Due diligence come later. A great man told me once - “If you have a owner ready to sign. YOU GET THE SIGNATURE!” Then check the title and see if you might want to file this deed.
Have I gotten a deed I didn’t file or do anything with? “YES!” And I went back to the seller to tell them, if they were still around. In Fact, I usually tell the seller when they’re signing, that if the title is all screwed up or there is no way to save the house, I wont even file it. It’s not my fault they’re in this mess.
It sounds kind of rude, but just be up front with the sellers and you’ll have fewer headaches later.
Does anyone run a “We Buy Houses” ad on a continous basis and have success with it? I am about 1 1/2 months into a 3 month contract with my county newspapr and I have probably received about 60 calls and no deals. A few solid leads thats it. I’m just wondering if this $140/month is worth it??
60 calls a month and 4-5 good leads!!!
There’s GOLD in them there hills…Start digging deeper and get one of those leads turned into a good deal! Sounds like the ad’s pulling.
Dee-Texas
Im in a market where it costs that for a week…I think it all equals out if you can get a deal worth anywhere from 500-X…Keep it up, it doesnt hurt to have it out there.
I’m in a VERY big market and there are several BIG “I buy houses” or “All Cash for your house” ads running in the local papers. I like to be different and run a small 3 line ad…
“Behind on Payments?
No Equity? Need Repairs?
Close in 24 hrs! XXX-XXXX”
Get about 2 to 5 calls a week. Close on 1 out of 4 to 5 average that call this ad. Also, run a second ad Thurs - Sun to compete with myself and others.
“Executive looking for
home. Can Lease/Option
or pay CASH! QQQ-QQQQ”
Different number. Get a couple of calls or so each week. Do about 1 every 4 to 6 weeks from this ad. Of course, this ad draws the pretty and expencive houses needing little or no work and (of course) not so motivated sellers.
Remember, if there are several “I buy houses” or similar ads in you paper, set yourself out from the rest. Be different. Don’t look like a ‘seminar graduate’ running the ads given to them by their “Gurus”. I find sellers call me because I am different. The deal I did this past weekend, the seller called only my ad and my “Behind” ad is sixth in the listings.
Learn marketing along with real estate.
And another thing to remember, when you talk to these potential sellers you get, if you don’t come across as very confident, the seller will NOT have any confidence you can solve their problem and look elsewhere. If I had 60 good calls, I KNOW I’d probably close on 10 to 12 of them, quickly, and celebrate!
The number of calls you get from an ad really doesn’t mean much. How many are good prospects and how well you qualify them determines the success of your ad.
Rather than a “we buy houses” ad, we prefer something like, “Wanted. Nice 3 bedroom home, to $XX,XXX. Minor repairs OK. Cash or terms. Close quickly. 999-9999.”
Your ad suggests you are an investor, this one does not. Before explaining your objectives, ask them about the house. Show some interest in the home. (Notice I call it a home, not a house)
You will get far better results if you show an interest in their home. In fact, I will even go so far as to say you will often get a better price.
After getting some of those details, explain what you do (that is, if what you do sounds like you are doing something good … helping people become homeowners, etc.
Sellers are more willing to listen to your offer if they believe they might be contributing to something worthwhile.
Remember this about ads … you only need one call … if it is the right one! Write ads to pull the calls you want, not ads ot make the phone ring. That is, unless you enjoy talking on the phone and starving.
Thats a great response. I’m lucky to get 4 or more a week.
Have you made any offers so far?
How many alternative solutions do you have to solve the sellers problem. If you need help on how can you make a deal work post the question in detail here so we can comment.
Brian,
If I received 60 calls in 45 days, I’d be running even more ads. That’s 3 times the calls I get at less than half the price I pay. If one deal nets you 20k, how many years can you run the ad? I’ve been running my ad daily for 2 years - it more than pays for itself. Hope that helps…
60 calls in 1.5 months is pretty darn good if that’s all from your classified ad. If it takes the rest of the contract to get another 60 calls and out of that you get ONE deal… would it be worth it then?
I take then down to a notery and have them sign a deed to me in trust (and of course, all the other papers I need to deal with lender(s), CYAs and what not to do the deal).
There! The deal is closed, as far as the seller is concerned. Now, all I have to do is cure the loan(s) and/or negotiate with the lender(s) and get someone in there to cover the payments.