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How To Identify Motivated Sellers For Real Estate Investing

Monday, November 21st, 2011

One of the most important things that determine the success of real estate investing business is availability of good deals. Unless you can buy properties cheaply, you are unlikely to make profits with most real estate investing business models.

Motivated sellers are my best source of great deals. When you are buying houses, you will come across all types of sellers. You must be able to identify the motivated sellers who drive your business.
Of course the more targeted your marketing is, the more motivated sellers you will attract in your business. I am particularly fond of targeting people with legal trouble who own real estate. These are most likely to be motivated sellers.

If you also do general advertising such a classified ads, bandit signs, and so on, you are likely to attract all kinds of people looking to sell their houses.

So how do you identify the motivated sellers? The easiest way to do this is to divide them into categories.

1) Unmotivated seller
This is the person that thinks their house is the best in the sub-division. They have taken great trouble to make sure it’s perfect for the next owner occupier.

They have probably tried to list it with their Realtor, or even for sale by owner, but have not been successful. In most cases they are looking the the full market price.

They will not be willing to discuss details and numbers, such as their mortgage balance.

Of course, you will never make money from these type of deal, so you are better off forgetting it.

2) Luke-warm seller
This is the type of person who calls you and says he might be willing to let you buy his house, and asks you to explain how you work.

He will listen keenly, maybe ask questions, but again is not very forth-coming with necessary information such as mortgage balance.

He will probably tell you he has been trying to sell it for say, $150,000 and ask you to make him an offer. He will probably ask you to go see the house first before you even know the numbers.

Even though he will show the interest to be flexible enough to negotiate, you are unlikely to get a good deal from him.

Of course if you are a savvy real estate investor, you never make an offer unless you have all the numbers such as the fair market value, repairs, mortgage balance and so on.

You could end up wasting a lot of time driving to see many such properties and not get any deals out of it.

Usually I ask him to give me a call with all the numbers before I can make him an offer.

3) Motivated seller
This is the person who really needs to sell their house. Maybe they are behind on their mortgage payments or even facing foreclosure.

Probably they have tried to sell and see no other way out. They will give you all the information you need without hesitation. Most of them just want to get out of the mortgage.

In my business, most motivated sellers submit their information through my real estate investor website, so by the time I call them, I already know whether I can make the deal happen or not.

If I pre-screen such a seller on the phone, the conversation is likely to take less than 5 minutes and they provide all the information I need.

This is the only type of seller I deal with in my business. This is the only type of seller where you are likely to get great deals that can make you a lot of money.

Successful real estate investing requires that you pre-educate potential motivated sellers about how you do business to close more deals. Learn how an interactive real estate investor website can pre-educated motivated sellers for you, pre-screen them and pre-negotiate deals for you saving you time, money and effort allowing you to close more deals.

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How To Identify A Good Deal For Real Estate Investing

Tuesday, October 18th, 2011

The current real estate market continues to deteriorate and house prices continue to go down.  More and more people need to sell their houses or lose them to an already saturated market.

We are likely to continue seeing this trend for a while, which means house prices will continue going down.

So how do you identify a good deal that will hold its value until you sell?

Most home owners looking to sell their houses now understand that the value of their house is quite unstable.

They understand that their houses are losing value every day, and that they cannot rely on prices just 2 months old.

They also know that they can no longer sell their house at market value any more.

Too many houses are sitting in the market that you can almost certainly negotiate the price down on most properties even if the asking price is well below market value.

Motivated sellers know that you must also give a discount when you sell your properties, so they do understand the discount they give you will be passed on.

If you buy, fix and sell for instances, you can end up holding your houses for as long as 6 months.

How much value will the house lose in this time?

If you do not answer this question before you buy, you are likely to end up paying too much for your investment properties.

Even if you wholesale houses, you still need to answer this question.   How much will your buyer need to discount the property when they sell?   As a general rule, you can only wholesale houses if you leave enough money for the wholesale buyer to make money also.

Lots of investors have previously been quite comfortable buying houses at 70 cents on the dollar less repairs.  Some real estate investors still use these numbers.   In this market, 60% minus repairs is barely enough.

If you buy properties to hold as rentals, then these numbers can work perfectly.

