Million dollar FSBO lead in my backyard!
Good morning BP! I found a million dollar FSBO on my way home from work and I want to make my first call to the owners. Im so nervous!!!! I feel like I'm on information overload and will freeze up if they actually decide to meet with me. I'm I biting off more than I can chew for my first time or is this a great way to practice calling owners? My fear is not being rejected but actually the possibility of it turning into a deal. I know it's a numbers game and I may not be so lucky on my first try but I have that lingering "what if"?
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Take away some of your fear by having a script with a number of good, solid questions to ask. Ask your question and be quiet, and let them talk. One of the more important questions/answers is "Why are you selling?" so you can determine any motivation.
Food for thought...these are questions that I ask myself when I am picking up a deal.
How do you think you are going to make this deal work for you? A million dollar property costs a lot of money in the monthly time frame, the taxes will be sky high, and expenses much more than your average house. What is your plan? Is it a fix and flip? If so, where are you getting the rehab funds? What is your Plan B, in case Plan A doesn't work? Sort out Plan C...will rents cover the monthly payment?
Speaking of funds, how are you planning on getting purchase funds? Do you have a hard money or private lender who has funds available?
How do you know the value? Can I confirm with past sales comps or must I use a Realtor friend?