One thing that I don' see mentioned a lot in here, is what to ask when you get a call from a potential motivated seller. This is very important to find that great deal without driving your entire town looking at houses and wasting your time.
I see a lot of people in here worried about websites and LLCs but not concentrating on the basics. What good is it that you get leads but then are not prepared to handle the call and waste everyone's time. I was amazed that I didn't have this technique down until I started concentrating on it.
I had a few questions that I would ask but at times I didn't ask questions on my list because I was afraid , specially if I was the one making the call. This is one of those mental blocks that a lot of us fight everyday but WE CAN'T BE SCARED TO ASK!
Just remember that this will save you a lot of time and headaches if you collect the right information and are then able to determine if you might have a deal. If the seller gives you a hardtime , just say that you need this information to know how you will structure a deal that would benefit both parties. If he still gives you a hardtime, you know he is not motivated and you just saved yourself some time.
I am actually going to paste my excel sheet questions below and you can try them if you like. These give you a good idea of the situation and build raport with the seller. You can put your own twist to it and add more if you like. I saw a website with a 45 question questionaire. I think that is too much for a newbie to handle but I may try that in the future. Enough talk, here is what I ask:
PHONE # ?
TELL ME ABOUT YOUR HOUSE
WHY UNLOADING PROPERTY?
taxes & insurance
interest rate & type
when did it start
how many pmts behind
HOW LONG YOU OWNED THIS HOUSE?
LISTED WITH R.E COMPANY?
CREATIVE/ OWNER FINANCING?
OTHER PROPERTIES FOR SALE?
LEAST AMOUNT YOU WOULD TAKE IF I MADE CASH OFFER IN DAYS?
This is about what you need to know on almost every call. I know the most challenging is when you get to the mortgage question. Just start by getting their lender name and if they ask you why, say that you have relationnships with banks and that could be a factor in determining if you can help them. Once you get that , they should not have a problem giving you most of their mortgage information. Make sure to ask if there is more then 1 mortgage associated with the houses and repeat the questions.
I hope these help you guys and save you a lot of time. Remember; be brave and ask. The worst thing they will say is no and just move on. Good house hunting.
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!