If you fix properties to sell them on retail, then your numbers must cater for long holding costs and associated price drop.  Naturally you should cater for the discount you will give when you sell!

These days, a discount of as much as 15% to 20% is not uncommon.   Is that enough to make you a profit?

Motivated sellers understand this quite perfectly, and I find it easy to use it to negotiate my prices.   Of course, the discounted dollar figures they give you might look big.  Any good real estate investor knows that we work with percentages, not dollar figures.

Once I explain my numbers in percentages, they can easily see how it small my margin really is.  Once they realize you are not taking advantage of them, they will sell their house to you at a price that makes you a profit.

Have you seen a drop in profits in the current market because you see to be out-priced by the drop in house prices?  Get more in-depth articles in our real estate blog and find out how you can run your business from an interactive real estate investor website that automates most of your business so you make more while spending less time, money and effort.

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How To Sell Your House Faster With Owner Financing

Sunday, August 28th, 2011

In today’s real estate market, we are seeing more and more properties for sale flooding the market, but fewer and fewer buyers for these properties.  The result is that the house prices keep going down every month.

Real estate investors therefore find it harder and harder to sell their properties like they use to.
Likewise, if you are looking to sell your house even if you are not a real estate investor, you find yourself stuck with properties that generate little or no interest from buyers.

In this article, we look at how seller financing can generate interest from buyers resulting to a quick sale even at a higher price.

What is seller financing?
In seller financing, the seller agrees to carry part or whole of the financing for his property.   The seller probably has no mortgage, or probably owes a mortgage on it.

In either case, you may need advice on how to structure the deal and close it properly.   Make sure you talk to your CPA and real estate attorney.

When the seller accepts to owner finance the property, the buyer pays a down payment.   The seller then receives monthly payments just like a bank.

Why seller financing?
The days  when just staging your property was enough to sell it are long gone.   Why should a buyer choose your property when there are numerous other properties in the neighborhood  are selling for a lower price?

Before a buyer ever comes to see your house, they will have to be attracted to it by the terms you have set for the sale.  seller financing attracts a lot of attention for your properties.

With the banks tightening their lending procedures, most people can no longer qualify for a conventional mortgage.   Lots of people have also ended up with bruised credit.  These buyers can only own properties through owner financing.

As a seller, this makes owner financing a great way to generate a lot of interest and possibly even end up selling it at a higher price.

The best price is estimated from comparable sales in the area.

It is important to be careful which properties you use as comparable sales.  Properties that have been sold with seller financing carry a higher price than others sold in the conventional way.  Therefore, its price may not reflect the true value of similar properties.

With seller financing, you end up selling your house faster, even at a higher price.

In a market with so many properties for sale and few buyers, real estate investors that adapt to changing trends are the ones that continue to make profits.   seller financing allows them sell their properties faster where others cannot.

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Posted in House Flipping Website, Private Money Websites, real estate investing, Real Estate Investing web sites, Search Engine Optimization | 3 Comments »

How To Keep Responsive Real Estate Investing Leads Coming

Tuesday, July 19th, 2011

In order to have a successful real estate investing business, it is necessary to have leads coming in to fuel your business. These leads convert into clients, motivated seller, buyers or private money lenders.

So how do you make sure you have a constant supply of leads for your business?

1)      Target your leads

This is the first thing to do. You must decide who you want to reach in your business. For example, if you are looking for wholesale deals, you are likely to target neighborhoods that are older, say with houses ten years old or more. The price range is likely to be medium range.

If you target owner financed properties, then you will probably target properties that have no mortgage. Similarly, if you target subject-to deals, you are likely to target newer properties that need few or no repairs.

Unless you narrow down your market, you are likely to waste a lot of time following the wrong leads,  and money marketing to the wrong people.

2)      Polish your marketing message

The message you send your leads must be powerful enough to convince them to sign up with you or call you.

No matter which marketing method you use, you must make sure the message has an instant appeal to the prospects and a call to action that makes them give you a call or sign up on your real estate investor website.

3)      Use multiple marketing systems

How do you reach your prospects? There is no single method that is all-ultimate when marketing to your prospects. The response to each method will vary from month to month.

