When I first started in the business I was taught that one way to find good deals was to call sellers who had ads in the "Real Estate For Sale" section of the classifieds. I tried this and soon discovered that approximately 90% of the sellers I reached were simply not motivated. In fact, some were downright offensive and nasty.
Have you ever asked a non-motivated seller what their mortgage balance was? I can tell you that it can really bring out the worst in those sellers.
When you are talking to the right seller, their mortgage balance is a piece of information they’ll readily share with you. In fact, this can be one of the most critical qualifying questions.
The bottom line is this: you need to have sellers calling you. When they do, they pre-qualify themselves as "motivated enough to pick up the phone and call".
If you are concerned about your positive mental attitude when you’re calling sellers, here’s an important key. You’ve heard me say it over and over. AVOID PEOPLE WITH NEGATIVE ATTITUDES LIKE THE PLAGUE. In fact, I say you should contract an acute case of "selective deafness". Slam your ears shut like steel traps whenever you detect the presence of negativity.
But wait. You say you want to do some outbound calling to sellers but want to reach motivated sellers. How can you do that?
Here’s a hot idea. Call the classified ads under Houses (NOT apartments!) For Rent (NOT For Sale!)
Think about it. Someone who owns a vacant house is running each one of those ads. And there’s an excellent chance that, when the idea is presented to them, that they would love to sell that pain-in-the-neck house.
If you’ve ever been a landlord, you know that if your property is sitting vacant that’s the point at which you’d be willing…if not desperate…to sell. I do this and it works.
If you have the grit to make cold calls, calling the Houses for Rent ads is the most effective use of the classifieds when you’re buying because these individuals are motivated. If you’re not working with motivated sellers, you won’t be in the business long.
Cameron Dunlap is the nation’s leading expert in flipping Bank Owned Foreclosure Properties (aka REO’s) in today’s market. Since 1993 Cam has mastered the craft of turning foreclosure properties into immediate paychecks and he’ll teach you his simple step-by-step system so you too, can get in the business and grab your share of today’s once-in-a-lifetime foreclosure opportunity. Cameron Dunlap is a regular guest speaker at CT REIA. Go here for the current list of upcoming real estate investing seminars in Connecticut.