Marketing Method
I just wanted to get an idea out there and see what other people think. For the past few months I have been marketing to FSBO's for my other business (Mortgage Broker). I send out about 100 postcards a week advertising my services (flyer for their home for sale ). I get about 25 sent back to me a week (on average) that the Post Office could not deliver because they were vacant homes. Since I am concentrating on my Mortgage business right now I have given the leads for the vacant houses to my investor contacts and they have had a decent success with them. They pay me a birddogging fee, plus I get an exclusive financing deal with them. I want to do Sub-2's myself with these vacant homes. In your opinion do vacant homes make the best Sub-2 deals? They are mostly already clean, the owner is paying for not living there, etc. What do you think? From my investors I hear that most of the vacant owners live out of town, so how do you do the presentation to them? I am making a great living in my current occupation and love it, but want to diversify and make a somewhat passive income.
[ Edited by Otaymesa on Date 11/28/2003 ][ Edited by Otaymesa on Date 11/28/2003 ]
You can come across some good deals on vacant houses. However, most time you have to locate the Owner. Often times these Owners are pretty motivated to unload these properties.
Thanks, but it is no problem locating them from what my investors have told me. The problem comes from making the presentation to them for Sub-2. Everything has to be done over the phone. Have you or anybody had success with Sub-2 doing the presentation over the phone?
Vacant properties are in alot of cases, excellent prospects for sub2. In fact, that is one of my 4 screening criteria for MLS expired and soon to expire listings.
If you have screened your sellers properly, once you get them on the phone, you just present them with a solution that solves their problem. If the solution is sub2, it is sub2.
Before I leave to go meet with any seller, I have at least introduced them to what I am going to offer over the phone. I know that they are at least open to the sub2 option. Oh there may still be details to work out on amount to be paid for equity or things like that but that is best left for the face to face meeting.
I want to know before we meet if they are even interested in what I am going to propose. If they aren't, I won't waste my time.
[addsig]
Quote:
On 2003-11-28 12:32, Otaymesa wrote:
Thanks, but it is no problem locating them from what my investors have told me. The problem comes from making the presentation to them for Sub-2. Everything has to be done over the phone. Have you or anybody had success with Sub-2 doing the presentation over the phone?
Otaymesa -
I basically go to the County Appraiser's office and find out the Vacant Owner's forwarding address. It's public information. You may even be able to gather that info online if your County's Appraiser is on the web. Then you would just mailout a letter to the Owner with your offer to buy. I could fax over to you a copy of the letter that I use if you like. Good Luck!
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