You must therefore use all methods at your disposal – letters, post cards, online advertising  like Craigslist, bandit signs if they are allowed in your area, newspaper classifieds, TV, radio, etc.

This will keep the leads coming in from all directions; when one method may produce a lot of leads now, another one might do better tomorrow. Even though you might have a favorite method, it is a combination of your marketing methods that will keep the leads coming in all year round.

4)      Capture and manage your leads efficiently

So where does your call to action in your marketing message take your prospects? You must give them access to your real estate investor website and phone number.

The prospects that go to your real estate investor website are likely to be fully pre-educated for you and convert leads that are sitting on the fence to people that do business with you. If your website is well designed, once they sign up, you receive a fully pre-screened pre-negotiated deal that requires very little of your time to follow up or move on to the next one.

A good real estate investor website also has an inbuilt marketing system, that automatically follows up with people who have not converted into motivated sellers. This happens without any input from you and converts such leads into people that sell you their houses.

The ones that just pick up the phone are likely to have lots of questions that need answers to, because all they have come across if a short marketing message.

A good website for real estate investing is suggested at the end of this message.

5)      Analyze your marketing

Unless you know where the leads are coming from, you are likely to spend your money in the wrong marketing outlets, and waste a lot of time with marketing that yields poor or no results.

Analyze and measure your marketing and you will have leads coming in all year round with very little input from you.

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Tenant landlord wars – the worst real estate investor nightmare

Tuesday, June 28th, 2011

Many real estate investors get burned by tenants all the time. A lot of these unlucky landlords  are so fed up that that they are ready to do anything to get out of the tenant nightmare. And sometimes it just gets worse!

So what can you do as a real estate investor to be relatively safe with your tenants? This article explores a few options that can protect you.

Yesterday , a friend of mine, Willie,  called me to assist him return a flat screen TV back to Best Buy using my van. Now, Willie is a very composed guy who never raises his voice and always seems to know his way around. On our way to Best Buy, he got phone call that ticked my attention… Willie was raising his voice with every sentence; by the end of the conversation he was shouting and looked so mad that I had to ask him to break the conversation.

It turned out his tenant of 6 months breaks something in the house every month. Her rent is paid by section 8, so she only pays $86. Every month, she has to make sure that something is broken and has an excuse not to pay the $86 so she can fix it. Willie now lives in Texas, her tenant is in Indiana – which means he usually accepts these bills from her tenant!

To make matters worse, she recently called section 8 to complain about the “deplorable condition” of the house – which had passed section 8 inspection just 6 months ago. As a result, section 8 stopped making any rent payments. Now he is stuck with a tenant who breaks down his house, who refuses to move out, and who will not even pay $86.

So what to do? Lots of landlords have similar horror stories to tell. How can we protect ourselves from this nightmare?

1)      Screen, screen, screen!

We are living in tough economic times, and chances of delinquency are now bigger than ever before.

Make sure the rent application is fully completed. Make sure they sign documents that allow you to pull their credit.

Call their place of work to verify employment even if you have a paystub.

Talk to every previous landlord and ask specific questions about their stay there. The questions must be specific, such as “Has she ever been late making her payments?” “Have you ever taken her to court?” “how well does she take care of the apartment?” etc.

These questions allow you to evaluate not only the credit worthiness of the tenant but also the kind of character you are dealing with.

2)      Do a background check

Do a criminal background check to make sure they don’t have a criminal record. I cannot emphasize the importance of this.

3)      Use a good lease contract

Make sure your contract is mandated by your local real estate commission, or that your attorney has approved it. A good contract will protect you on all fronts.

If you do find yourself with a bad tenant, a good contract will protect you in front of a judge. While nothing is bullet-proof, this will be an asset you may value in such bad cases.

4)      Inspect the property

Make sure you take your tenant through the house as they inspect the house. Take pictures of them inspecting the house, as well as any noted problems.

Make sure you sign the contract inside the property. They must initial every page on the contract.

5)      Good luck!

Hopefully this process has protected you and you will enjoy a good cash flow with your properties.

