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As you begin calling on ads and asking your PIC questions, you will find that 25% to 50% of the FSBOs ("For Sale By Owners") you find in the newspaper and other publications are actually "Investor-Buyers". In other words, these sellers are investors who are selling their own "Quick Turn" property -- just like you are doing, or want to be doing!
When you find a seller with more than one property for sale, the chances are: This seller is an investor! An investor 1) who found an "ugly house" or a "pretty house", 2) who has successfully negotiated with the seller to create a purchase (or lease or option) that will allow that Investor-Buyer to RESELL the property -- to a buyer who is looking to purchase a property for their own use, and 3) YOU now have them on the phone. IMPORTANT: In most cases, these sellers are NOT the kinds of sellers who will negotiate terms suitable for a Quick Turn sale!
We call the process of buying a house with "terms suitable for a REsale" and then selling that home to an "end user" or a person who will "purchase a property for their own use") "Retailing". (Usually, most investor sellers have done some fixups on the property and are looking for 1) all cash from their buyer, or 2) terms that will match the terms they negotiated with their seller. -- You need to find THESE sellers before the Investor-Buyes find them! ... However, there is hope! Continue reading ...)
When you find a seller with more than one property for sale, chances are YOU want to do what THIS SELLER HAS ALREADY DONE!... So, chances are, THIS seller is NOT going to be the seller with whom you will be able to negotiate a Quick Turn deal. (There is one exception: See "There is one exception..." below.)
However, THIS seller can you YOUR BUYER!... That's right! This seller is an Investor-Buyer. And, as an Investor-Buyer, this seller might be YOUR BUYER on one of your Quick Turn properties. Of course, in order to determine this, you have got to start asking questions to determine just how valuable this seller will be as your BUYER. The questions you need to ask are below...
NOTE: "There is one exception:" (Continued from above.) "If you already have a "back log of buyers" who are NOT interested in any of the properties you have in your Quick Turn inventory. And, in order to find a property for your impatient buyers, you may be able to negotiate with THIS seller (an Investor-Buyer) terms that will be profitable to you. However, this kind of negotiation is an advanced skill. As a beginner, you may want to just trust the seller (Investor-Buyer), and let them tell you how you can pass your buyer along to the seller. Otherwise, be patient. Soon enough you will have the skill to negotiate with this kind of seller, your "Investor-Buyer".
Use the questions below when:
1) You are calling buyers from the "I buy houses" ads, or
2) When you are calling FSBOs and find a seller who has more than one house to sell.
Simply copy and paste the information this page to your word processing software.
