OK. I made my buyers list. I made sure I can wholesale with a contract other than the state board (Realtor).I formed a LLC. Now how do I go about finding motivated sellers?
I have driven neigborhoods. Look through the mris. Talked with investers who put up “We Buy Houses” signs. Any advice.
There is a whole section on this forum dedicated to marketing to find motivated sellers. Marketing is not simple, it is something you need to learn and work on.
Fadi’s correct - read the Marketing forum. Some ways I’m attracting motivated sellers are:
- I set up a farm (local area I am marketing to) database of homeowners which have a lot of equity as determined by the local tax assessor’s office. I send postcards to everyone on the database every month, saying that I can sell them homes quickly. Usually after 2 to 3 months, some of them will contact me.
- I advertise on Craigslist, and other online sites about my services. The ads all have a link to my website.
- I just started putting up bandit signs (which I hear work for everyone). So far, it’s too early to tell if this is a good investment.
- I have magnetic signs on my car with my website and 24 hour recorded message phone number.
- I drive around looking for “junkers” and possible vacant homes. If those homes have a lot of equity (after researching the tax assessor’s database), I add them to my database for postcard mailings.
There’s a lot more I should probably be doing to get motivated sellers calling me. My marketing will be always evolving. Once you find something that works, keep doing it. If something doesn’t work after a long enough test period, stop doing it.
Good luck!
Demosl… good advice. Tell me I was reserching propety on county site. I was unable to tell amt of equity. I notice you mention this in your posting from the tax accessors. How is the equity determined from the tax accessors office?
Vsmeyers,
The determination of equity from the tax assessor’s database is an indirect measurement. I actually look for a ratio of the most recent assessed value to the last sale price. I look for a ratio of well over 2:1. For instance, if the home was recently assessed at $100K, I want the last sale price to be at least $40K or $45K.
Of course someone could have refinanced their home to 100% LTV since the home was purchased. I wouldn’t know that. My system prevents me from wasting time and money marketing to people that have little or no equity.
Demos Loizides