OfflineHey, everyone!! I have read Dean's book: "Be a Real Estate Millionaire" a while ago...Well, I just found a property that looks basically abandoned. The grass needs cut...weeds are growing on the side of the house, door and windows are closed shut,etc. I live in the area and it is in a very good neighborhood. There are no signs in the yard, not even a mailbox...I did a little digging and I found out that the owners live out of state and I went on whitepages.com and was able to get their phone number. It is a 2 bedroom/2 bath residential home..built in 1980. I would like to take ownership of this property and rent it out...Any ideas of how I should go about this? Basically what would you do? Open to suggestions...Thanks!
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Ask them if they're selling because you have intersted buyers
Mention the assignment method as an option. If they're not comfortable with it, ask if they'd be interested in working with a realtor
In the meantime, find a buyer and when you find them set up your finders fee
Search for a realtor who can facilitate the deal
I would suggest you go online to the town site if records are on line in your area. If not go to the town hall and ask the town clerks office to help you search the deed to find out if the home has a mortgage on it or not. If it does, figure out the payments based on the term and amount of the note. Then ask the owners if you can take over the payment if it is low enough where you can lease option the property to a tenant and create a cash flow for yourself. You will want to negotiate a price up front. If you want to live in the home, I suggest you get them to finance you if they do not have a mortgage. Tell them that they will make more money than in a savings account and they can take the property back at the very worst if you cannot pay. I would also try to get an assignment of note so if you decide to sell the property, you can sell it with owner financing as well. Hope this helps. Good luck. Mary-Ellen
Go to deans site www.totalviewrealestate.com and see what the value is. It may also tell you the last time it was sold and for how much. Great information to have before you negotiate a price. I would highly suggest you still do some comparable search's as well since there is quite a spread in pricing on the site. Great way to also check the rental prices for the area if you are going to do a lease/option or lease/purchase.
I've said this in the past and I'm only saying this because it works - Just send the owner a post card informing them that you noticed their property and would like to make a cash offer to buy the property and then put your number and email address on the card and wait three days. Then on the third day send a similar card reminding them you are a serious buyer. Again on the fifth day if you have not heard a response back, send another post card out to them.
I consider postcards the mail that everyone reads. Psychologically, postcards are less threatening and people or more willing to read a four-six line HAND WRITTEN post card vs. a formal typed letter. Trust me, this works!
Gary Rabatin
Certified Cash Flow Consultant
Founder & President of Gold Bar Funding Group L.L.C.
Private Real Estate Investor
"Building Wealth by the Numbers"
All good ideas...you all got my wheels turnin! Thank you!
O,
I found that sending a personal hand written letter works. I just tell them exactly what I want to do. interested in purchasing their house! Leave a phone number and email for them to get back to you. If they don't follow up with a phone call to make sure they got your letter!
Heres how you get them to open it. Hand write it with a return address. Put a regular post office stamp.
Hope this helps
Chad
"The man who can drive himself further once the effort gets painful is the man who will win."
-Roger Bannister
Residential- 14,866.00 sq. ft.
2bed/2bath
Built in 1980
Market Value: $75,597.00
Last Sold For: $55,000.00 (on 12/1/86)
Where is this property located?
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela
The property in located in Spring Hill, FL...Thanks
Orelia,
You have the phone number that’s great because it saves you a couple of step and lot’s of time. Have you called them and asked them if they would be interested in selling? But before you call do your homework on the property.
Find out what it’s worth?
Does it have any liens or code violations?
Do you have your buyers list; is it something that you might be able to sell quickly?
What do you estimate the repairs will be?
Find out if it has a mortgage if so try to work up the payment amount or just ask them when you call.
Be prepared to make a few calls to get all of the info.
Build rapport before you start asking a bunch of question fine out why it’s vacant? What’s going on in a discreet manner.
Hope this helps.
Gene
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
Like everyone said earlier... You have got to find the true owners and ask, then make an offer. You might be their angel. Let us know what happens.
Good Luck,
Ty
Yesterday is history, Tomorrow is a mystery, and Today is a gift...
Ethel Griffin
...So don't throw away a gift, do it today as tomorrow is not promised.
Good job. If you need help pm me. I got your other pm also
To get something you've NEVER HAD
DO something you've NEVER DONE.
I'm a new investor and I found six abandoned properties. All of them are bank owned; however, the bank instructed me to contact the owners of the properties. I managed to get their telephone numbers; however, I thought it would be best to send them post cards with my telephone number and website to contact me instead. The problem is, I'm not sure what to say to the individuals. I'm not sure if this question had been asked before, but I would appreciate some help. Thank you
Roger Carter