How to find sellers for rehab properties

[xcrt7]

I was wondering the best way you guys have discovered to find sellers for rehab properties.  Does it help to run a "We Buy Homes" ad?  How do you go about getting MANY different sellers to call you or where can you find such motivated sellers?  Thanks for any responses.

[Medscan]

Hello,

Some investor have great luck with "We buy houses" ads, but I have found the best way to find rehabs is though you local paper.

CLM

[xcrt7]

Thanks for the advice Medscan.  What types of ads do you run in these classified ads of papers?  Just a generic "We buy houses" type ad?  Also, how long do you suggest running the ad for?  On average, how many sellers would you say give you a call off each ad run?  Sorry that the question don't have easy answers, but any suggestions would be great!

[Medscan]

Hello,

I think you misunderstood.  I do not run ads. I call owners. Sellers who want to "dump" thier houses place advertisment anywhere they can, reading the paper saves me from spending my money in placing ads, and there are always several to choose from. For example, last Sunday I called 4 ads listed in my local paper, of the four two were not interested in selling the property for what I offered and let me know that right up front,  I appriciate that because it did not waste much of my time.   The third wanted to massage the deal and spend time getting to know each other, which is fine, you can never have too many freinds. But the fourth, told me in the first 3 mins of the conversation that he wanted to get rid of the house ASAP, anyway he could. That is where great deals are made, Not in placing ads, but in responding to them.

I invested 25 mins of time and will close on one of the properties with in the next two weeks. The third call may take a few days to finalize. But, nevertheless, it was a good Sunday.


Please keep n mind that not every Sunday is like that, but how many would it take to get you where you want to be?

CLM

[kbrandau]

I used to do that as well, finding home that I could go in a just take over their payments, I get equity and all, and it cost me nothing except for the recording fee with the county. $20.00

I used to place ads, but the calls I got were not what I wanted, the no equity, high payments, can't rent them for the payments, and would need several thousands in rehab work.  Not money makers in my mind.

But to call all of the people who are willing are advertising in the paper every week, there's your potential deals to be made!

Good Luck!