Simon Macharia is a real estate investor in the Dallas Fort Worth Metroplex. Whether you are buying or selling houses on retail, wholesale or on terms, or even renting them, find out you can be more efficient by closing more deals using less effort, time and money through an automated real estate investing website.

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How To Keep Your Real Estate Investing Mailing Lists Clean

Sunday, June 26th, 2011

Successful real estate investors run direct mail campaigns to keep the leads coming in..  I send out post cards and letters to potential motivated sellers in my business. Motivated sellers are people who need to sell their houses, probably because they are in trouble that can be relieved by selling their property.

 There are so many motivated sellers in today’s real estate market that you cannot handle all of them.  To save money and be more effective in your direct mail campaigns, you must therefore clean up your mailing lists.
 Here is how to get a good return on investment in your direct mail.

 People in trouble who own real estate form my mailing lists, such as people going through divorce, people with liens, bankruptcy, etc. Most likely these people are looking to get rid of their houses or they end up in foreclosure.

I also look for people who have inherited properties.    Sometimes they inherit the mortgage and if there is no mortgage, they need to cash out.   The beneficiaries usually cannot fix them up and find it hard to sell them in the open market.  These probate properties can be very profitable.

 Absentee owners also form part of my mailing lists. Usually these are land lords, and sometimes people who either divorced or work out of town.   Most land lords are looking to get out after having being burned by bad tenants.   Usually they own several properties which can all be good deals.

Expired listings from the MLS also form a big part of my target properties.  Of course these people have been looking to sell, but have not been successful.

This means I sometimes end up with 1500 to 2000 new leads every week. All this means I can have 1500 to 2000 new leads a week.   I must therefore clean them up and target them better.

1) Geographical area
 Since I live in a big metro area, I can only buy houses from a small area.  This means I only target certain zip codes.   No matter where you live, avoid war zones.

 I avoid houses more than 30 minutes drive away.

2) Price range
Since I wholesale most of my properties, I avoid the very low end properties and the very high end properties.   The middle range properties are better for me because there are more buyers.

3) Recording date
If a property was last recoded less than 10 years ago, it’s out of my mailing list.   Sometimes inherited properties can have exceptions.

 This is because they could have some equity.   If they have refinanced they may not have as much equity.

4) Return mail
I send 2 post cards and if sending direct mail to probate leads, I send several of them over a few months.   Some of these addresses are undeliverable and bounce back.   You must get rid of these  addresses in your next mail sequence to save money.

Simon macharia invests in real estate in the Dallas Fort Worth metroplex. His real estate investing business is fuelled by leads generated by direct mail and through his real estate website. Learn how a good real estate investor website can help you close more deals while spending less money, time and effort.

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How To Use Private Money To Finance Reos And Short Sales

Thursday, June 2nd, 2011

 Today, the real estate market is such that it is hard to get hard money.  Some hard money lenders have gone belly up, while the ones in business have tightened their underwriting procedures.

 Before you get funded, you have to make payments in points plus other fees in addition to high interest rates.  Of course this results to less profits. Of course a lot of them now even need credit rating to lend hard money.

This has stopped a lot of real estate investors from doing deals they once used to finance with hard money.   In this article we cover how you can finance your REOs and short sales.

 Banks always need to see proof of funds before they can allow the deal to go through.   A lot of real estate investors used to depend on hard money lenders for this.  Once you have lined up a reliable source of private money, this can be your proof of funds for your REOs.

If you wholesale properties the process will work the same as with other types of funding except you are using private money.  Contract assignment cannot work in this case.   You have to buy and sell the property on the same closing table in simultaneous closing.

The process goes something like this:

1) Identify the right property
In order to do a simultaneous closing, you must choose properties that will give you a sizable amount of profit.   This is because you must pay some closing costs both when buying and selling the property.  These costs should be absorbed by a big profit margin.

 A profit of $10,000 and above is good enough.

2) Identify your wholesale buyer
This is the person who will buy the property from you, usually a real estate investor.   These properties are usually sold at wholesale prices.

Make sure the buyer shows you proof of funds or the deal might not close!

 You will then sign a regular purchase sale agreement with them.

Of course, you sell the house more than you buy it.

3) Get your private money to the title company
 Have your private money investor wire the money to the title company.   This is the money you will use to close the first transaction.

