I really didn’t want to go that night.
I was tired after 5 o’clock on Thursday night, which was a very long week. In fact, I’m exhausted.
After all, I had already gone to the other two Networking event That week I felt pretty burned out.
Besides, my two daughters came back to school soon, so I felt like going home, having a quick dinner with my family, lying down on the couch, and watching crazy TV with a girl. became.
Just then, my acquisition manager Bill jumped into my office and said vaguely. “Are you ready to go?”
I looked up and answered, “I’m right there” I cleaned up my laptop and headed to the REIA conference in town.
Going to the REIA meeting that night was the last thing I wanted to do, but I was very happy.
Surrounded by REIA
When we arrived, when I was besieged by more than five people, we were only five steps into the room.
“How are you finding all these properties right now? I’m looking for the same place as you, but I can’t find a single house to turn over!”
With eight properties under the agreement and dozens more in the pipeline, the local real estate industry’s language spread rapidly.
We were doing what others didn’t – and the language spread. I glanced at Bill with a proud smile and began answering their questions about what we had done.
No excuses when finding deals
About five months ago, I noticed that the flow of transactions was starting to run out, and I wasn’t sure why, but I was skeptical. I was in a comfort zone of doing the same thing as usual. The problem is that I didn’t get the same result.
The economy has begun to turn around, not just new foreclosures, lack of sales, and bank-owned real estate on the market to scoop up as it once did. Grabbing a distressed property has never been easier.
Sure, there aren’t as many ambitious sellers today as they were a few years ago … in fact, they do exist.When searching for something that is motivated
Today’s sellers, just as you did before, may be waiting for a new deal.
So I rocked things and decided to hire a full-time acquisition manager, and Wholesaler Focus my business on acquisitions and find motivated sellers. All I’ve found is that I need to find them a little more creative than anyone else, just because they weren’t as many as they used to be.
So I changed my approach … and so far it worked pretty well.
So here’s a short list of some good types of motivated sellers you should be aware of so that you can keep your pipeline full, and perhaps this list is yours It will help you jump start the acquisition process.
1. Frustrated landlord
In many cases, landlords who own multiple properties may just be tired of having unmanageable tenants. Maybe they just want to get our real estate completely. God knows, I sometimes had traits that fit this bill.
The landlord may not be making as much money as he used to be and may be more willing to sell. He may have bought in the wrong market, or he may simply have a bad tenant. Maybe that maintenance is too much to catch up. Who knows why – the point is that he wants to sell now.
Frustrated landlords are some of the most ambitious sellers on the market. If the tenant’s lease agreement is still in place, the landlord can move the tenant out at the end of his term. If the resident is a “resident who does so”, you can move out of the property quickly.
If you have tenants who are paying rent, keep the location clean, and have good tenants, as a new landlord, you can inherit these tenants and get cash flow as soon as you buy the property. ..
When someone dies, that person’s property is passed on to the heir by will. One of the greatest assets is usually the deceased’s home.
In many cases, heirs do not want real estate and are very motivated to sell it. As responsible for taxes, insurance and maintenance, they usually lose real estate money every month and are very motivated to sell it.
If the house arrives at a private court, the court appoints someone to negotiate the sale of the house.This representative is often very pleased
Negotiations – May be below market value if necessary.
3. Bank REO
If your home is foreclosed, you usually have the opportunity to buy it at a foreclosure auction. Often, these homes are not sold at auction and the lender remains the owner of the property.
Banks want to get rid of these types of assets quickly. Banks do not have the business of being a homeowner, and in most cases the longer a bank holds an asset, the more money it loses.
Worst of all, homes are vacant and usually unmaintained and are subject to vandalism. Needless to say, it will be an obstacle to the neighborhood.
All this makes a very ambitious seller. These properties are not as large as they once were, but they do exist.A bank
Desperately negotiating to get rid of these kinds of assets is very pleased-often even cheaper than the price at auction. These are great deals.
Getting a job can be difficult as the economy is recovering slowly. From time to time, if a person is offered a job in another town or state, he or she will have to sell the house immediately so that he or she can move to a new area before the job begins.
Homeowners don’t have time to hang out or sit in their homes until they find the right buyer. Instead, he will want to end the sale so that he can move on to a new life.
In addition, if the person has already moved, it may be difficult for the person to meet in person and make it available in some way during the sale.
These people can be difficult to come by, but if you find it, don’t forget to take advantage of that opportunity.
5. Pregnant baby’s family
Family pregnancy often means one thing. It’s time to get out of our little house and upgrade to a bigger one. The clock is ticking. Within 9 months until a new member is added to the family and her parents need to find a home to raise him or her before time runs out.
During this time, parents are busy reading baby books, going to doctor appointments, and avoiding occasional panic attacks.
Because of this turmoil, selling their old homes is often around. It’s just not that important in a grand plan of things.
If you find this situation, take the opportunity to buy the property at a price well below the market price.
6. Deferred maintenance properties
From time to time, when tied to cash, homeowners will neglect to maintain their homes to save money so they can pay their mortgages or other financial obligations.
When they do this, they essentially make their home an unattractive property for future buyers.
When they decide to sell, they will find that most personal buyers don’t want to buy a home, especially because of the prices it lists. But as a flipper in the house, it’s your job to refurbish and improve. And since you’re probably one of the few or the only ones interested in the property, you can force the seller to meet your demands.
7. Old real estate owner
You are the owner of the old property as well as the owner of the deferred maintenance. Both are not particularly desirable for most homebuyers, making them ideal for real estate investors. If you can make the seller feel as if you are the only way out of their situation, make an offer to them.
If you find an old property with good bones, this is the ideal house inside out. Make sure they aren’t permanent structural damage-if any, make sure you get a home with a serious discount. Always have a general contractor check your house. When bidding, use the home inspection contingency clause in your offer. That way, you can get bail if your house goes beyond repair or if it breaks. Flipping math in your home..
If you’ve gone this far, leave a comment below! What other sources have you found to generate more properties for your business? Please comment below and let us know.
Photo: Kelly Sanders