How do I find the Buyers??!!

Try this...I called my real estate agent and asked her one question "have you recently worked with anyone that wanted to buy a house and couldn't get the financing". She said yes and asked why. I said that I would like to help her get into a home, she was excited. I called the prospective home buyer named Kelly and told her what I wanted to do and asked her all the details of what kind of house she was looking for. She gladly told me. The I asked her if she had a problem doing some light rehab if we find a house that needs a little TLC. She said not at all because her fiance is very handy and has experience. They are expecting a baby and need to get out of the apartment they are living in.

There you go. Another way to find a motivated buyer. It took about 15 minutes of work so far. That was just one phone call to one real estate agent. Imagine if you were to automate that process by sending a fax to every real estate office in your area. You would literally not be able to handle all of the calls.

Wow, good thinking!!
I'm gonna try that tomorrow.

Rina

Benbeka, let us know how that works out. Good job on all you've done so far!

But, how do you get these folks financing? They were turned down when they tried, how are you going to get it for them?

Thanks,
D

p.s great idea....

Listen to the April 9th conference call...that should help you find ways to help them get financing.

That was a great idea, definitely will put that in my book.

ask your second real estate agent if they have properties that have been on market for more than 6 months and if the owners would be open to leasing w/option to purchase. Most will say yes and give you a list. Take that list and match it with the buys from the first agent that were turned down. Note: they will already have current credit scores from just being pulled (and turned down). Contact the property owners and explain to them that you work with credit challenged buyers and discuss your idea with. A lot will be receptive and will even be open and accepting of the lease w/option idea.

Good luck. It just worked for me today on two properties and I ca me out with a pretty nice finders fee of $5500.00 total. One months lease payment from each. Paid by owner.

p.s. I used a second real estate agent for the home owners because I did not want to ask the same one I got the buyers list from - because they could have done this THEMSELVES...lol

Anita

Awesome! Keep giving us pointers!
Rina

WOW that is awesome how creative you go!!!!!!!! Cindy

"Contact the property owners and explain to them that you work with credit challenged buyers and discuss your idea with"

I would have no idea what to say to the owner, let alone how do I work with credit challenged buyers, I am an investor...how do you do that?

Thanks,

D - DE

Most are glad to receive your call. Let the know right off the bat that you are NOT an agent or broker, but give them a general summary of what you do. Put together buyers with owners.

1. Ask them if they have ever considered the lease purchase or lease with option approach.
2. Explain to them what the difference is,and there IS a difference.

3. Explain that due to circumstance the buyers you have may not have qualified for conventional loan because maybe they did not have enough for down, or the were self employed and can support payment but taxes dont reflect that, maybe they have credit issues they are trying to get straight.
4. Find out specifics on property especially what stage it is in, i.e, foreclosure, pre-forclosure, straight sale, distressed, etc. Then the note , how much the own needs to pull in to make the note and go from there.

5. After talking with owner you will have a structured Lease option or Lease purchase or FSBO plan in hand to submit to buyers. I guarantee you they will bite.

Hope that helps but if not just call me maybe I can offer something else. Email me for number

Try the Automated Foreclosure Finder information. I just received mine a couple of days ago and it is very impressive. It takes all of the guesswork out of the whole process. Investing should by systematic and unemotional and this gets it done.

Its funny you say that because I just told another poster the same thing

The Automated Foreclosure Finder is totally different than the Foreclosure Alert. Two different programs.

thanks for the correction cbr.

Hi im new to this but after listing to Dean on how to find buyers this just poped in my head. Say you have a house you want to sell for 100.000 and the buyer has good credit and a good job but no down payment to get the loan. So you tell them that you will give them the down payment but they have to pay 110.000 for the loan. then they can get the loan and you still get all the money you wanted for your house. Im not sure if this will work. So if anyone can tell me why not. that would be great because thats something im thinking about trying.

I have not done it personally but I see it all the time in Cail

These forms of advertising work great. Way underrated.

Steve, now that's creative thinking. I can't think of any disadvantages to doing that besides that the buyer will have to be 'reapproved' for the extra amount from the bank. Let us know if you do this and how it works out.

What is the house worth? If the house won't appraise for 110K then the buyer isnt getting that loan.

the voice of reason....

how can i compete with all these big brokers adn real estate agents when im just satarting adn dont have that much capitol or experince

The other day I found something interesting on craigslist. For 20,000 down you could purchase a house that was already set up for rehabing.

You see the owner is an investor himself. He barrows from a hard money lender for 100% plus the rehab cost.

So in this case he purchased the house for 260,000. His loan was 295,000 to cover rehab costs. FMV= 370,000

But his plate was already full with a few other houses and didn't think he had the time himself. So he was just going to re assign his loan.

He wanted 285,000 plus 20,000 down.

The cool thing about this deal was that it came with blueprints for the remodeling and a complete material list from A to Z.

Also, he was there to help with anything along the way. 35,000 was in a trust ready to be distributed as the job progressed.

Me and my partner didn't go for it but made a great relationship with the broker. He will give us access to his hard money lender when the time arises.

About his house. After just two days he decided to rehab himself. I go over and check out the progress every few days. What a change! He has had multiple offers and hasn't even advertised yet.
Zeek

i have a lot of houses in my area to many to count and i have partnered with a lady that has connections to do short sales but she wants to split everything 50/50 that's OK but i find the houses and do the repair estimates i also work with the home owner as a go between if i could find cash buyers fast i can make all the money i do understand that she dose a lot of work too but i can get some of these houses with out a short sale i have one that they moved do to a job change and can not afford two homes so i can get the house for almost $75000.00 below appraisal and it only needs less than $15000.00 in work can anybody help