Depending on what you have agreed with your private money investor, you will pay a small percentage between 1-2% for this transactional funding.

4) Your title company closes the two deals
 Once the deal is closed, you will walk home with the difference between your buying and selling price less closing costs and transactional funding.

 Since your fees are much less, you end up making more money.   This type of transaction works like this:

$100,000 – after repaired value
$50,000 – bank accepts your short sale offer
$75,000 – price you sell to your buyer
$25,000 your profit at closing
Costs:- $1000 private money fees plus any closing fees

As a cash buyer, it also means you can get your properties much cheaper than conventional buyers.

 You can use this method for both short sales and REOs. As long as the numbers make sense, your private money can buy you lots of deals this way.

In other words you use the private money as the source of funds to buy the property from the bank, then flip it on the same table to a cash buyer such as a real estate investor.

Simon Macharia invests in real estate and has done most real estate investing transactions. Learn how a good real estate website can attract private money investors for your business.

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How to identify potential private money investors for real estate investing

Tuesday, May 17th, 2011

How to identify potential private money investors for real estate investing

One of the biggest questions most real estate investors is how they can identify people with money that are looking to invest in real estate. Once you have identified these private money investors, they can finance your deals whenever you identify them.

This article walks you through how to identify potential private money lenders for your deals.

Whether you have lots of money when you start investing in real estate or great credit score, a time comes when you find yourself stretched thin and can no longer afford another deal. This applies whether you do creative financing for your deals or not.

For this reason, you need a reliable source of cold hard cash when you need it, even at short notice. To be successful, your real estate investing business should not be limited by the amount of money available to do your deals.

For this reason, it is important that you identify potential private money investors who are looking to invest their money in real estate and adopt them as your private money lenders.

Here are the steps you need to follow to attract potential private money investors for your reale state investing business:

1)      Get a private money lenders website

This must be the first thing on your priority list. In this day and age, almost everyone will look you up online. A website tells your story the way you want it presented to potential private money investors.

When they visit your website before they call you, they already know how you do business and are probably already warmed up that they are ready to look at the deals you have.

A good private money lender website comes fully loaded and equipped with personalize content that is written to convince potential private money investors that their money is safely invested with you.

A good website is suggested at the foot of this article.

2)      Look up mortgage documents

Most court houses now have online access where you can access property information including mortgage information online. If you do not have this access, then you have to go physically to your local county court house and search for these mortgage  documents.

The courthouse clerks will prove to be a big help in this process.

What you are looking for are mortgages done by individuals, not companies. Individual lien holders are usually people who have sold their property in owner financing, or have privately financed that lien as private money investors.

Take the names, addresses and phone numbers of these leads. The first thing you need to do is send them a letter explaining to them what you do and that you are looking for private money investors for a high return on their investment.

Of course, you must send them to your private money website, as well as provide your full contact information.

Secondly, if you have a phone number, you may need to give them a call after week or so to follow up with your letter. Of course, you will call the people that have not given you a call or signed up from your website.

Some of the prospects will be ready to lend you their money; in this case, you will just need to present your deals to them as you get them.

Other prospects (owner financing sellers) will be frustrated by the fact that they receive a monthly payment instead of one lump sum for their property. In this case you can help them sell their note to potential money investors at a discount and you make a few thousand dollars on the side.

Of course, others will not be interested in talking to you.

This way you combine the power of an informative interactive real estate website with technology and a little research to attract all the money you need for your real estate investing deals.

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Is hard money a good source of funding in real estate investing?

Tuesday, April 26th, 2011

One of the most popular sources of financing for real estate investing deals is hard money. Until recently, hard money used to be quite easy to get as long as your property met the lender’s underwriting requirements.

Recently most hard money lenders have tightened their lending requirements, but these loans are still much more easily available than regular loans.

Should you rely on hard money for your real estate investing deals?

What is hard money?

Hard money lenders usually lend money secured by real estate. Most hard money lenders just lend money based on the property, not the credit history of the borrower.

Even though recently a lot of hard money lenders are including some credit rating in their under-writing procedures, they still put less emphasis on credit of the borrower. However, most hard money lenders will require that the property has at least 40% equity or more to qualify.

