{"id":6940,"date":"2020-03-19T15:33:09","date_gmt":"2020-03-19T19:33:09","guid":{"rendered":"https:\/\/camerondirect.com\/?p=6940"},"modified":"2024-01-19T15:47:57","modified_gmt":"2024-01-19T15:47:57","slug":"virtual-real-estate-investing-2","status":"publish","type":"post","link":"https:\/\/realestatewealthnetwork.com\/blog\/virtual-real-estate-investing-2\/","title":{"rendered":"Virtual Wholesaling In 2023: A Complete Guide To Virtual Real Estate Investing&#8230;From Your Kitchen Table (With No Money, Credit or Experience)"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Virtual real estate investing is a more in-demand strategy than ever and, as I\u2019m sure you know, the concept of \u201cvirtual wholesaling\u201d has gained quite a bit of popularity over the last couple of years. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, virtual real estate investing is not a new concept. In fact, my systems and trainings have been highly focused on virtual wholesaling for years and I have the experience and proof to back it up. <\/span><a href=\"https:\/\/timewithcam.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span style=\"font-weight: 400;\">(Click here to see just a few of the folks who have closed deals through virtual wholesaling)<\/span><\/i><\/a><\/p>\n<p><span style=\"font-weight: 400;\">With that being said, I\u2019d like to share with you a totally free, tried-and-true system that WORKS so you can successfully start virtual wholesaling in 2023 and beyond. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this special article, I am going to reveal a streamlined process that I use to find motivated sellers. This is \u2018inside information\u2019 I have spent decades honing. It is the kind of information I ordinarily charge big bucks for. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because my passion is to help people succeed, it is yours for free, with no strings attached.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s a detailed 20-minute read. Pour yourself a cup of coffee or print this out. It\u2019s a complete blueprint you can follow step-by-step.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You are going to learn how to find bargain deals, how to find a buyer to sell your contract to, and how to put it all together\u2026in 7 easy-to-understand steps...all virtually (if you choose).<\/span><\/p>\n<h2><b>Step 1: Find Motivated Sellers Now<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The key to earning an honest profit in real estate is finding sellers that are going through a circumstance in life that requires them to sell now...aka ultra-motivated sellers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Until very recently, these sellers were not quite as easy to find and you would have had to do a lot of digging, but I have discovered the easiest, fastest ways to locate motivated sellers in any market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But first, let\u2019s talk about finding your target market (AKA your \u201cfarm\u201d).<\/span><\/p>\n<h3><b>Market Research<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">It all starts with picking the right spots to do deals. If you are too generic in your marketing approach, you\u2019ll spend too much money hunting for deals and talk to too many of the wrong people. I see many real estate investors fail for this reason.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s a great way to find the right area to start investing in\u2026<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Head over to<\/span><a href=\"http:\/\/www.zillow.com\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">Zillow.com<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Type in a zip code near your home\u2026<\/span><\/li>\n<\/ul>\n<p><img class=\"img-responsive aligncenter wp-image-6941 size-full\" src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2020\/03\/zillowsearch.jpg\" alt=\"\" width=\"775\" height=\"267\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Click \u201cSearch\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check \u201cRecently Sold,\u201d and uncheck the other \u201cListing Types\u201d<\/span><\/li>\n<\/ul>\n<p><img class=\"img-responsive aligncenter wp-image-6942 size-full\" src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2020\/03\/zillowsold.jpg\" alt=\"\" width=\"828\" height=\"536\" \/><\/p>\n<p><span style=\"font-weight: 400;\">These are the houses that have recently sold in your area so that you can see where the action is REALLY happening.<\/span><\/p>\n<p><img class=\"aligncenter size-full wp-image-6943\" src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2020\/03\/zillowmap.jpg\" alt=\"\" width=\"298\" height=\"313\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Look for the spot in your area where there are a lot of homes selling. This is usually the \u201cstarter home\u201d neighborhood but could include \u201cmove-up\u201d homes as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Zoom in a little, and look for houses that first-time home buyers would most likely buy\u2026<\/span><\/p>\n<p><img class=\"img-responsive aligncenter wp-image-6944 size-full\" src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2020\/03\/Screen-Shot-2020-03-19-at-10.30.24-AM.png\" alt=\"\" width=\"822\" height=\"458\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is your pot of gold. This is where buyers are buying all year long, every year of the century.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And because of this, your cash buyer (the person you\u2019ll wholesale your deals to) is hoping for a deal like this to come across their desk.<\/span><\/p>\n<h3><b>Create Maps<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Now that you know where your farm is, you need to spend a little time creating maps so that your driving time is efficient.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Go to<\/span><a href=\"https:\/\/www.google.com\/maps\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">google.com\/maps<\/span><\/a><span style=\"font-weight: 400;\"> and type in the name of your area.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Find your \u201cfarm.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compare your Google Map to your Zillow Map and keep track of the boundaries of the area you are interested in.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Zoom in on your google map so that you can read the names of the streets.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Starting in your north-west boundary, create a map approximately \u00be the size of your monitor by taking a screenshot. If you have a Microsoft computer, it\u2019s called the \u201cSnipping Tool.