Find a property valued at over $100,000. If the seller is unaware the will ask only $75,000. Ideally, you need to visit the house to determine its condition. This is one of the real estate sales tips that people overlook. If it needs a lot of work, you will need to get the house under contract and fix it up. Then, simply place an ad in the paper that says something like:
“$100,000 three bedroom house – asking $75,000.”
Once someone responds, send them the contract to be signed – but make sure you don’t sign it first. Just send them to sign, and then you sign it and send them a copy. This and others are important real estate sales tips because it ensures that you have control over the contract.
At final closing, this means that the seller would receive the asking price of $70,000 and you would walk away with the extra $5,000 at no personal risk, which is where following these real estate sales tips really becomes profitable.
The key lies in the list that you introduce. Collect all of the details of possible buyers of wholesale properties. You will need to ask for personal contact information such as a name and email address. Consider the following real estate sales tips when talking to buyers over the phone:
1)Name?
2)Their reason for buying the property: as an investment or a good deal?
3)If they answer “investor,” talk to them about the areas of town they would be interested in
4)Ask about size that they looking for (2 or 3 bedrooms)
5)Find out about how they will finance the purchase
If the buyer is using a bank to finance the property they will be required to pay an assignment fee.
6)What is their timeframe for closing?
7)What is the LTV that is suitable? Ideally, the amount is 70%
More real estate sales tips to use to find more leads is to go to your local REIA and ask for a longer list of leads. Make an attempt to distinguish serious buyers from the more casual that are just looking. Prepare the buyer’s list in advance!
A great way to find all sorts of wholesale properties is to browse a neighborhood; a regular drive around different neighborhoods will increase your chances of finding something.
Another of these real estate sales tips is to look for houses that may not be appealing now, but can be made more so by fixing them. Buying run down houses means your initial investment will probably be low. Look for broken windows, a roof in disrepair, overgrown grass, etc. Take a look online for these types of houses as well. Looking online is one of the real estate sales tips that really boosts your exposure to properties.
Following these real estate sales tips, I made $70,000 in my first year of business just by looking around local neighborhoods, targeting specific ones to save gas. Read tons of information on investing in real estate for beginners.
We have covered some basic real estate sales tips on wholesaling in this article. There are also “subject to” properties, which is more to do with investing and making profit on fast buys; it is important to understand how these properties work. Keep this and other real estate sales tips in mind before you begin.
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