OfflineI am very excited to say that I am going to go out and see a vacant home on Thursday. After very enthusiastically telling all of my co-workers that I am a Real Estate Investor I had a collegue explain to me that one of his family members has a vacant home that they are trying to sell. Im really excited but nervous at the same time.
Excited because I see the power in simply telling others about what I do and the potential that it has in being a Real Estate Investor.
Nervous because Im still learning and I really dont know the next step. Ive already contacted a fellow DGer and she has been very helpful but I just want some more reassurance. I guess what I would like to know is what should be my next step and what forms to use to lock in the deal. I already have a list of buyers and it is still growing.
I cant wait to do this. Really Really Excited.
Sorry for long thread, its just the excitement in the air! Thanks to all of you for sharing your knowledge on this website.
David
This is my incentive for potential buyers and sellers!
David,
Great job on getting past one of the typical tough spots. I think it's harder to tell people you know than strangers!
In an effort to boos your confidence, I would offer up:
- do your homework; get comps on the prop before you go, MLS comps, study likenesses and differences and put the conservative comp in your memory for the subject property. Number in your head, be cool.
- do more homework; study scripts for talking to FSBO conversations, here on the site and in your study material. Condense it to a 3X5 card and take a look at it before you get out of the car on tour day. Abbreviated script in your head, be cool.
- key things at the meet up: LISTEN! Let the sellers tell you all about there place, politely ask why they want to sell and what they need out the sale. Let them tell their story, be cool.
- Wrap it up: I believe the scripts are best here, but you need to walk away with WHY they're selling, WHAT their motivation is and HOW a deal can be made to take care of their needs
My apologies for not being able to link you to a script; I'm pretty sure it is in the 30 Days Quick Cash Formula thread.
Need more details or clarification? Let us know.
-Tina
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
Put yourself in their shoes. When you find out why they are selling, this will help you to help them and you'll know what to say. Ask them if there is a mortgage on the property and the amount of the payments...just basic details about the house. If you don't feel prepared or ready to make an offer or don't know if it's a good deal or not, just tell them you will crunch some numbers and get back to them. Then go home and find out all you can about the comps like Tina said (unless you have already done that) and calculate what you can offer based on information in Dean's books. 30 Days to Real Estate Cash has a good formula for calculating how much to offer. When you do that, your next step will be to call them and make an offer. If they accept, write up a purchase agreement, giving yourself 14 days inspection period. Then send it to all your buyers!!
I know when I made my first offer over a year ago, I was so nervous that I couldn't even think straight so that's what I said... let me run some numbers and I'll get back with you. Then when I was calm and cool, I was able to see what I needed to do and how much I needed to offer. Hope this helps!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Here's the link to the Forms and Docs (It's under Student Resources on the Left side)
http://www.deangraziosi.com/resources/real-estate-forms
Cris
Thank you to Shirley, Tina and Cris for your input. I really appreciate it. Now Im getting really nervous. I put an Ad on CL yesterday and I got an e-mail today. A gentleman says he desperately wants to sell and needs my home. I responded back by saying Ill look at his property. Yes, he gave me his address. He said for me to look at it and let him know what I think. He said it is in a duplex in a retirement community.
I downloaded the forms but Im still a little confused as to which ones I need. If I'm correct its the Purchase Agreement and the Contingency to Inspection that are on the downloads. Please correct me if I'm wrong.
Im really excited like you cant imagine right now. Ill keep you posted!
David
This is my incentive for potential buyers and sellers!
http://www.hopedrugcard.com