\u201d If you have a Mac, it\u2019s called \u201cSnippy.\u201d<\/span><\/li>\n<\/ul>\n<p><img class=\"img-responsive aligncenter wp-image-6945 size-full\" src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2020\/03\/googlemap.jpg\" alt=\"\" width=\"810\" height=\"584\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Now print your map out, and repeat this process until your whole farm is printed out. If you are committing a whole day to this, you\u2019ll usually end up with about 10 of these sheets before you go out. At the end of the day, you\u2019ll usually end up with about 20-30 high quality leads.<\/span><\/li>\n<\/ul>\n<h2><b>Finding the Best Real Estate Leads<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are 2 ways to go about finding motivated seller leads. The first is...<\/span><\/p>\n<h3><b>Method 1: \u201cDriving For Dollars\u201d (Look For Deals)<\/b><\/h3>\n<p><i><span style=\"font-weight: 400;\">NOTE: This method is optional because it DOES require you to leave the safety of your home or \u201cquarantine\u201d. However, since most of your competition typically avoids this method these days and because you can still easily practice \u201csocial distancing\u201d with it, I decided this was still an effective option to add into this post.\u00a0<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">For those of you who would rather stick to \u201cworking from home\u201d, skip to Method 2!<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">So, now that you know where your farm is and you have all your maps printed out\u2026it\u2019s time to go find vacant houses, in bad condition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The red border shows you the mini-map I would use to get started. I would start in the north and drive every street that goes north and south until I was finished. Then, I would drive every west to east street until I was finished. Then I would pull out the next mini-map and repeat, until I finished driving my whole farm.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I like to put these sheets on a clipboard and draw a line in each street as I go so that I am not back-tracking.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As you drive, look for houses that are in bad condition\u2026this is the first sign that would cause you to slow down.<\/span><\/p>\n<p><b>Tip:<\/b><span style=\"font-weight: 400;\"> The worse the condition, the higher the probability that the seller is motivated. Here are the types of things I am looking for\u2026<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A roof in bad condition<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Stickers on the front door<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Grass is super tall<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Landscaping is neglected<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Boarded-up or broken windows<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mold all over the siding<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No curtains\u2026no furniture in the house<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pile of newspapers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mail falling out of the box<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No tracks in the snow in the driveway (northern markets)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These are all indicators, not requirements. The overall goal is to find vacant junker houses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the house is vacant, that is a good indicator that the seller is motivated. If the house is also in bad condition, that is a great indicator that the seller is motivated. Ideally, you want both, but you need to use your best judgment while out in the field.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you don\u2019t have a car, your market is across the country or you prefer to work strictly from your desk, here is another way to find deals\u2026<\/span><\/p>\n<h3 style=\"text-align: center;\"><b>Method 2: Automated Deal Finding<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/realestatewealthnetwork.com\/motivated-seller-data-feed\/setup.php\" target=\"_blank\" rel=\"noopener\"><img class=\"aligncenter wp-image-6946\" src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2020\/03\/MSDF-DesktopMobileCombo-Vector.png\" alt=\"\" width=\"376\" height=\"254\" \/><\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The second way you can find motivated sellers is by using an online resource like the Motivated Seller Data Feed. This software lets you search the entire country, zero in on your specific farm area and then provides you with all the motivated sellers (with up to 20 motivations) in that area.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using a software solution like this gives you unbelievable speed of implementation and can really help you keep a steady flow of leads going through your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the<\/span> <span style=\"font-weight: 400;\">Motivated Seller Data Feed you\u2019ll get access to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Verified Vacant Houses<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Chapter 7 and Chapter 13 Bankruptcies<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Foreclosures<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Absentee Owners (In town, out of town, out of state!)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Liens<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Judgments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inherited houses<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Upcoming auctions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Built in Mail Manager &amp; Marketing Templates<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">NCOA addresses and phone numbers (when available)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The ability to order skip trace searches with a few clicks of a button<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Seller phone scripts<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And more!<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you prefer to \u201cwork from home\u201d and find great leads, then this is an avenue you\u2019ll definitely want to check out. You can<\/span><a href=\"https:\/\/realestatewealthnetwork.com\/motivated-seller-data-feed\/setup.php\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> get full details on the Motivated Seller Data Feed here.