Buying Real Estate with Private Money
Looking for motivated home sellers is the next step in Wholesale Flipping Homes, which can only work if you buy a home for less than it it worth. Why would people sell you their home at a price that is well below what it is actually worth?
Death
Divorce
Old age
Sickness, terminal illness
Inheritance
Job loss or change
Behind on payments
Immediate need for cash
Don’t want any more hassles
Tired of dealing with renters
Live in another part of the country
Motivated home sellers often live in another part of the country. After all, if they have been transfered for their job and still have a house in the old location, and a now a house in the new location, they are going to want to sell. This is even more true if they move from a place where they had a low monthly mortgage to a place like Florida or California where housing prices are a lot higher than they are in other states. After a few months of paying two mortgages, they are going to be the most motivated of motivated home sellers.
How to Find Motivated Home Sellers
The way to find all those motivated sellers is to take massive action. You are going to have to work it. It’s a matter of prospecting. That means driving around in your area looking for empty homes, networking, sending out cards and letters, going to estate sales… being present in your area.Advertising is another way to find motivated sellers, and here in the audio portion of “Wholesale Flipping Homes”, Dennis actually gives advertisement wording suggestions that you can use to run your own ads.
Listen to a preview of Dennis J. Henson’s
Mailings
Mailings are expensive but they work. They are also the best way to find deals. There’s a better way, but in some areas you can’t do it, and that is putting out roadside signs. Therefore, if your city or town has no prohibition on those signs, then you will find they really work. However, if you cannot put out the signs, then the next best way to find motivated home sellers is by mailings.
Interviewing the Seller
You can’t tell if a seller is really motivated until you interview them. So when they call in response to a mailing, you have to know what to say. First, you are going to want to ask them some very specific questions to find out if you want to go see the property. You have to decide that while you are on the call. You don’t discuss price during the call. What you want to get from the call is the determination of whether the property is worth doing a deal.
Dennis then explains exactly which questions to ask. It doesn’t matter where the caller got your number, from an ad, a sign, a mailing; you are always going to ask these same questions.When looking for motivated home sellers, these are the W-H-A-T questions that will let you know whether you want to go view a property. To learn the W-H-A-T questions, get Dennis J. Henson’s “Wholesale Flipping Homes”.
He will also reveal the trick to finding out how much is owed on the property without being told, “It’s none of your business!”
