NEED SOME QUICK HELP!

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I have done this several times and this is the approach that I have used. Let them know that you have a few questions for them. Once you have the questions answered you will be able to compare what they are looking for to the inventory that you have.

Questions that I generally ask are:
* Who will be living in the home? (find out how many people so you don't put 5 or 6 people in a 2 bedroom, etc)
* When are they looking to move in to a property?
* What are they looking for? Bedrooms, bathrooms, sq. ft., yard size, garage size, ranch, 2 story, etc.
* What is the max they want to pay per month?
* How much do they have as a down payment (or option payment)

I will also follow up their max payment with a clarification of the max. For example, Betty says that she wants to stay under $800 a month. I would respond, "If I was to have something come available that is $825 (or $850), should I contact you regarding this property or is that going to be too much?" This lets you know how firm they are and at what point you should not waste your time sending them property info.

After you finish collecting their info, take a short amount of time to "look through your inventory." Of course you won't have anything that matches since you don't have anything. Make sure you get their contact information and let them know that you can have something come up at any time and that you will be back in touch as soon as you have something. You can also send an email or the like just to keep in touch every once in a while.

This is what I have done. Other thoughts?

Good Luck in building your buyer's list.

Mike

Mike in post #2 has good questions -- you HAVE to qualify everything and everyone.
Even ask about their jobs and salary, how much? how long?

how much do they have for option fee,up to? (use separate contract)

how is their credit? execellent, good, fair, bad - they'll need to improve along the way to be able to qualify for the payoff down the road

if you dont have proper forms to fill out for each person/property, GET THEM and file them

this is not a game, its a business and you have to be organized

you dont want to get a deal and put someone in the house that cant pay and you end up holding the bag and looking like a fool

Mike and Mike,

Thanks for the excellent advice. I went ahead last night and responded to his email before I went to bed. I just told him I apologized for getting back to him so late but that I had been running around all day because I had a guy contact me early yesterday morning and we ended up putting the property under contract. (SMALL WHITE LIE BUT NEEDED AN EXCUSE)Next time I'll use mmresllc's response.

Mike, (reinvestor42) all of the forms that I need are on the dg website correct?

gentlemen,
this is excellent information for a NEWBIE!!

thank you very much.

all the best.

linda

I have cards for investors and sellers, still need to tweak "training" web site, Haven't placed ads yet (a liitle scared). Have my scripts down. Have website. have an abundance of listings, I haven't done the leg work on them yet. I have met one really great real estate agent who is very simpatico. Sooo broke that i can only use this forum to get my foot in the door - I think that with a little guidance I will get out of this hole as Dean and his team have given great info on the blogathon. My question is what do I do next? E-mail the realtors about the properties? E-mail a ludicrous offer? Place ghost ads to attract buyers? Do ads and bandit signs to attract people who need to sell to save their credit? Create a blog to entice those with money to invest in real estate as a tangible, safe investment? Offer hope to people who may be too shell shocked to make a move to help themselves out? I hope I don't sound like a big floundering baby but I, too am shell shocked by my circumstances and would really be grateful for some sage advice if any one would be so kind.

Notsoaveragejoe,

You actually remind me of me about 1 year ago. So many ideas swirling around in your head that you feel like the deer looking at the oncoming car with no idea which way to go. While I don't know if the advice is sage or not, here are a few things I would suggest.

1. I'm sure you are tired of hearing this, but... be proud of yourself for taking the first step. You know you need to do something different and you are taking action. Great Job!

2. I can't tell from your post, but do you have a strategy for buying and selling picked out? Narrowing down your strategy would be my first suggestion. Are you going to try and wholesale properties? Sandwich Lease Options? Co-operative Lease Options? Subject to? etc. (not trying to overwhelm you with more choices).

Once you have a strategy, you can determine your next steps. For example: if you are going to primarily buy through lease options or other creative financing, you probably don't want to start by contacting a realtor (most don't like to work with creative options); if you want to wholesale then getting involved with a realtor will probably be a good start.

I was in a similar financial situation as you so I started with the creative options. My first deal I actually found driving around through some neighborhoods that I knew. I locked up a house under a lease-option for 6 years from the buyer. I was able to get someone into that home within about 30 days and I put them into a 3 year Lease Option. I learned along the way and I made mistakes, but the deal was done and I started to make some money.

It is easy to get over-whelmed and feel like you are drowning in quicksand (Replacements reference, sorry), but don't give up. Always keep moving. No matter how slow you are moving it is always easier to pick up speed when you are moving than when you are starting from a stand still.

I hope this helps and Good Luck!

Mike

I think this was/is sage advice.I always enjoy a muscular metaphor and an apt reference. I am thinking that wholesaling would be best to start. I also recently met an apartment broker who is a real estate agent. We are of a like mind about this opportunity and the benefits that this type of venture may have on the US economy and the people that overextended and now find their hopes shattered in foreclosure. I have posted a web site, possibly useful albeit lackluster. I am printing up flyers today on goldenrod bond. I am starting a blog focusing on the strapped foreclosure seller with a focus on how to avoid foreclosure or ruined credit (as Dean Graziosi wrote about in Profit from Real Estate Right now). Another blog focused on cash buyers that may be searching for real estate as a tangible investment, a working asset. Emphasizing the benefit of my services being time and energy savings to them.I thought about looking at foreclosures but don't know if I should make a bunch of offers then deal with the accepted ones. Oh yes there is too much going on in my head. The money spent on the website and the paper and ink aren't much to most but a lot to me.More money out than in you know? So I'd better get moving. Thank you. I found your words encouraging and motivating.

try do make the whole conversation about them...

ask them questions so you control the conversation...

if you don't have any properties at the moment just tell them you have somethings in mind for them after gathering their property preference and will be in touch with them soon to let them know about your inventory COMING SOON

just my 1 1/2 cents

GREAT ad by the way....

I have put it in my SWIPE file modified of course

Good! You have picked a direction and it looks like you are starting to pick your "Power Team." I would now spend some time building your buyers' list as it has been recommended by a lot of successful people here. As examples, can the "For Rent" ads, but not just to find possible deals, but to find someone who is looking for more properties to add to their portfolio.

I don't know if you have looked at it or not, but a pretty good training site is http://www.totalviewrealestate.com/ There are quite a few videos under the different sections regarding Finding, Locking Up and Selling Properties.

To Your Success!

Mike