Have my first 2 potential buyers...what do I say to them???

What did you advertise on your ghost ad?
These buyers are responding to that ad- so now you want to ask them specifically what they are looking for (price range, area, #bedrooms, #bath, etc.), how will they pay for it, cash or financed? how soon can they close?

Before you post your ads, you should have a realtor, and be submitting offers, putting properties under contract, so that you have some deals for your buyers.

wishing you success,

Valerie

Did you advertise you had houses for sale???

Did you advertise you assist in financing???

Did you advertise you can help people find homes???

If you said the first and get busted in your lie, you're already starting on the wrong path. i've said it before and i'll say it again

STOP POSTING ADS OF HOMES YOU DO NOT OWN OR HAVE CONTRACTS ON!!!!

It's too too too easy to get exposed and you'll look like a fool afterwards.

What exactly did you say???

I advertised that I help people buy homes instead of renting, if they qualify.

So I didn't lie.

I wasn't sure if there was a list of questions printed somewhere on this site that I could use to start me conversations with these 2 folks.

Thanks

Linda

I advertised that I help people buy homes instead of renting, if they qualify.

So I didn't lie.

I wasn't sure if there was a list of questions printed somewhere on this site that I could use to start my conversations with these 2 folks.

Thanks

Linda

Be careful not to sound as if you are representing your buyer. This requires a license.
As Elix stated, I would worry about having an actual deal under contract. You can have 50 zillion buyers but if you have nothing to sell you have no chance of making money. Besides, getting out and looking at properties, determining actual ARVs and rehab/remodel costs is where you learn your market and this business. You will also meet REAL cash buyers. In reality, this is what you must do to be successful in this business. Having a lot of buyers and no product to sell is a waste of time. Build your buyers list while you are taking action and learning how to find, evaluate and put killer deals under contract or you are putting off the inevitable. If you don't you will fail, no product to sell = NO MONEY!

Michael Mangham
MD Home Acquisitions LLC

Ok, I understand I need properties....however, if I don't know what they require/desire, I need to search for those. Correct?

I guess logically, I feel if I have properties under contract but those properties don't fit any buyers needs/desires in the 30 days timeframe they are under contract.....what??? I would feel as if I failed the seller and myself. Unless you are saying that's ok to do. It's how the business works.

Would you say it's best to have properties under contract and then find the buyer to fit?

Thanks,

Linda

Linda, what is your overall strategy? Are you going to invest yourself in properties and then do seller financing? Or, are you trying to wholesale? If you are trying to wholesale, then you need to find cash buyers first, not lease option buyers. You can fish for lease option buyers after you find cash buyers who would be willing to take a lease option buyer as an option. I am new to this too, so don't listen only to my advice, there are plenty of people that know more than me, but from what I understand, to get your first deal done, you need to find cash investors who you can assign contracts to or do a double close with. Your ad seems to be looking for people who are trying to get special financing done which could come into play if you were using your own money or once you knew of other investors who would be willing to take a lease option candidate. Does this help?

If I have a buyer who needs a mortgage and I have FSBO property under contract, why can't I do an assignment? I'm confused. Does it not work the same with cash buyer....there just isn't a buyer mortgage involved.

I have a mortgage broker who gave me a list to prequalify a person who appears to be a good candidate for a mortgage. Just can't understand why I can't do an assignment for her?

I've read 2 of Dean's books....I'm more confused now that I have potential buyers ISO homes to buy.

Sorry if I seems like i'm whining, I just want to do it correctly.

Thanks to all.

Linda

When you said,..."if they qualify..." did you mean a family looking for a home to purchase or an investor looking for a distressed property???

You are in no position if you are not licensed to determine if someone is qualified; what person is going to give you their financial info and loan info???

You might want to place ads saying you want to work with cash buyers to be more clear

A person looking to buy a home. I thought I was bringing potential customers to my mortgage broker to determine if they are qualified to purchase a home w/mortgage? I personally am not determining if they qualify. If they didn't qualify, then I thought I'd find a rent-to-own deal through a FSBO.

This is why I'm confused.

Thanks

should I get properties FIRST, then BUYER? And should they be CASH BUYERS and nothing else, for now?

Thanks

I stated to build your buyers list while learning how to find real investor deals. One thing I know. If I have a deal that is in a decent area, first time homeowner type property and I can present it to ANY real cash buyer at 70% of ARV after repairs they will jump on it. If I have no buyers and I advertise this deal, they will find me. I want to tell you that I have over 1000 buyers on my list. Out of those I have maybe 15 that are REAL CASH buyers (investors)
I do lease/options, that is the ONLY time I market for owner/occupants!! When we do a fix/flip, we list the property on the MLS. That is where we find buyers for our retail properties, through our agent and his/her listing on the MLS.

Think about where investors make money and how they do it. It is not selling homes to owner/occupants unless they buy, fix and sell the property. Or do a lease option (rent to own). Once again you have to find the property and seller that will work on a rent to own deal. Finding a tenant buyer is EASY if you have the DEAL!! If you want to do what you sound like you want to do you might want to get a license and be a realtor.

PM me with any specific questions if you need more help.

Michael Mangham
MD Home Acquisitions LLC

but my first choice would be to find the properties first