Houston, TX · Member since 2015 · 87 posts · 25 votes
Okay, I think I found a great potential property and I did the research and established the owners. The home looks to be vacant, the grass hasn't been cut for weeks and it looks to be about 2 feet high at this point. It looks empty but not certain about that.
My question is should be the next step?
Before reaching out to them, should I have a figure already put together on the property and give it to them in the first letter or just contact them about my intentions?
Without knowing what the inside of the home looks like how do I come up with a realistic offer?
Any advice or other input that is essential to know in this process please advise if any.
Thanks so much in advance BP Family! Look forward to your responses.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
First things first. You need to find out if it is for sale. Do as much research as possible on the property before you meet the owners. When you meet, try to find out their motivation. Once you get inside, you will have some idea of condition. If you believe the deal is worth pursuing, tell them you would like to bring them an offer. Bring it IN WRITING..using the TX RE standard "as is" contract. That is much more powerful than voicing the offer. Make your offer on your terms. Nobody has an obligation to pay more for something than they wish to pay. Make sure you have contingencies for condition. I like to ask for 7 days maximum. Once you have a professional inspection you will know if you want to move forward or not. Either way, call them. They will appreciate a yes or no answer. It is NOT difficult. If you have funds, having a copy of proof of funds handy is also an excellent selling point. I always offer that to sellers telling them that I am a BUYER and not a BS'er.
Houston, TX · Member since 2015 · 87 posts · 25 votes
9y
Shay Allen, great way to put it in that context. Talking to women has never been a problem for me in the past so I could treat it in the same capacity.
Yea, you are right simple is sweet. And putting it like that does make sense for me because I like things very simplified if possible.
Great man, I appreciate this info and it definitely makes me feel a bit more at ease about the situation.
Houston, TX · Member since 2015 · 87 posts · 25 votes
9y
BP Family, I cant thank you enough for all the powerful information and insight from yall! It was very enlightening and calming to a degree hearing some of your suggestions.
I will utilize and implement some of the tactics mentioned and see how it goes. I know how I am, once I make a few calls, it will probably feel no different from calling anyone else.
I will keep yall posted on my progress and thanks so very much yet again BP Fam!
Philadelphia, PA · Member since 2016 · 46 posts · 6 votes
9y
Yeah no problem im glad i was able to help coaching how to be the best you is my specialty now just like you im trying to find deals soon we will be masters at that as well but until then just ask for tips about cold calls i will give u as much knowledge as i have
Stockton, CA · Member since 2016 · 6 posts · 1 vote
9y
Hello I have my eye on some vacant houses also and iv also done the research found the owners I used spokeo it is very informational for properties and the owners im waiting to hear back from one of the owners i contacted by phone and email just today so i hope i did the right thing good luck to you and try spokeo.
Rental Property Investor · Cleveland, TN · Member since 2015 · 54 posts · 27 votes
9y
If you talk to the seller offer more than one option. Lookup the 3 option letter of intent or message me and I can get you more info. You either need to control the price or the terms. Find out if the property has any mortgages or liens on it. See if they are interested in doing Seller Financing.
Houston, TX · Member since 2015 · 87 posts · 25 votes
9y
From what I see the property is paid off.
I'm having trouble finding the number to contact them, but I will be riding by there this week I am planning to put a note on the door in the hopes of getting a response. In the meantime I will keep searching for a contact number.
Investor · Seymour, MO · Member since 2014 · 10 posts · 2 votes
9y
From reading this thread, I checked on an empty house near me. I was able to talk with the lady across the street and she said that someone had just bought it 2 weeks ago, getting it out of probate. Still learning - so I don't know exactly what is involved with that.
So, is it still a possibility? I could offer an amount above whatever he paid for it, essentially turning him into a wholesaler. Or is that one considered gone? It needs a lot of work, but when fixed up it would be one of the nicer homes on the block. Has a pool in the back. Would make a nice BRRRR property.
Investor · Seymour, MO · Member since 2014 · 10 posts · 2 votes
9y
Thanks for asking Christopher.
No, I did not follow up on that. I considered that house to no longer be "low hanging fruit". There are several other empty houses that I am going to check into.