My Strategy/My List

[Terrance Clark]

I am in Catawba County and I am looking for triplex or a quad preferably one unit would have 3 bed rooms. As it is my goal to house-hack into the real estate industry to start. Because I am looking to pick this property up below market cost and have some time to look I thought why not try and solicit an off market property via direct mail. I created my list criteria and it only returned a count of 600. Is my list too specific?

[Ray Lai]

@Terrance Clark

Contracts are specific to your state as laws differ. Most people won't share their contracts because they pay a lawyer to make sure it's kosher for that specific area. If you attend your local REIA and network there and you make a friend, you might get a hook up on that.

Here's some info on what you should be getting from the sellers when you talk to them:

The first five questions tell the story. Unless you are using multiple marketing media sources. If so, then your first question should be:

1. How did you happen to hear about us? Otherwise just ask the following.

2. Do you have a house you're wanting to sell? - Must be a Yes answer

3. Is the house currently Listed with a Real Estate Professional? - Must be a No answer

4. What do you think the house will be worth in today's market? - Must give a number

5. What is your "Rock Bottom" price, the lowest amount you'll sell for FAST and FOR CASH? - Must be a number equal to or less than the worth value...

6. What is the address of the house?

Without the right answers to these five or Six questions I don't continue with the questions on the following seller questionnaire.

Call Date __________________________

Owner first and last name. (confirm spelling)______________________________________________

In case we get disconnected what is a good number to call you back on?_______________________________

Do you happen to have a cell number? _________________________

What is the best time to call you back? _________________________

Out of curiosity, why are you selling? __________________________________________________________

When do you want the house sold? _____________________________

On a scale of 1 to 10, 10 being highly motivated, how would you rank your motivation to sell? ___________

How did you happen to own the home? ____________________________________________________________

Is the Home Vacant or Occupied? Vacant Occupied

Occupants Name? ________________________________

Do You Know the Year Built? __________________

What is the approximate square footage? __________________

How Many Bedrooms? __________________ How Many Bathrooms? ______________ Size of the Garage? ___________

Knowing I buy "As Is" tell me a little about the condition of the property, does it need any repairs? Things like paint, carpet, roof repairs and such?

What do you think the repair costs are going to be? _______________________

Is that price "As Is" or fixed up? ___________________

Are your payments current or behind? Yes No A little In Foreclosure

If in foreclosure; You may owe more on your home than it is worth, would you agree?

Do you have an interest in NOT having a foreclosure on your record right?

Have you heard of a short sale? Yes No

Notes _________________________________________________________

Keep in mind that sellers will often ask for unrealistic numbers. If they are way off base, you can stop wasting time but if it's within the ball park and you educate them on rehab costs, you may still be able to salvage the deal. The more competitive your area, the more each lead should be fully processed.