Hard money can also be available within just a few days if necessary.

For this reason, the interest rates are higher than traditional mortgages. Most hard money loans charge at least 18% interest plus points.

The payments are usually interest only, meaning that the amount you owe remains the same. Hard money loans are usually lent for a short period of time, say 6 months.

If you are buying a property to fix and sell or rent out, it is unlikely that you will get a traditional loan to buy it. However,  a hard money loan would come in handy.

After you fix it up, you can then either sell it or rent it out, but your exit strategy must include paying off the hard money in a few months.

In the current market where it is getting harder and harder to sell a house, it might be a risky venture to hope you will sell the property in good time to pay off the hard money loan.

Every month you keep your property under a hard money loan costs you money in high interest payments and this could eat up all your profits.

A hard money loan would not be ideal for subject to deals where you take over payments.

Once you have determined that a hard money loan will work for you, the next step is to find a reliable hard money lender who finances projects like yours. A relationship with a good hard money lender would serve your real estate investing business well.

Hard money lenders need to know your that your exit strategy is viable. A hard money lender’s worst nightmare is an inventory of property sitting in their balance sheets tying up their cash.

They need to know that they will get their investment in a few months at the very least. When presenting your deal, it is a good idea to give them your experience, your resources such as rehab crew, similar deals you have done in the past if applicable, and even prospective buyers if you have them.

This will cement the deal and make them more comfortable to lend you money.

Ultimately, your need to use hard money must be determined by the property and an exit strategy that can be realized in as little as 3 months.

No matter what type of deals you have, selling your houses fast is important to the success of your real estate investing business. Find out how an interactive real estate investor website that also builds your buyers list can help you sell your houses fast even in a depressed real estate market.

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How to attract Private money lenders for real estate investing

Sunday, April 17th, 2011

In the current real estate market, it is becoming more and more difficult to get financing for real estate investing deals.

For this reason, attracting private money is has become more important than ever before. This article gives you a few pointers you can use to attract private money to finance your real estate investing deals.

Depending on getting a mortgage for your real estate investing deals has become a tight game. Fannie Mae and Freddie Mac will not lend for real estate investing deals.

Even hard money has become tough to get. If you do get a hard money loan, you could end up paying as much as 25% in interest and points.

It is therefore more important than ever before to attract private money lenders or investors. In some cases, only one private money investor is enough for your deals, sometimes you need more than one.

So how do you attract private money investors?

1)    Get a good real estate investing website

The first private money investor I had found me on the internet through my private money real estate investor website.

A good real estate investor website tells your story for you and convinces potential private money investors that their money is safe when invested in your deals.

Before they even get to talk to you, they already know most of the details they need to lend you money. They know how you work, and what remains is presenting your deals as you get them.

And when you present yourself to them in person or hand out business cards, your website becomes the most important presentation kit to potential private money lenders.

A good real estate investing website is recommended at the foot of this article.

2)    Group presentations

Depending on your comfort level, you can do group presentations to several potential private money lenders. This can get you several private money investors at once and can be a very powerful way of attracting private money.

3)    One on one presentations

Chances are that you must meet all your private money lenders. A one on one meeting is easy to organize and manage. I’d recommend you meet in a restaurant for a meal or breakfast where you present your program’s details and benefits.

This keeps the presentation less formal and intimidating as compared to a group of people.

4)    Word of mouth

If you are doing many deals and find that you need more private money lenders, your existing private money lenders probably know friends they can recommend to you.

Whenever someone accepts to become a private money lender, you ask them how much money they have to invest in your deals. You can therefore tell if you will need to look for more private money lenders, or if only one will be enough for you.

Do not hesitate to ask if they have friends they can recommend who would like to invest their money in real estate.

5)    Existing private money lenders

As long as your existing private money lenders are getting a good return on their investment, chances are they will be more than happy to invest in more of your real estate investing deals.

Do not hesitate to present more real estate investing deals as they become available; you might not need to look for more private money investors.

Successful real estate investing must be driven by a ready supply of private cash available from private money lenders. Targeting these lenders requires that you convince them that their money is safely invested in your deals. Learn how you can attract investing cash through a private money website.

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