Find Motivated Sellers

Hello Real Estate Moguls;

Thank you for reading this week's blog on how to find motivated sellers. As a real estate agent and investor, I know that motivated sellers create great opportunities for buyers. I think I know a thing or two about finding motivated sellers. Why? Because I, myself, have been a motivated seller!

A few years ago, I was trying to "unload" a property. (I hate to say it like that, but that's what it was for me.) The building needed a new roof, new paint, new carpet, new fixtures, new everything! It needed total updating. In fact, it needed so much work that in order for me to repair the property, I would have to evict all the tenants. I knew it had to be done, but I just didn't want to do it; they were long-term tenants. Plus, I saw the market changing. Anyway, I was a very MOTIVATED SELLER I wanted to take some cash and also roll some over and do a partial 1031 exchange. (Did you know you can do that?)

Besides having been a motivated seller myself, I've also benefited greatly from finding motivated sellers. Motivated sellers can present the best opportunities of all: foreclosures, seller-carry-back deals, and probates are the best. I've done them personally and they are very possible deals to do even in a California market.

Here are some reasons sellers become motivated:
1. Divorce
2. Money Woes
3. Stagnant market
4. Illness/Death
5. Dilapidation
6. Moving
7. Natural disaster

8. Fear

So how do you find motivated sellers? Here are some ideas.

1. Deals on Wheels: Want to find your next fix-n-flip property? Then put together a standard "I want to buy your property AS IS" letter and drive around your target area. When you see a total disaster of a home, leave it on their doorstep -- it's illegal to slip it in their mailbox. Because the home may be tenant-occupied, it's also a good idea to write down the address to verify where the owner lives through public records, which are available at your local county assessor's office -- sometimes you can find the info online!

2. Mailing for Money: Many successful investors simply send out mailers diligently to snatch their next motivated seller. Make the mailers simple, forget sophistication. Just get to the point: "I want to buy your property AS IS. Call me!!" I actually received one of these mailers right after I finished attending a seminar that told me to do the same thing. I called and asked the gentlemen who he was. He was an investor. I asked him if it worked and he said, "That's how I get all my deals!"

3. Classifieds Bring Cash: Many seminars teach investors to place ads that read: "I BUY HOMES FOR CASH $$$ - QUICK ESCROW." I've never done this personally, but because of my media background, I'm all for advertising. I think it does work if you do it consistently. I recommend trying it for at least four weeks to see what results you get. Place your chips on the classifieds, they work great and are more affordable than display ads.

4. Study Statistics: Real estate is like fashion; it is based on cycles. Sometimes markets are up, sometimes they're down. Sometimes hemlines are up, sometimes their down. This technique requires more sophistication than the rest. But research is the key to all wise investments, whether it be real estate or securities. Reading about real estate in daily papers, trade magazines, and news websites IS A MUST. Don't fully trust what is on the printed paper, but stay abreast of trends to find out what the crowd is doing. Then determine your own path.

5. Low-ball LOIs: A buyer doesn't have to go through a real estate agent and submit an 8-page, state-approved contract in order to see if a seller will take his offer. Any person who is interested in a property can submit a Letter Of Intent (you can find and purchase one online). This simple one-page letter of interest can be sent directly to the listing agent or seller. If they are interested in the price and terms, then they can deal with you or you can deal directly with their listing agent. You can also hire any agent of your choice to represent you.

I've hoped these tips have helped any would-be real estate investor reading this blog. Remember: finding motivated sellers is a numbers game, so the more potential sellers you reach, the greater your success will be.

If you are interested in becoming a real estate investor or if you desire to expand your real estate portfolio, simply contact www.CashFlowCows.com We will be happy to do your homework for you : - )

May you prosper in real estate,
Linda

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