<\/span><\/a><\/p>\n<h2><b>Step 2: Pre-Screening the Deal<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">So now, if you went with Method 1, you are in front of a house that appears to be vacant and in disrepair. Get out of your car and peek through the window to confirm it is vacant. Then, go around the whole house and look for windows without curtains, to see what the condition is like inside.<\/span><\/p>\n<h3><b>Square Footage<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You\u2019ll need to confirm the house is vacant and get a good idea of what the interior condition is like. Use your judgment. If it seems like a good opportunity, it\u2019s time to determine how many square feet the house is.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You need to measure your stride in advance. Take a tape measure and walk the length of it, taking a normal stride. Now divide the number of feet of the tape measure by the number of strides and that is your average \u201cfeet per stride\u201d. Once you know this number, you can use this average for estimating the square footage of all of your properties.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using the same normal stride, walk the length, and record the number of strides. Now multiply that number by your average feet per stride. Now repeat for the width of the house and multiply the length by the width. If there is a 2<\/span><span style=\"font-weight: 400;\">nd<\/span><span style=\"font-weight: 400;\"> story, double it. If there is an addition, add it. This gives you the approximate square footage of the house so that you can do a better job of evaluating the \u201cafter-repair value\u201d of the house.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the house is less than 850 sq ft, I tend to shy away. Our \u201cbread and butter\u201d properties are houses that an average sized family would move into. If the average house in your area is small, then go for it. The key is to make sure that the house will be in high demand after it\u2019s fixed up.<\/span><\/p>\n<h3><b>Salability<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">I also look at the style of the house. Perhaps in your area, ranches are in high demand, but 2 stories, not as much. If the seller is motivated and I think I can make money, I will do the deal knowing that the demand is lower, but that means the offer has to be lower.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical family wants a 3 bedroom, 2 bath house with a cute yard and would love a garage and basement. They don\u2019t want funky houses, but since this is their first home, they are not too picky. Just realize that the closer you get to the ideal house\u2026 the higher the demand and the easier it will be to sell.<\/span><\/p>\n<h3><b>How to Estimate Repair Costs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">While you are at the house, you need to make an estimate of repairs. The best way to do this is\u2026quickly!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You do not know if the seller is motivated yet, so you do not want to waste your time estimating repair costs on a hundred houses. You\u2019ll already have a good idea of what needs to be done on the inside, now factor in the outside.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the house is in move-in condition or better\u2026it\u2019s probably not going to a very good lead. You can add it to your mailing list if you want because the seller might be motivated\u2026 but if it is a \u201cpretty house,\u201d it will be a different exit strategy than what we are discussing now.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For houses in bad condition, I do not go line by line and figure out each repair cost\u2026I simply classify it as bad, really bad, or awful:<\/span><\/p>\n<p><b>Bad<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Needs a new kitchen, bath(s), paint, flooring, fixtures, minor plumbing, minor electrical, minor landscaping<\/span><\/li>\n<\/ul>\n<p><b>Really bad<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Everything listed in the bad category, plus electrical panel, HVAC, roof, major wall repairs, more landscaping<\/span><\/li>\n<\/ul>\n<p><b>Awful<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Everything listed above plus new windows, siding, foundation issues, structural issues, major wood rot, re-wire, re-plumb, major landscaping<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If the house is in \u201cbad\u201d condition, I estimate that the cost to repair the house will be $20 per square foot. I take my square foot measurement from above and multiply it by $20 to come up with my estimate of repairs. That\u2019s it!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The truth is, everyone has their own ways of fixing things. A bank may pay $20\/foot to get the same work done that a \u201cdo-it-yourselfer\u201d would pay $5\/foot. I do the math in my own rehabbing business, and I tend to pay about $20\/foot to have someone fix up a house for me when the property was in \u201cbad\u201d condition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the house is in \u201creally bad\u201d condition, I use $30 for my multiplier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the house is in \u201cawful\u201d condition, I use $40 for my multiplier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is important to note that this is what I believe that <\/span><b><i>I<\/i><\/b><span style=\"font-weight: 400;\"> can get it done for. The person you wholesale it to may have a different opinion. What I really care about is making the right offer and selling the house to the right buyer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The real beauty of my repair formula is its simplicity and flexibility.\u00a0 It doesn\u2019t get a whole lot simpler, and then if you need to, you can adjust the price per square foot to fit your market.\u00a0 Plus, when you\u2019re ready, it allows you to estimate repairs on houses you\u2019ve never seen or visited in person (like the ones you find on Motivated Seller Data Feed). For many of my students, this formula is a big part of what makes it possible for them to do deals in other cities, in some cases halfway across the country, again, without having to visit the house.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The best buyers in your market buy houses like this on a regular basis, and they have a crew of workers who fix up houses for them. These are the types of buyers I am looking for after I contract the house, and I want to use the repair pricing they would use.