Offlinehi everyone so here is the deal i'm in chapter 19 from your town your real estate profits.while reading the book i see a fsbo and this was last month and i went this week again to see is the sing was still there and i decied to call.i introduce myself right but he does know im a real estate investor and im about to tell him i want to know more info about the house and he said do you want to take a look at the house.i was thinking i did not have a chance to tell him some question but i said yes i would love to.now tomorrow im going to see the house and meet the guy.but i don't want to act like a realtor.the guy sound it like happy!so you see i don't know what do said i need hlep i have no money but i want to make money if i can.this could be my fiist deal, thankz does who want to help me!
Then go and take a look at the house. This questions might help:
1. How much do you sell this house?
2. Why are you selling it?
3. Is there any mortgage left?
4. Are there any Liens?
5. Are there any other mortgages?
That feeling you're having right now happened to me and to everybody who are just starting. In my part, i'd rather make a mistake than not trying. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
First of all - congrats on making the first step to look at the property. That alone takes guts.
Simply tell the homeowner that you help homeowners sell their home using methods not commonly used by realtors. Explain that you represent a group of real estate investors that will pay cash for their property.
You of course should be building your cash buyers list so that when a deal comes along you can move it.
Good luck
Nothing wrong with 'acting like a realtor'. Not entirely sure what that means but,....
Come with a pen and pad, take notes while you're asking questions. Those 5 questions are very good to ask, but just say you may have interested buyers and if they can give you a 30 day window to find a buyer.
Also ask what days and times they are avaialble for you to show property
Wheres the property located???
hi and thankz to all your support but i am not sure if i should bring along a camera and a contract with me when i meet the home owner.does any one what type of contract to bring if i do.thankz to all
Appear like you're prepared to sell the place
If you bring a contract, he'll get defensive and ask lots of questions and one wrong "um,...well,...um" and its like "i'll pass thanks for your time"
After you've established what you want to offer, then bring up the contract. keep in your car, go get it, and then voila. Don't rush or seem desparate.
Deal killer
i just came back from looking at the place and talking to the owner. i introduced myself as a real estate investor. I was shocked to learn that there is two houses that are next to each other. when i looked at it and everything was in the process of being fixed. the buildings materials is all there but he ran out of money to hire contracters. people has been helping him out on fixing it. he has inspecters looking at it to make sure everything is alright. i am not sure on the value of the house. he didnt give exact numbers on what he owes and he wouldnt tell me what he was looking to get for the place. how do i approach the owner? i told him that i will help him sell it and want to lock it up in a contract. the guy responded by saying he is willing to do that and told me he wants me to get paid and be successful. whats my next step in finding out the value of the house and where do you go to find out what houses are going for in that area. i need help and i dont want to blow my first deal. or where would i find a partner? i live in west palm beach. Thanks to everyone that has been helping me.
what kind of contract would i use if i do lock this up?
u need an (investor disclosure statement and seller's acknowledgment) paper to be sign letting the seller now ur intention and u need an (investor purchase agreement/lead paint disclosure notice,i hope this help. IF I'M WRONG SOMEONE PLSE HELP.i'm new too ,i try to help
keep on truck!!!!keep reading!!!!keep finding!!!!keep sharing!!!keep responding!!!keep help keep-up the good work!!! but,don't keep it to yourself!!!
Be careful about getting involved with a project if you don't have the experience to complete it properly. It could be a big money pit if you're now careful. Remember, the idea is not just to get a house under contract; it is to get a house under contract that you have the ability to make money.
While there is never the "perfect house", there are plenty of homes out there that will make their problem your problem. Understand it is hard to give exact advice because we have such limited knowledge of what you are seeing.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
if the house needs repair AND he wants to get paid AND there are home inspectors involved, any issues or violations, etc its coming out your pocket. He seems like he's not taking a low offer and was evasive, no fault of your own, but he knows what he's doing and what he wants.
If you stick with it, find out the comps, if you know a contractor bring them to see the place, have them estimate repairs, and then do your #'s.
If you have end buyers, mention to them without giving address, and see what they say hypothetically
Congrats on taking action! In the process of taking action action though - FINISH READING! LOL! What you need step by steps are in Dean's books. All of it - Where to go to pull comps, contracts to use, etc.
Under Student Resources on home page of DG.com click on Real Estate Analysis System = Total View. It's a great starting place. Run 3-5 min sources for comps, hit the county tax records, this is a good indicator and whether or not the property should turn ya on. But firmly believe that "Good Deals" are created. If the seller is motivated you'll be able to create a win-win for both. So far, I'm not getting "Seller Motivation" from your post. If nothing else go step by step through Deans book with this property. Even if you don't lock it up, it will be good practice/learning experience for you none the less. (negotiations, sighting property, estimating repairs, pulling comps, running your numbers) all of that go with you on every deal, more you do it the more confident and comfortable you will get doing it.
Contracts/Forms- there is also a link to Dean's Forms on homepage. You can download, etc. Good idea would be to contact a RE Agent and have then email you a blank PA for your State/County, to reference as well. * MAKE SURE YOU ALWAYS KEEP YOUR CONTINGENCIES TO COVER YOURSELF - NO MATTER WHAT. *
Proud of you for getting out there and taking the first steps to what WILL change you life if you continually learn, continually take action!
Keep us posted!
God Bless,
Jen
Sorry for not keeping everyone updated on what is going on with this. I got a little more info. Friday I met the owner and said I'll bring a contract. I began to have second thoughts about not wanting to do the deal but he called me desperately wanting to sell his place. I found out he previously listed it with an agent for 329,000 then had it removed and relisted for the same price. When I met the owner, he said the agent listed it wrong so he had to remove it. Before he started to rehab the place, a lady was going to buy it for 336,000. THe contract was all set but then she couldn't provide the funds and it was cancelled. The owner tells me he needs to sell both houses by March for no less than 336,000. I found out his son had an accident and killed a lady. The houses are on the same lot and he wanted to build a business on the land. One of the houses has been vacant for over a year and the other has tenants. The vacant has 4/2 sqft: 2,400 lot size: 56,192 sq ft/1.29acres single family built: 1955 got cooling/heating system got a fireplace the house is estimate:227,631-236,500 and value range: 158,455-264,880.On one house I can not find any information. The owner is selling it as it is with all the material. Would you consider this a potiently good deal? Tommorrow I have to meet the owner again. I'm starting to create a buyer's list and have been passing out business cards. They hold church services in the vacant house. The church people have been doing the construction for the owner and has a contract saying they can uses the place.The owner said if he sells it for 336,000 then he would give me half of that i need help with this? do you guy think i should do this.thankz for all of you that help me!
How many solid cash buyers do you currently have? It might be a great deal. Decide on that, what do you think? Utilize all marketing resources if you want to go on with the deal. Reach out with fellow DG members in your State.
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
I would start looking to see if there are any new liens on this property,arising from that accident(maybe wrongful death suet,or uninsured driver) be careful before you sign anything or make a deposit.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
I hope i read this right
The value of the homes is in the mid 200K's and he wants 336k???
The accident might be the reason behind the higher asking price. The liens should be the reason why you should be able to get at a lower price
Move on. Too tricky for your experience level