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Author Topic: Help please !!!!!  (Read 3502 times)

Offline Gyna205

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Help please !!!!!
« on: October 29, 2008, 04:24:51 pm »
Hello to all
I am new to REI and I am so ready to do a first deal I have located some investor to who are will to buy deals and I have also went out farming and located about 70 vacant home around my area  I have phone numbers on most of them , my biggest fear is the phone call i guess . can anyone give me some pointers on how to screen the seller and i also puzzled about how to determend the repair value. can someone please help me get off this fence. thank u in advance. :banghead
« Last Edit: October 29, 2008, 04:28:29 pm by Gyna205 »

Offline NoLights-NoCameras

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Re: Help please !!!!!
« Reply #1 on: October 29, 2008, 04:57:47 pm »
I remember when I was new in investing.  I was terrified to call sellers!

I don't know what I thought would happen, but I remember the fear being real.

Here's the way I look at things now.

Say that you saw my vacant ugly house and you called me.  I own a vacant house - probably costing me money every month.  I don't have the money to fix it up and my real estate agent said they can't list it in it's current ugly condition.  I feel stuck, I don't know where to turn.

Then I get a call from you, asking whether I was interested in selling my vacant house.  As a matter of fact, yes, I am.

...Do you see how looking at it from the seller's standpoint and making it ABOUT THEM instead of ABOUT YOU can help?  I know you're trying to make money in real estate.  You will always and only make money in real estate by helping someone with an issue of theirs.

Here are a few questions to get you started.

1 - Hi so and so, I drove by your house on Main Street and noticed it was vacant.  Do you have any interest in selling?

If they say no, tell them okay and ask if you could send them a business card in case they decide to sell in the future.  If still no, no worries, thank them and wish them a good day.

If they say yes, ask

2 - Can you tell me a little about the property (bed, baths, square footage, condition, etc).
3 - What would you be looking to get from the sale?
4 - Is your price flexible?
5 - If I could pay all cash and close quickly, what would be your best price?
6 - Is there a mortgage on the property?  (if yes, what are monthly payments?)

You're simply collecting data for end users.  Be friendly, be more concerned about the person on the other end of the line than you are about yourself.

Regarding rehab cost, don't worry about that until you are working with a motivated seller - then get a contractor out to give you a rehab bid.  This will be a helpful tool to your end buyer.

Next...nothing kills FEAR like ACTION.  Set a certain number of calls per day - don't allow yourself to get out of them.  Every day that you make calls, it will become less and less scary until you will no longer remember what you were afraid of (like me now).

Congrats on your step into the investing world...it's scary at first, but it's worth it!
New to Investing?  Check out my blog at www.NoLights-NoCameras.com for free "tell-it-like-it-is, with no fluff" real estate investing articles key to the new investor's success!

 




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