Step By Step
Hello All,
I am a newbie who is actively learning/reading/studying this and several other forums and books and articles.
I am a little overwhelmed with the amount of information available on Creative REI and don't know where to begin.
So I am posting this to get some specific answers to my first question: What do I say when I call a possible motivated seller? That is the first of many questions I have.
So I find the following ads in the paper and want to call the seller to begin the qualification process. What do I ask them? How do I find out if it is even worth going to the next step?
Here are a couple of ads I found recently:
Ad #1:
Custom Renovations... rare opportunity to own in town at this price. Owners have 2 homes. This one is prices to sell fast. Renov. include cust. woodwork, marble and tile flooring and more. In the low $300's. Call...
Homes in this town in NJ are going for $400+ for similar split-level homes.
Ad #2:
Under $100,000...Don't hesitate on this deal. This corporate owned home must be sold immediately. Home in need of some work & we need it off the books. Make offer now. Ask for appointment.
Ad #3:
Duplex, low $100's.. Call 24 hours in advance to see this great cashflow opportunity. Tenants in place. A serious cas cow for the right investor. Call...
What is the process with these? What questions do I ask?
Thanks in advance for helping me out here.
Eric S.
P.S. - is there a book/manual/course out there that would give me the answers to these and all my other newbie questions that is worth the money?
Eric,
It's going to be difficult to recommend a step-by-step procedure to you. you need to know what you are able to do with each property, and what the sellers are willing to accept.
If you have no money to put down, lousy credit, and no friends that you could borrow some cash from, you are probably not going to be able to make a deal if the owners need 50k in cash out of the deal to move.
If the deals are good enough that you could pass them on to an investor, you could negotiate an option on the properties, and get a new buyer.
Your sellers needs - vs - what you're able to do will have more to do with this than anything.
There are some excellent REI courses that you can purchase right here on TCI and not spend a fortune that will help you answer your above questions. If money is an issue you may want to start out birddogging. You can find a couple birddogging e-books that will teach you how to birddog for less than 60 bucks.