<\/span><\/p>\n<p><b>Tip:<\/b><span style=\"font-weight: 400;\"> This exercise should take no more than 5 minutes per house.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the house is a \u201ctear-down,\u201d pass on it. You can make money on these deals, but you\u2019ll need a different kind of buyer that is harder to find.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now that you have your repair estimate, add it to the back of the mini-map along with the address of the property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since you are flipping houses with no money, I recommend doing this until you find 50 - 100 vacant junkers. It\u2019s a numbers game, so if you have a large number of sellers to talk to, and considering that owners of vacant houses are categorically motivated, there is a good chance that you will find a motivated seller and put a deal together in short order.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember, your goal is to get a deal done within 30 days from today. You need to remind yourself of that every day, and focus ONLY on the activities that generate revenue.<\/span><\/p>\n<h2><b>Step 3: Find The Property Owner<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">At this point, you should have a pile of hot leads. These are houses in bad condition that are vacant. Knowing this\u2026you can be confident that the seller is motivated. You do not <\/span><b><i>know<\/i><\/b><span style=\"font-weight: 400;\"> this yet, but you have a much, much higher chance than putting an ad in the paper, etc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since the house is vacant, you know they do not live there. Now you have to do a property owners search so that you can let them know you are interested.<\/span><\/p>\n<h3><b>How do you find the owner?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You have to get access to county public records. Most counties have this information available online for free. You can Google \u201c____ county property tax records\u201d. If you cannot access this data, you may have to go into the county courthouse and visit the \u201ctax assessor\u201d and ask how you can find owner information. Don\u2019t worry\u2026they get this all the time, and the information is publicly available.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But, I have a shortcut for you\u2026<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Go to<\/span> <a href=\"https:\/\/www.whitepages.com\/reverse-address\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">www.whitepages.com\/reverse-address<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Type in the address in the main search bar<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Hit \u201csearch\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">From here, you can see Owner and current residents, property details, neighbors and more<\/span><\/li>\n<\/ol>\n<p><img class=\"img-responsive aligncenter wp-image-6947 size-full\" src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2020\/03\/wpsearch.jpg\" alt=\"\" width=\"824\" height=\"324\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Now you have the public records on the vacant junker you just found.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will have to do a little digging at this point. What you are looking for is the most recent \u201ctax bill\u201d. This tells you where the county sends the property tax bill and who is responsible for it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is most likely the owner of the house. Now record the property owner by address and track them down.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At this point, you can do a Google search with the name and address of the person. Sometimes, this will give you all the information you need. However, sometimes you\u2019ll have to do quite a bit of digging. Look in several places, and try your best to find their most recent address.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is quite common to see matching addresses. This is where the address of the vacant junker is the same as the mailing address with the county. Most investors consider this a dead end\u2026. But not me!!! And not you!!!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is where you set yourself apart from the competition. This is one of the biggest reasons we can be flipping houses with no money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Common sense says that if we send a mailer to the owner at the vacant house, it is a waste of money. But when you understand how the United State Postal Service works, what it really represents is\u2026opportunity!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The owner will often leave the house and set up \u201cforwarding\u201d with the USPS. This means that all mail sent to the vacant house will get forwarded to them at their new address.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It also means that you can learn the new address. (The<\/span><a href=\"https:\/\/realestatewealthnetwork.com\/motivated-seller-data-feed\/setup.php\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">Motivated Seller Data Feed Software<\/span><\/a><span style=\"font-weight: 400;\"> I talked about earlier provides ALL of this information at the click of a button as well. A huge time saver.)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You have to put a little language on your letter to let the USPS know you are interested.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By placing the term \u201cAddress Service Requested\u201d underneath your return address, you compel the USPS to photocopy your envelope, forward your letter, and then send you the photocopy with the new address. There is a fee for this service and can only be used when you use first-class mail. It\u2019s generally around 75 cents per return.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here is an example of how it should look\u2026<\/span><\/p>\n<p><img class=\"img-responsive aligncenter wp-image-6948 size-full\" src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2020\/03\/find-out-owner-of-property.png\" alt=\"\" width=\"450\" height=\"219\" \/><\/p>\n<p><span style=\"font-weight: 400;\">You can print out stickers on your computer, you can hand-write it, you can get a stamper, it doesn\u2019t matter\u2026 just include that language when the seller\u2019s mailing address matches the vacant junker house address.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the seller\u2019s mailing address is different than the house you are interested in, then send the letter without \u201caddress service requested.