you go to Elance.com, you can find someone to do the job for you.
Hope that helps,
Steph
On May 23, 2012 at 6:51am, Tim said...
I am trying to find an owner on a vacant house. I know how to look up the property appraisal info, but there is no house # on the house. Also this house is on the corner of two streets so I’m not exactly sure what street it is. I think it’s the street the driveway is off of, but the house is vacant, I looked through the windows, but there is no # anywhere, I looked at the neighbors address and they kind of jump all over the place. Can any one give me tips on how to find out the address, this house is in a great area, I would really like to wholesale it.
On May 23, 2012 at 9:36am, Tim said...
have you talked to the neighbors? what about asking the post office or postman?
On May 24, 2012 at 10:15am, Stephani said...
Hi Tim,
On our property appraiser site, you can click on a map of the neighborhood and see all of the different parcels of land, and then figure out the address that way. Not sure if you have that feature available, but you might want to look into it. Or just knock on someone’s door that lives nearby and ask them if they can help you out.
Good luck with it,
Steph
On May 23, 2012 at 3:46pm, Clay said...
Hey Steph, you can also go to http://www.zabasearch.com to look up names and numbers and it’s free. Now I’m gonna be honest with you and tell you that, unfortunately, over half of the numbers are disconnected. I don’t recommend paying Intelius a fee to get the most updated/connected phone number because almost all of their numbers are disconnected, too. Doggonit! lol….
On May 24, 2012 at 10:19am, Stephani said...
Thanks for the info, Clay.
On May 23, 2012 at 10:44pm, Jermon said...
Thanks for the great info Stephi. I just ordered the Flip This REO e-book. I look forward to telling my story. On here again many thanks and take care….
On May 24, 2012 at 10:20am, Stephani said...
Thanks for stopping by, Jermon.
On May 24, 2012 at 8:37am, SKYE said...
Steph,
I will be purchasing you mentoring by Monday, May 28 to help me out and also I wanted to know what you charge for advertising on your site?
Skye
On May 24, 2012 at 8:40am, SKYE said...
Steph,
One more question- if I pay double for mentoring can I double the help?
Skye
On May 24, 2012 at 10:21am, Stephani said...
Hi Skye,
Right now we are just offering the 5 calls/month. If there are any changes I will let you know.
Take care,
Steph
On May 25, 2012 at 8:08pm, George said...
Hi Steph, I just watched the Webinar “Land Profit Generator”. Steph, I have a lot of respect for you because you seem real… But that “Jack” guy came across like all the other Real Estate Gurus in the world that has not made half of what they claim, and only really make money on the books and tapes that they sell. Do you trust this guy? If you have checked him out and can say in all honesty he is for real I trust you!
On June 01, 2012 at 10:03am, Stephani said...
Hi George,
Jack is a great guy who has done VERY well with his investing business. I give both him and his course two thumbs up.
Take care,
Steph
On May 26, 2012 at 7:54am, Linda said...
George,
i always said i would never buy anything from Jack Bosch, even after hearing him in person. then i went against that and bought one of his courses. i regret going against what i originally told myself. i don’t see him as honorable and i always have the feeling that all he cares about is making a buck off you. if you have that gut feeling you seem to mention in your post, go with your gut. i have found that when i didn’t go with my gut, i always regretted it. just my opinion and i’m sure there are people out there who love him, but as i said earlier, i don’t find him honorable at all and that is a big issue for me.
On June 01, 2012 at 10:04am, Stephani said...
Sorry you feel that way, Linda.
What is it about Jack that you didn’t find honorable?
On May 28, 2012 at 10:19am, George said...
Thanx Linda
On May 28, 2012 at 6:50pm, Tony said...
I have a list of expired leads I got from an agent. How do you wholesale expired leads? My offer will have to be much lower than the listing prices that are already listed for like $8k. What are other ways I can profit just from the expired list alone?
On June 01, 2012 at 10:06am, Stephani said...
Hi Tony,
If the property is not listed on the MLS any longer, you can try contacting the owner directly and making an offer to them. You would wholesale the deal the same way you would any other- put the property under contract (at a great price), and then assign the contract to your end buyer for a fee.
Hope that helps,
Steph
On June 01, 2012 at 10:53am, Tony said...
Should I still consider doing a deal on the expired leads if their listing price was the same amount I would offered? A home selling for dirt cheap must need a lot of repair work which could be costly for the end buyer. I know nothing about the cost of repairs, so I would use my best guess as long as I am wholesaling the homes for about 60% or lower than the ARV. What are the odds of the home repairs being more than what the home is selling for? That’s even if I get an accurate repair estimate. How do I put together an offer price in this situation?
On May 30, 2012 at 7:34am, DJS said...
Hey there Steph, I’ve been watching your videos of and on for some time now & have found them to be interesting and helpful. My question is this;
“How do I go about making money with other Wholesalers, by marketing their properties with or for them?”
Currently, I am working with an investor doing Lead Generation for his LP Option business. I’m looking to help others market their property(s) to build some additional capital for my own wholesale marketing business.
Anyway you can detail this for me?
On June 01, 2012 at 10:11am, Stephani said...
Hi DJS,
If you have a buyer you think might be interested in a deal that another wholesaler has available, you can do a double assignment, which means that the other wholesaler would assign the contract to you and then you would assign it to your end buyer.
Example: Wholesaler has a property under contract for 90k and is asking 100k for it. You have a buyer willing to pay 105k. The wholesaler would assign his contract to you for an assignment fee of 10k, and then you would assign it to your end buyer for a fee of 5k. The end buyer would bring 105k to closing (plus any closing costs), 90k would go to the seller, 10k would go to the other wholesaler, and 5k would go to you.
Hope that helps,
Steph
On May 30, 2012 at 7:37am, DJS said...
can anyone detail how to help others market their properties for a profit? To build your own marketing budget?
I need an additional stream of income!
On June 01, 2012 at 11:05am, DJS said...
Steph,
Thanks for the quick response. And that does make since on how you explained it, however, by usinmg the same example that you gave, how probable is that deal going to be excepted or wanted, if I brought you a deal like that?
On June 02, 2012 at 5:42pm, Marcelle said...
Do you agree or disagree that I am taking a risk wholesaling a home that is very low? I had one investor tell me that wholesaling a home that is $8k is risky because it must not be livable with a large amount of repair work needed. I have homes I want to get under contract, but these homes have asking prices from $8k to $19k. For prices that low is it necessary to calculate an offer price? I’m just saying with asking prices less than $10k, how low of an offer price can I go.
On June 07, 2012 at 11:05am, Antonio said...
Can homes still be wholesaled if the the home is listed on those for sale by owner sites where the the picture of the homes have the FSBO website address in the picture of the home? I saw a home I want to wholesale, but it is listed on owners.com. How can I wholesale this home when the buyers will see it is not an original lead I found on my own? This means they will easily see where the home came from seeing it has the FSBO address plastered on the picture of the home. It seems like it would be difficult to buy and resell the house at a higher price when people can go to the website and see the original lower sell price.