is there a certain script or different types of question you should ask for each type of "motivated seller"?
Am I going to use the same script/ask questions for vacant lead, estate, expired listing, pre-foreclosure?
I'm aware that in this business it is about helping people and its a case by case basis, but I have serious analysis paralysis and need helping to figure this out. I blame the misleading youtube "gurus" tryna scam people by buying their courses that still don't teach you everything you need to know..
Can someone please answer that's experienced, I've been stuck on this for weeks and it's preventing me from getting out there and cold calling.
I don't have the money/capital to afford list right now nor a car or a job I'm all in with the wholesaling, I eventually want to get into creative financing, im working with a mentor right now but he just told me to cold call...
@Tarik Sapp Scripts are trash. They sound like...well scripts. Dude your mentor is doing you a huge disservice. He or she is obviously working with you out of some thinly veiled ulterior motive. They should be telling you to get a job and get your finances in order before you even start thinking about being a wholesaler. Wholesaling takes capital. Period. Substantially less capital than is needed for most other areas of real estate investing, but capital is still needed and if you have none then you really should be working on that instead of trying to be another desperate wholesaler. I think there is a direct correlation between the amount of money a person has when they get started wholesaling and the likelihood of that wholesaler engaging in shady practices in order to get a deal. Desperation drives them to act unethically. Thats just my opinion. So get yourself to a financially stable position before you embark down this path. Best advice I can give you.
I use what I call a Seller's Questions Sheet. It's better than a script because you ask the questions in your own words. You ask about all of the details of the property (address, sq ft, yr built, bedrooms, bathrooms, lot size, garage spaces, features, condition, etc.). And a lot of that you can confirm on Zillow or with comps report from a realtor.
Then you need to get into the motivations and situation of the seller. These are the most important questions you can ask them because it will help you to craft an offer that meets their needs so they are more likely to say yes.
Find out what they need. Find out why they are motivated to sell. Find out if they are current or delinquent and how much they owe. Ask if they are willing to take what they owe and if not, how much do they need to walk away with in their pocket? Maybe they just need enough to move.
If they are seriously delinquent and have no equity (no bargaining room), that may have to be a short sale. If they are current with no equity, you have to create value for yourself somehow, maybe do a Seller Finance Rental, where you take over payments and get a little cash flow while renting the place out while you wait for the value to go up and the mortgage balance to go down.
Once you know everything about the property and the situation and needs of the seller, you can create an offer that meets their needs. You can even email them with some ideas or multiple offer suggestions before you present your official offer. Multiple offer choices could be Highest Offer 100% Seller Financing, Lowest Offer All Cash, Middle Offer Split Seller Financing (down payment and seller finance the rest).
If you get their feedback on terms they like and terms they don't, then you are more likely to create an offer that they will accept.
Of course you need to get comps from a realtor to confirm the value of the property before running final numbers and making offers.
Your mentor recommended cold calling to find motivated sellers? Cold calling can work when you are calling for-sale-by-owners, rental properties and vacant homes from driving for dollars. But the very best scenario is when the deals come to you.
How do you get them to come to you?
1. You put out ads, signs and send out mailers to pre-foreclosures.
2. You contact other well established wholesalers or cash buyers and tell them you'll do all of the homework on their potential deals for a fee.
3. You get everyone you know or meet to be your birddogs by teaching them how to spot distressed and vacant houses (delivery and property workers and postal workers are great for this, people who are always driving around neighborhoods anyway) and telling them you'll give them $100 if you end up buying a property they tell you about.
4. You get a Realtor to put you on a daily auto email for certain kinds of properties you want at below 70% of the average price/sq ft for the area or listings with certain motivated seller keywords. And ask them to tell you about any pre-listings (pocket deals) before they get listed. And tell them to let you know whenever a deal falls through.
I can teach you a lot more about all of this if you ask. Happy to help.
@Lori Greene This is the response i needed.! Thank you for taking the time to reach out! Helped a lot .