OfflineI just went to my second meeting at my landlords association and no one seems to want to buy properties with cash so i really having trouble building my buyers list. Does anyone have any suggestions on what i should say thye next time i go to the meeting on how to open up these people to my ideas
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You could explain to them that if they have free and clear properties they can refinance, cash out, and buy another cashflowing rental property, this is the time now to buy now at the bottom, and also have more properties available for the many people who are finding themselves in hardship and now have to rent. Also explain having a property manager will pay off in the long run, because they are free to be looking at and closing more deals(with you
). If you are at a club that is mostly landlords, I don't think many of them also rehab and sell.
As for marketing, I can't say, because I don't know what you are doing. Possibly you might have to tweak your marketing. Good luck!
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
Of course these landlords don't want to pay cash!!! For an example, they can use $100,000 to finance 5 properties or pay cash for one?? It is called leveraging your money. This does NOT mean you can not wholesale to them! They usually have their funding lined up in advance. Private money or pre approved financing is what most use. You don't care where they get their money as long as they can close when you need them to!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
While I agree with Ruben and Michael, I have to throw this in also. When you are at your REI meetings sitback and listen to the other members about what their plans are and how they want to accomplish them. I am a big advocate of sitting back and listening. I get all the info I want by just listening to them. This is the way I approach all of our FSBO's. I just let them tell me what they want and then I come back with ways to help them. It works 100% of the time. I would rather be in the background getting all the right info instead of being out front ranting and raving because that gets you no where.
Try it, it just might work...Jan
The most effective way that I have been using to find out what buyers are buying is to first find out what buyers are "SELLING".
Yes, find out if they have anything to sell.
If they ask you "are you looking to buy?"
Answer with the truth! "I am always looking for great deals" (The Truth)
If they do have any properties that they are trying to sell, have them describe one to you. Take tons of notes because likely they are going to be giving you their "buyers criteria" while describing this property to you.
Then ask them this question to give you even more credibility...
- "Sounds like a great deal, I work with a people looking to purchase properties all the time, when I talk to them, if this property fits any of their criteria, would it be ok if I gave them your information?" (of course they'll say yes.
At this point thank them then ask one last statement / question.
"I come across great deals all the time. If I come across a deal that fits the criteria of the property that you just described to me, would it be alright if I ran it past you as well?"
You will get great results with this type of conversation.
Remember!!!!!!!!!
When you attend an investment club, it is more beneficial to talk to 20 people for 5 minutes each, then it is to talk to 5 people for 20 minutes each!
Happy Investing.
Matt W