Posted by JC in Seattle on November 05, 2003 at 24:19:29:
No problem with questions. I’m glad to share the little I’ve picked up.
I picked my farm as the lowest price area in the city that doesn’t classify as a war zone. A war zone would be a place where bullets fly, etc. Seattle, doesn’t really have a war zone IMHO, so I stuck to the lower priced places that are growing in value.
By the way, I am finding more success in focusing more on making offers with good terms, that is low payments over a period over a few years, folowed by a ballonon payment, than trying to make those really lowball offers at all cash. That might work well for you in a higher priced area. Some sellers will be willing to take payments for a few years, if you will pay their asking price. And if the payments are lower than market rents, you can possibly flip these deals, since positive cash flow right off the bat is a highly sought after. At least, I’ve been able to.
As far as traveling long distances for deals, I know a lot of people who do travel for deals, but I’ve made the commitment to stay within my own county. I just don’t want to spend my life on the road. And I know I will be able to see lots more sellers if the drive is fairly short. Of course, if the deal is really sweet, anyone would make the trip, but as far as day to day farming of an area, I stay in my back yard.
Motivated Sellers in a Hot Market - Posted by Barbara
Posted by Barbara on October 31, 2003 at 15:01:28:
Does anyone have tips or ideas on how to find motivated sellers in a ‘hot market’? I have not been able to find very many (any) motivated sellers despite my marketing efforts. I’ve tried running the ‘I Buy Houses’ ads, sending postcards to pre-foreclosures and letter campaigns to absentee owners. All without much response (and certainly not that motivated if they did respond).
Any ideas? Help?
Re: Motivated Sellers in a Hot Market - Posted by Brad (CA)
Posted by Brad (CA) on November 01, 2003 at 22:42:25:
If you have more time than money, or want to get make things happen more quickly I recomend using the phone as much as possible. Call the leads you send postcards to. Much quicker, they get less calls than mailings so your going to be making a bigger impression. Get proactive and like JC said, dont give up.
Re: Motivated Sellers in a Hot Market - Posted by JC in Seattle
Posted by JC in Seattle on October 31, 2003 at 16:32:12:
I am in Seattle, also a hot market. I have done 2 deals so far, both wholesale flips. Both came from “I buy houses” adds.
It took me about 6 months to get the first one. I’m still a rooky, but I think the key is persistence. And, I think you need at least 5 different marketing approaches that you apply consistently. That is, do the same things week after week, and you will definitely get results. The time before I got my first deal was tough, but everything changes when you get that first check. You really have to manage your state of mind, and not let yourself get down while you’re out there digging. Hang in there!