Real Estate Investors: How To Focus On Profitable Deals
As a general rule, you cannot make an un-motivated seller motivated. There are too many houses for sale today, but most of them cannot make you any money. The fact is most cannot make you any profit.
It follows you must talk not only to motivated sellers, but to motivated sellers that have properties that can make you a profit.
In this article, we guide you how to identify profitable deals owned by sellers looking to do business with you.
1) Get a real estate investing website
There is no better tool today to save your time than a good real estate investor website. Not only does it tell your story to potential motivated sellers, it also collects vital information that tells you at a glance whether you have a deal or a time waster.
You get to spend one minute to tell if it is a deal or not once it comes through your website. Then you can spend your time talking only to motivated sellers.
In your marketing, make sure you provide both your web address and your phone number. About half the people will submit their information online.
The other half will call you. These can be big time wasters if you do not know how to handle these calls.
I have a virtual assistant who calls them back and enters all their information on my website. Then I can tell at a glance if the deal is worth pursuing or not.
The end of this article has a good website we recommend for all real estate investors.
2) Ask the right questions
You do not want to be tied up with someone who goes on and on about the upgrades they have done on their house, that it is located on a corner lot, etc.
It is important to build rapport, but it is important to ask the right questions that tell you it's a deal or not. Beside the property address bedrooms, bathrooms, garage, these are the questions you must ask:
a) Why are you selling the house?
b) What repairs are needed?
c) How much do you estimate the repairs would take?
d) What do you think the house would appraise for if we appraised it today?
e) What is the total mortgage balance?
f) Are the payments current?
g) What are you looking to get for the house?
h) Is the house vacant?
i) How soon are you looking to close?
j) If we were to close in a few days, what is the least you would accept?
All these questions quickly tell you the answers you need to know if this deal can work or if it is a waste of time.
A house bought last year will not make a good deal. They probably owe more than the house is worth.
The right questions guide you to focus on deals that make you money and stop wasting time.
Simon Macharia invests in real estate buying houses directly from motivated sellers. He uses an interactive real estate website for attracting a pre-screening motivated sellers that also automates most tasks saving time, money and effort. Find out how such a real estate investor website can help you close more deals while doing less.
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