guys, today might be the day i actually go out to scope a deal that called me.
this will be my first.
cheked it out, ran comps, everything looks fine to me.
what do i need to pay attention to the most?
what should i do/say when talking?
tell me what you would do

__________________
"I'll make you an offer you can't refuse"

Build rapport, find the pain, those are the two most important aspects of negotiations. If it were just about numbers then the highest bidder would win every time.

Make your case as to why you can help them, what is your unique selling proposition? Why should they sell to you instead of every other "we buy houses" guy in the market? That is what you have to explain to them. The answer is why they will sell, the numbers are arbitrary and don't matter a whole lot. You will only be able to offer what you can offer, but the connection will determine if that even matters or not.

That is a short note on a topic that could go on for a couple of days at least.

__________________
Steven Brown
Cash 4 Houses, LLC
HomeVestors
Mobile, Al
251-366-HOME
steve.brown@homevestors.com

How about some details of the deal?

__________________
Thank you for being a part of the FIB Team!

guy asking 135,500 for 3/2 townhouse
1678 sqft
only been living there a couple of years
ran comps - mostly within 2-3k of each other on same street
BOE value is 122,500
is mortgaged
thinking i could possible get him down 5-7k
what you think?

__________________
"I'll make you an offer you can't refuse"

BOE value? What's that? If it's what the house is worth then I don't see a deal here anywhere, he's upside down. The only thing I could see here is to have him let the house go in to foreclosure and then work a short sale. Not sure if he's that motivated...

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Thank you for being a part of the FIB Team!

i might be able to convince him to give me his shirt
i won't know until later this afternoon when we talk
if not then i haven't lost anything
got another one yesterday i have to follow up on
family expecting another addition and need bigger place by august

__________________
"I'll make you an offer you can't refuse"

BOE ??? I don't know ether

__________________
"People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale

The Service Hut
The Lights on Hill Street

One For All and All For One

__________________
Boyd

"What to do isn't the problem; doing it is.
Most of us know what to do, but we just don't do it.
If I can control the guy in the mirror, I can be skinny and rich."
(Dave Ramsey)

It's always exciting when we're doing a deal...even when we've done a bunch of them.

Your first one is particularly exciting (and scary...I remember!!).

One mistake that I made in my first several deals was not understanding the importance of knowing my exit strategy going in. I was so excited just to be moving forward in real estate investing that it just didn't occur to me.

Exit strategy just means what you're planning on doing with the property (are you going to retail flip it, rent it out, sell to another investor, etc).

When you know what you need out a real estate deal before ever going in, you're far more likely to get into deals that will provide that for you.

It's like Stephen Covey wrote in Seven Habits...begin with the end in mind.

Good luck as your move forward!!

Stacy


New to Investing? Check out my blog at No Lights-No Cameras for free "tell-it-like-it-is, with no fluff" real estate investing articles key to the new investor's success!

update: didn't go through with it
guy ended up owning a gas station and 4 other names were on the title
short story - too many complications/not worth it
lesson learned

__________________
"I'll make you an offer you can't refuse"