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MOTIVATED SELLER
Obtaining profitable real estate deal starts from finding profitable properties. Good deals are usually 30-50% lower than most retail prices are and they can be found with motivated sellers. Motivated sellers are desperate to get rid of the property and will do anything to sell it. Properties with motivated seller usually have the problem with the property or the seller. Find out what their situation is. You want to find their motivation behind why they are selling the house. Your job is to assess if they perceive their house as their problem and see if you can solve their problem. That is where you come in and help them getting rid of the property.
Motivated sellers usually involves situation with time constraints, need of money, negative emotion or desire to free themselves from hassle.
It is a big task to find motivated sellers. If you are creative, you can have motivated sellers call you instead of you finding them. One way to do is networking with legal office or offices that deal with foreclosure, eviction or divorce. They have the list of people whose homes are being foreclosed, who are being evicted or who are getting divorced. Since most of these companies won't be cooperative in giving you information, you can make a deal with them to give them a reason to do so. You can either pay them a fee or give them a cut when the deal is made. These companies can recommend you as a fast buyer for the property and motivated sellers will be interested in contacting you. You can even get their information and direct market yourself.
When you find the good deal, you don't have to be the owner of the property to make profit. You can sell the information for a fee to other investors. You can also purchase the contract then assign that contract to third party. The fee for assigning a contract is usually more than just selling information. Since you found the property and negotiated a deal, the fee is higher. The price of property has to be still lower than the retail price for buyers to profit from taking this deal. (Learn more)
You can also look for owner advertising in classified ads. For fixer/ upper properties, sometimes it is good to use local real estate agent. They usually have property information first and can connect you with fixer/ upper property if you can close fast. After establishing a relationship with them, they will be happy to introduce you to properties since you close fast, bring repeat business.
There is really a no rule to find motivated sellers. Sometimes, calling an renting ads on the newspaper turns out that owner wants to sell the property. Checking the development of the same area is also good approach. Keeping an close eye on certain area sometimes brings you potential investment opportunities.
Want To Learn More About Real Estate Investing?
Read Books on Real Estate Investing
Look for homes at Homes for Sale.
Look for Real Estate Agent.
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