REAL ESTATE BASICS
WHAT DOES ARV STAND FOR?
AFTER REPAIR VALUE
WHAT HAPPENS AFTER A SELLER SIGNS A CONTRACT?
THE DEAL IS OPENED WITH A TITLE COMPANY OR ESCROW
WHAT DOES FIX AND FLIP MEAN?
Buying a property, renovating it, and reselling it for a profit.
What is the goal of a cold call?
To identify seller interest and motivation.
What does “cash buyer” mean?
A buyer who does not rely on traditional financing
WHAT IS WHOLESALING IN REAL ESTATE?
GRETTING A PROPERTY UNDER CONTRACT AND ASSIGNING OR SELLING THE CONTRACT TO AN EN END BUYER FOR A FEE.
WHAT IS AN ASSIGNMENT FEE?
THE AMOUNT PAID TO THE WHOLESALE FOR ASSIGNING THE CONTRACT TO ANOTHER BUYER.
NAME ONE COMMON REPAIR SEEN IN OLDER HOMES?
ROOF, HVAC, PLUMBING, ELECTRICAL
Why is tone important on a cold call?
It builds trust and keeps the seller engaged.
What does “off-market” mean?
A property not listed on the MLS.
WHAT DOES "AS-IS" MEAN IN A PROPERTY SALE?
THE PROPERTY IS BEING SOLD IN ITS CURRENT CONDITION WITH NO REPAIRS FROM THE SELLER
WHO ARE THE 3 MAIN PARTIES IN A WHOLESALE DEAL?
SELLER, WHOLESALER (ASSIGNOR), END BUYER
WHAT IS A COSMETIC REHAB?
Repairs that improve appearance, not structure (paint, flooring, fixtures).
What is an open-ended question, and why is it important on a cold call?
A question that can’t be answered with yes or no; it encourages the seller to share more information.
A seller wants more than the property is worth — what should the team do?
Educate respectfully, follow up later, or move on if numbers don’t work
WHAT IS THE PURPOSE OF A PURCHASE AGREEMENT?
TO LEGALLY OUTLINE THE TERMS AND CONDITIONS OF THE SALE BETWEEN BUYER AND SELLER.
What is the role of a title company in a wholesale deal?
To handle escrow, verify title, prepare closing documents, and facilitate the closing.
WHY DO FLIPPERS FOCUS ON KITCHENS AND BATHROOMS ?
hey have the highest impact on resale value and buyer appeal.
What should you listen for while a seller is talking on a cold call?
Motivation, timeline, condition clues, and emotional cues.
What is one reason a deal might fall apart after going under contract?
itle issues, inspection surprises, buyer backing out, or seller changing their mind
ex: in our database
WHAT IS THE DIFFERENCE BETWEEN A RETAIL BUYER AND INVESTOR BUYER.
A RETAIL BUYER TYPICALLY PURCHASES TO LIVE IN THE HOME, WHILE AN INVESTOR BUYER PURCHASES TO MAKE A PROFIT THROUGH RENTING OR FLIPPING.
What is a double close and why might a wholesaler use it?
A double close is when the wholesaler buys the property and resells it the same day, often used when the assignment fee can’t be disclosed or assignments aren’t allowed.
Why is having a contingency budget important in a fix-and-flip project?
Because unexpected repairs often arise and can impact profit if not planned for
What separates an average cold caller from a great one?
Active listening, empathy, consistency, and asking the right questions.
True or False: The first “no” always means the deal is dead.
False