Dummy - Posted by Dennis

Posted by Rob FL on March 17, 2000 at 21:00:22:

Ron Legrand wrote 2 How to Articles on this very subject. Read them.

Dummy - Posted by Dennis

Posted by Dennis on March 17, 2000 at 19:23:24:

I know this sounds kinda stupid,but exactly how are you supposed to find motivated sellers? I am not making fun of anything,but being so new I haven’t even done a deal yet I feel I should find out as much as possible by asking dumb questions.I realize that there are lots of people doing this,and have plans on doing it myself in a while.So,this is why I’m asking this question now.

Motivated sellers - Posted by Bud Branstetter

Posted by Bud Branstetter on March 18, 2000 at 15:47:57:

Finding the motivated seller can be a numbers game. Send out 100 post cards to FSBO’s saying you have little down and will they owner finance and you may get a response or two. Put your I buy houses ad in the paper and you will find a deal sooner or later. They have the motivation to call you. Start calling those FBOS’s and ask the right questions. Divorce, death, job transfer, financial problems make people motivated. But you have to ask, why are you moving. Then there are the houses that are vacant or need work. More of those owners are motivated.

You can do much of the prospecting and calling yourself if you have no budget for marketing. Advertising and marketing bring more leads and a system is needed to weed out those not motivated.

Not everyone is motivated to sell you their house at 65% ltv. because they have a 90% loan. But they may be able to L/O or allow you to consult. As you learn those ends and the ways in between you will reap more deals from the same number of prospects.

Re: Dummy - Posted by Dennis

Posted by Dennis on March 18, 2000 at 12:56:21:

Thanks for all the replies.Feels good knowing there are people like all of you out there who will give you advice of a timely source.I will definitely be coming back here more and more as I go along.Came across some rehabbers today who do it for a living,and are related to a friend of my wife’s so i may be getting going faster than I thought

Re: Dummy - Stay a Dummy! - Posted by YankeeBob

Posted by YankeeBob on March 18, 2000 at 08:05:18:

Coming from an Itala-American family and neighborhood in South Philadelphia, I worked for a huckster (costermonger, green grocer on wheels). From the age of 6 until I was 16, I went door to door selling fruits and vegetables. Therefore the ability is inate.

My advice is to go door to door in areas where you want to invest and say you are looking for a home. Tell people you were told that someone (a stranger you met in the local supermarket or any other feasible story)on the street was thinking of selling thier home and coulddn’t remember the address nor the persons name (what a dummy!). Tell the person at the door that you’re interested in moving into the neighborhood. If they say they don’t know of anyone don’t let that slide at that. Ask, (being the Dummy)" maybe it isn’t this street?" (incomplete sentence but effective and in the real world no one expects you to be a grammarian) “Do you know of anyone in the neighborhood that’s contemplating selling?” If answer is no then keep on being the Dummy. " Is there an older person or family thats thinking of selling? I think the person I was speaking with mentioned something like that?" or “I think he mentioned they were getting a divorce?” If no results go to another house and do the same routine. Older folks seem to know more and are more amicable.

Set up you’re own route and refine it. It works.
(Remember the Bard "All the world’s a stage…)
Also if you find a home and you can’t negotiate it to your satisfaction and assuming that you’ve developed a friendly rapport with the sellers (which you should have!) tell them that you do business with XYX Real Estate Co. and they’re excellent. You’d like to recommend them to the Realator for a professional and expedient sale of thier home. You then go to the Realator and grab a point or a point and a half if the property is listed and sells. So all is not for naught. (The realator will also start calling you with new listings they think you may be interested in as an investor, before they hit the multibles)
Hope this helps a bit and I apologize for being so wordy. Good Luck Yankee Bob (Dummy!)