\u201d The more personal and friendly it looks, the more likely the recipient will open it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you did not find the owner in Google, your other options are\u2026<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Phone book<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Knock on the neighbors\u2019 doors<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Put an FSBO sign in the yard of the vacant junker with your number on it<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This will get you calls from neighbors and the angry owner<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Not a great first impression, and riskier\u2026 but desperate times call for desperate measures<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Skip trace search<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">I actually do so many skip traces in my real estate business that a number of years ago I created the best of the best skip tracing tools available for real estate investors. It\u2019s called<\/span><a href=\"https:\/\/findtheseller.com\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">FindTheSeller.com<\/span><\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Using a service like<\/span><a href=\"https:\/\/findtheseller.com\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">FindTheSeller<\/span><\/a><span style=\"font-weight: 400;\"> allows you to skip most of the steps in step 3, saving you a TON of time and effort. If you have access to the Motivated Seller Data Feed, you can run skip traces in a snap right within the system.<\/span><\/p>\n<h2><b>Step 4: Pre-Screen the Seller<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Once you get the seller on the phone, you have to determine if they are a motivated seller or not. You don't want to waste time driving all around town...meeting with sellers who would never sell to you for a discount.<\/span><\/p>\n<h3><b>What To Say To The Seller<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Whether you are calling or sending a letter, the message you want to get across is that you have a solution to their problem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let them know that you will buy the house \u201cas-is,\u201d you will make a cash offer and you can close on the date of their choice.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Don\u2019t worry about the money part\u2026I will address that later in this article. They don't have to know that you are flipping houses with no money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Make sure to ask them the magic question\u2026\u201cIf I paid all cash and closed on the date of your choice, what would be the least you could accept?\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, wait for their response!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You may be uncomfortable with this question, but this is the turning point. If their response is favorable, you have a deal. If their price seems too high\u2026you are most likely talking to an un-motivated seller.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your job is not to convince anyone of anything. These are people that are desperate for a solution to their problem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your job is to find out how you can help them. The right kind of seller is not as motivated by the money as they are by \u201cpeace of mind.\u201d They are paying double bills while the house continues to degrade. They don\u2019t know what to do, so when you call them offering to take it off their hands, they tend to be excited and grateful.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You promised to make them an offer\u2026 now it\u2019s time to deliver.<\/span><\/p>\n<h2><b>Step 5: Estimate House Value<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">This is the most critical component of the whole process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you get this right, your buyers will love you, your offers are based on reality, and the rest of your career will go much smoother because you will understand values in your farm off the top of your head.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your goal is to determine the \u201cAfter-Repair Value\u201d (also known as the \u201cARV\u201d).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is the value the house WILL be in after it has been fully rehabbed. This is the price that the end 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\">-time home buyer is willing to pay.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You need to find out how much your house is worth yourself because if you hire an appraiser on every deal, you will go broke, and you need a little more control of the process. If the appraisal takes a week to come back, you will have most likely lost the deal to another investor by then.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using comparables (also referred to as \u201ccomps\u201d) will help you determine the ARV. It is critical that you use the correct comps, though.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are 3 main components to selecting the right comps\u2026<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Proximity<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This is how close the comparable house is to the vacant junker you are interested in. In a perfect world, the comp would be on the same street, but if it is in the same subdivision, that is still a good comp. If you can\u2019t find any, then just make sure to keep it under 1 mile away from the vacant junker. If you live in a rural area, you may have to expand and include anything that is in the same town and school district.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Recency<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This is how recently the comp sold. Did it sell last week? Last year? The more recent it sold, the better. Ideally, you want comps within 30 days. That is not always possible, so if you need to expand out to 90 days, that would be good too. Worst case, don\u2019t go out any further than 1 year.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Size &amp; Amenities<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Make sure the number of bedrooms is <\/p>","protected":false},"excerpt":{"rendered":"<p>Virtual real estate investing is a more in-demand strategy than ever and, as I\u2019m sure you know, the concept of \u201cvirtual wholesaling\u201d has gained quite a bit of popularity over the last couple of years. Now, virtual real estate investing is not a new concept. 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