This is a continuation of “The Great Escape” interview with Eric Thiele. Eric is working with Sean Terry and Flip2Freedom.com to learn how to start up a successful wholesaling business. In this section, Sean and Eric discuss bidding on houses.
Sean: So here’s what’s going to happen. So, now we got this information, we’re collecting this data, and the next step next week, because we’re going to have some buyers from the auctions. We want to get as many as we want though because those are the people I’m going to have you call. As soon as you get a deal that comes in, those are people we’re going to call first.
And then after that, after we call those, if there’s no interest there, then we’ll go out to the bandit signs, then we’ll go out to the putting it out there and also working with other co-wholesalers to help market the property as well.
But, right now, we want to be able to get the phone ringing and get some momentum coming in to where we can start analyzing deals. So, we’re going to have the HUD, and we’re going to have the calls coming in there. Because one thing I found in real estate is there’s a lot of people saying, “Oh my gosh, what if I get a deal on a contract and I can’t sell it and this whole thing happens.”
We’re not going to have you bidding on HUD homes essentially until we understand what our buyers want when we find out down there. We want to start looking at the site, getting a feel of what is happening in the market. Are there 2 deals that are out there or are there 20 deals that are out there? And with the cash transaction information that come in, looking at the HUD website to see what’s going on, and then getting data from these buyers that we’re talking to next Thursday, all that information will give us a good confidence when it comes to actually bidding on these homes because we want to be successful bidding on these homes. We want to do it for the relationship aspect with this realtor we’re talking to and we want to do it with the relationships aspect with HUD that we can successfully complete these transactions.
Now, out of the so 28 so far that I’ve flipped, I’ve had 2 that I couldn’t flip, meaning that the market was still declining in the area or there was something unforeseen I didn’t know about, but my track record shows that I have 26 other ones that have successfully closed and they’re happy about it. So that gives me an edge when it comes to bidding on properties where they would give me the winning bid more than they would give somebody else the winning bid, which enhances that relationship and you’re able to get more deals. So we want to make sure you’re confident in being able to do that with the buyers that you have.
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