OfflineI am working with motivated sellers that really needs to sell and I'm going to make my first deal and eventually alot more but, I don't want to waste anyone's time.
I would like to know how do I qualify a investor that I will be assigning my deals to. Below is a script that I'm using. But, after this script, is there a way to make sure that the investor is qualified?
>>>>>Script<<<<<
Hi, I'm (YOUR NAME),
I'm a investor also. From time to time I come across property that I need to buy and I cant put it in my portfolio. Do you buy property from other investors?
Is there any area of town that you want to stay in or out of?
What percent off the FMV do you like to buy?
How quick can you close?
>>>>>Script<<<<<
If they can close within two (2) weeks or less I add them to my list. If its any longer than that I tell them to have a nice day.
But, after qualifying the ones that can close within two (2) weeks, what other qualifying should I use to make sure they're legit?
One question I like to ask investors is if they are going to be closing with their own funds or funds from other investors. Also find out how much rehab they are willing to do.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
But, should I get proof of funds from them or something else other than this? I really don't want to waste these seller's time. A few that I spoke with have some really bad situations that need to be taking care of. Since this is my first deal, I would really like to handle this in a professional manner.
type in 'qualify buyers' in the seachbox and hit enter--info there
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Importance of Buyers List
http://www.deangraziosi.com/real-estate-forums/everything-else/70748/imp...
Questions to qualify buyer
http://www.deangraziosi.com/real-estate-forums/misc-news/63583/questions...
I've already did a search. Do I need to ask for POF's to make sure they are legit?
This is what I do. I know others do differently.
1. I never assign a deal to a owner/occupant that will require financing.
2. I sell all my properties that I am taking to retail through my agent and list the property on the MLS. I don't market to owner/occupant buyers myself. I leave that up to my agent and the MLS.
3. The properties I assign I get under contract working directly with the motivated home owner.
4. I assign those contracts to other CASH buying investors.
5. I add everyone that says they are a cash buyer to my lists. I qualify them when they say they want to put one of my properties under contract. How? The earnest money is non refundable unless the seller does not perform. This separates the real players from the newbees that just want to tie up your contract while they search for a buyer. I don't mind if some one brings in a buyer, they just have to have them in advance and their buyer goes on my contract.
BEFORE WORRYING ABOUT BUYERS, YOU MUST KNOW HOW TO EVALUATE A DEAL FROM YOUR BUYERS PERSPECTIVE AND PRESENT THE DEAL IN A PROFESSIONAL MANNER. What is your buyers actual ROI? There are tons of motivated sellers out there. MOST WILL NOT WORK AS AN ASSIGNMENT DEAL.
We do REOs ans short sales but those are not assignment of contract deals.
PM with any questions.
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
Regarding proof of funds, we all know how easy it is to get that from a transactional funding source. As Michael said, the non-refundable earnest money works very well. You can also ask what entity they purchase under and search the records at the recorders office to see how many properties they have actually purchased in your area. Or, you can ask them to tell you about their last deal and run that thru the recorders office.
HEY GANG, DOES ANYBODY out there use Deans Probate Software Currently? I would like some feedback before I buy it. I get great responses now through a simple processes, but want to get extremely active in that arena. Hoping for feedback from active users. Need Feedback ASAP! Thanks!
joseph with a Smile
Thanks everyone. I'm going to get at it right this minute!