Tyson explains the biggest mistake wholesalers make: analyzing the property before talking to the seller. Call first to find out if they want a cash offer and if they're actually motivated. Only then spend time on comps and numbers.
What are the most common mistakes wholesalers make when trying to really, like, qualify a seller's motivation?
One of the biggest mistakes I see a lot of beginners make when they first get into this is that they're focused on the wrong thing. They're focused on the house. A question I get asked all the time is, hey Tyson, when I'm pulling a list on batch leads, how do you know that a house is going to be a good one to call? My answer is, I don't. That's why I call them, because that's where I'm going to figure out if it's good. As I said earlier, I'm not concerned about the house. I'm concerned about the seller. Is this person in a situation where I'm going to be able to help them out? So I'm going to say, if you're a beginner, you do not want fall into the trap of looking at these houses, pulling them up, seeing, okay, what are the comps look like? What's my MAO going to be? Don't waste any time doing that because you don't even know yet when you give this person a call if they want to sell their property, if they're a person that is going to be in a situation where you're going to be able to help them. All of that, the only way you're going to discover that is by picking up the phone, calling them, and asking if they're interested in a cash offer for their property. Then the details will come that will let us know if this is going to be a good person to go ahead and continue with.
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