OfflineHello All,
I really need some help. I am a newbie, and I have recently began taking the steps outlined in Dean's 30 day CASH book. As it stands, I have spoken with multiple REA's and have gone onto my county assessor's website and obtained addresses for potential cash buyers. I have drafted a small greeting letter to mail to the buyers explaining what my business is and have also included a questionnaire for them to answer and mail back or to email or call with the answers if interested. I have also read plenty about "Ghost Ads" and have even been asking agents for properties that have closed within 90 days with cash. Is this the best way to go? Any other suggestions? Also, each REA I have been connected with asks me how much I am looking to invest AFTER I ask them about hotspots and best selling price ranges. PLEASE HELP. I have not been able to get an answer to this question. THANK YOU.
Those are some good ways to find buyers. Here are a couple of others.
You already talked about a ghost ad on CL. Those are very effective, but the results vary based on area. One of the keys to a successful ghost ad is to keep it updated. I advise to post it, update it for a week, making sure it’s on the 1st or 2nd page. Then delete it. Wait about 10 days, then post another one, but not the same one. Another option is to locate local REI clubs. Attend as many, and as frequently as you can. But don’t pay for them. Most will have at least 1 free visit. Optimize that visit, and network the entire night. Lastly, I would suggest putting out bandit signs.
You’re doing great things! Keep up the good work
When they ask how much you are looking to invest... this can vary according to what price range you decide to target and what your buyers determine.
A good starting point might be to find the price range that is the "sweet spot" for your area. (since you have no info on your bio that hinders some of the help we can give you--pls fill out fully) The sweet spot is what is the range that is most affordable for your area. This is probably the range that most of your buyers will be wanting also.
So tell her/him that you are wanting houses that after any repairs are done will sell in that range (ARV) and that you will need to make what ever the percentage is that the buyers have stipulated plus your commission. Of course, you don't put it to her/him in that way. To the realtor YOU are the buyer!!! THAT IS VERY IMPORTANT!!!
So if your buyers nee to make 25% and you want 5% for your fee, you would tell the realtor, "after repairs I need to be able to make 30% of what the retail value would be".
Hopefully that is put in a way that is understandable.
Karen
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