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Hi,
, Jackie mentioned to start with Wholesale flips and Options (Highest Bidder Sale).
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, Run down, ugly houses are very rare in my area, so I will have to do this strategy virtually long distance. I’m looking towards Options on pretty houses or lease option assignments or Master Lease. FSBOs are rare in my area. Most sellers list with a realtor and expect the buyer to get a mortgage loan to buy their house. There are several websites with FSBOs to contact.
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, How can I contact these FSBOs with a quick email to gage their flexibility and motivation for lease option or terms deals?
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, Housing prices are going up and most houses are selling pretty quickly. It seems that only sellers having trouble selling their house or having trouble making payments would be interested in having a someone take over their payments quickly and buy their property.
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, Should I just tell them that I buy houses and I’m looking to buy a house in their area and I can pay a good price if they can sell on flexible terms with little or no money down? Or should I tell them something like, If you are having trouble selling your house I can take over your payments and give you a good price for your house?
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, I realize most sellers will NOT be interested but I was wondering how to approach these homeowners.
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, Thanks!A lot of people tell me there are few run down, vacant houses in their area. My usual response is that you need to look in cheaper neighborhoods. Much cheaper. Then cheaper again.
You won’t find many run down houses in neighborhoods surrounded by nice houses. But you will usually find run down houses clustered in the same neighborhood. That is where you will find wholesale flip deals!
But, admitedly, not all towns have wholesale flip opportunities. But instead of trying to do wholesale flips remotely, it is better to pick a different technique/strategy which is available in your own backyard.
On the State of the Union call, the advice that all of our guest speakers shared was to only do real estate deals in your on town.
Getting options then doing a highest bidder sale will work, master leasing will work. As Don said, you are in the business of solving real estate problems – not really looking for a specific type house or a specific real estate technique.
So what are some situations which could cause an URGENT real estate problem that needs a much faster fix than any real estate agent could provide?
1. Lost job this month. Have a New Job 1000 miles away and needs to be there in 1-2 weeks. But need to get rid of house first.
2. Or lost job and have no new job. Cannot afford payments anymore
2. Inherited a house in your town, but the hier lives someplace else and does not want it.
3. Death. If hubby dies, wife may not be able to afford to stay in the house or may not want to live there alone.
What else can you think of that would create a MOTIVATED seller? (note, a motivated seller is someone who really needs to get rid of their house fast, it is not just anyone who has a house for sale)
Does anyone in your town every lose a job?
Does anyone in your town every die?
When someone does die, does someone else inherit the property? Or not be able to afford to stay?If you look for people who have real estate problems, you will find a lot of real estate opportunity.
If you just look for people who have a house for sale, then hope you can convince then to sell to you in a non-traditional way, you will hit a lot of brick walls. The missing ingredient is extreme motivation.
See the difference?
What other things can you think of which would cause a home owner to be extremely motivated to sell fast – anyway way they can?
Legal problems?
Going to prison?
Divorce?
Tired landlord – bad tenants, evictions, too many house repairs?
Serious ingury or illness must move to assisted living immediately?
what else?Make a list of all the situations that would cause someone to be very motivated to get rid of their house fast.
then make a list of how you can find that situation
example,
someone dies – the obits in the newspaperinherited properties – probate list (many properties do NOT go through probate though)
What are you doing to get the word out there that you solve real estate problems?
Do you have magnetic signs on your car?
Have you created a targeted mailing list then sent out postcards?
Kcocked on doors in any neighborhoods?
Distributed pens with your slogan and phone number on them?
Recruited bird dogs?
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