OfflineHi guys. Recently I invested in some signs around my local area for 180 dollars. I returned about 7 calls that were people willing to let me buy their houses for whats owed but they owed more than the house was worth therefore making it not marketable.
I bought 50 signs and put 25 out. I have 25 more I'm looking to put in a neighboring city with a higher value of properties so I'm hoping this more residential area will have some people with equity in their homes.
So far this seems to be a huge issue. Just wondering if anyone out there has any advice on how to find sellrs with enough difference between what's owed and what the house is selling for to be able to flip.
By the way, I'm doing assignments. I'm putting the house under contract and doing owner financing into a lease purchase situation.
I'm partnering with an experienced investor but all he really said was, "these houses don't have enough spread to purchase, but Good.. You're getting leads."
I'm quite frustrated and feeling like I'm more of a bird dog than someone being mentored. This doesn't look promising at all. I've also been handing out business cards and posting lots of flyers. Any help as far as finding marketable houses is appreciated. Thanks.
Sometimes when you get people that owe more than the property is worth and they must sell you have a possible short sale situation. If you have investors on your buyers list that understand how to pull off a short sale these leads can be very valuable to them! Personally, I would gage the owners motivation for selling, and assess the properties value. You need to understand that you can't help everyone, and the sellers motivation is the key to doing a short sale. If they are not motivated in avoiding foreclosure please move quickly to the next opportunity.
I would then inform the seller you may be able to help them but it would be a short sale situation. Highlight that this would be more favorable on their credit as to having a foreclosure on their record and you would be happy to help them out. You could sell these leads to investors. I hope that this information helps!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125