BiggerPockets

I have found the perfect house for a flip. I've done the research, I have the comps, I know the area, and I've done the math. NOW... How can i convince a couple, whom I've never met, to sell their home? Thanks

I think its good to remember that the idea here isn't necessarily to convince anyone of anything. You need to look for people who not only WANT to sell, but who are also MOTIVATED to sell. You will have a lot better results focusing on FINDING these motivated sellers rather than CONVINCING certain people to be motivated.

The part about convincing someone to sell... hmm

Originally posted by "IchiroA"

Im looking into flipping / wholesaling and have a more " social" question.

Since someone mentioned.. just knock on the door and talk.

What kind of atire do you usually show up with?

Nice shirt and Jeans might look good but will show " Is he serious?"
Suit and Tie might be too formal and intimidating.

Decent shirt and a pair of khakis or something like that. No suit, you don't want to look like a person that is there to con them and you certainly don't want to look like a bill collector.

They might think no one wants it because it's such a mess. So it's worth it to just ask. I wouldn't put too much pressure on them, though. But it's definitely worth finding out if they would be interested in selling. Or drop them a note.

John,

Respectfully, I think you went about this deal backwards. Finding a perfect house to flip and spending time researching one house up front is wasting your time. The most important factor in a deal is the seller's motivation. If they aren't motivated to sell for whatever reason, why would they take less than retail price, give you a discounted cash price or attractive terms? Answer: They won't. You cannot convince someone to sell just because you think you have a potential good deal.

By the same token if you find a motivated seller, they are going to be looking to you to solve their problem, whatever it may be and wanting you to be credible so you can buy their house and solve their problem (if that is their real problem). After you have a motivated seller, then you can spend your time with your due diligence after you have it under contract. Look at it this way. Say you can buy 1-5 homes for every 100 properties you look at if you are looking to flip it (especially when you are new and learning as you go) on average. If you do this research up front on the 95+ that aren't going to be a deal, look at how much time you have wasted. Yes, learn all you can about your farm area but don't spend time on an individual deal until you have a motivated seller.



As far as dress, good business casual is what I usually wear; khakis or dress slacks and a nice shirt. It is all how you present yourself and whether you are congruent with your image if that makes sense. I personally don't think an upscale car hurts at all. Some may think you might be too slick to trust but more will just think you know what you are doing if you have a nice car. As the saying goes, portray an image of success always, even when just starting out. If someone came to my house to buy, I would rather see him or her driving a nice car than some old hoopty. Also keep in mind that a nice car could be a liability if you are in a lower or middle class area with home prices under 60-70k (where you will be finding wholesale deals most of the time). I work in the 150-250k range of properties so that homeowner has a different expectation of someone coming to the door.

Good investing

Mike C

Here is a small point from real estate career MANY moons ago.

"IF" you are making a cold call door knock and not going to be there forever,,,leave your car running and the car door 'open' while your 'talking' thru the house front door.

It conveys the message I am NOT here to twist your arm,just came to drop off a bit or two of info!! And I will be gone 'soon'. Quick errand so to speak.

You will find them more relaxed than you knocking on door with enough 'luggage' to stay a week. Leave the breif case etc in the car. Maybe a paper or two in your hand.

I agree with Mike C and John Andre, you need to know your target market and then find out the needs of a seller, their motivation. If I own a home that has great value to it and am not particulary looking to sell, why should I? However, if I have a reason to sell, such as I am in default, or I am an out of town landlord, or I am just looking to relocate, whatever the reason, I am more inclined to listen to you and see if you can solve my dilemma. Well how do you do that? Simple by talking to them. Establish a relationship with them and get to know them. Ask them what they want and what they need to ease their "pain" so to speak. Then do it. Creating win-win situations and more importantly attending to THEIR needs rather than your own will develp trust and a relationship that can benefit you in referrals, which could mean more money later down the road. But the important thing is to find MOTIVATED sellers to market too.