Finding Motivated Seller - Newbie
I just started the wholesale business and i'm having a hard time finding motivated sellers. I've been working the preforeclosure market and I'm doing more running around more than anthing else. Does anyone have any marketing techniques they would like to share? :cry:
There are many ways to go about finding motivated sellers, depending on your financial situation.
You can write an ad in the newspaper that says "We Buy Houses CASH, Fast closings" (Bandit signs with the same message/ phone # around your target area is good, too!)
Or, at a local grocery store, dry-cleaner, car mechanic, barber, etc. you can put up flyers with this same message.
Or you can go to the county courthouse and search the lis pendens, notice of defaults and the like.
Good Luck!
Matty Kling
If you are chasing the pre-foreclosure market, be prepared to compete with up to 50 others all sending letters and or post cards to the home owner. I know that in the Philly area there are dozens of investors who have all attended seminars teaching them how they will be able to quit their job in 90 days. The problem is that there are not enough suitable properties for all of them to buy. If you are going to go after the pre-foreclosure market, you need to get in the homeowner's face. I read one place that said to make in video tape explaining your services and to mail that instead of sending a post card or a letter. Regarding other forms of advertising, I had three "We Buy Houses" ads in papers for 4 weeks straight and olny got calls from a couple people looking for a house to rent. So, you may have to work hard to find the motivated seller.
You're going to have to work very hard, there are other people out there doing the same thing you are who are better than you. You have to keep at it until one of them stumble of take a break
I've started dialogues with several agents and mortgage brokers in my area.
They tipped me off to a few people here and there. If i really pressed it, i 'm sure I could get them to come to me more often.
You may want to try and get in front of some of these people.
Another thing i found by doing a websearch was a group of investors who list properties for other investors. This is a gem if you can find it becuase all of the people listing the properties are motivated sellers or willing to at least negotiate.
good luck.
Thanks for the advice. What other type of situations can I try to target other than divorce, preforeclousre, probate, and absentee owners?
I've gone so far as to call new developments that have waiting lists. If you sweet talk the right person they may give you their waiting list .
imagine having a list of 5000 people in the general area who are interesting in changing location.
be creative.
good luck.
I have found the most motivated seller's at REI Meetings. I am completely swamped with houses from investors. So if I were you I would get to the local meeting and start networking.
Lori
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On 2004-04-14 15:49, tinman1755 wrote:
I have found the most motivated seller's at REI Meetings. I am completely swamped with houses from investors. So if I were you I would get to the local meeting and start networking.
Lori
This is where I find most of mine as well. The properties I wholesale are usually one's that the landlords have run to the last mile and it's time to rehab and usually just want the loan paid off and it out of there name, or sometimes a little money (maybe couple thousand).
JB
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